As a great sales leader your priority is to make and show the numbers. But being sales leader in B2B marketing realm brings myriads of challenges. One challenge that is often thrown at you is to come up with strategies to make your Account Based Marketing (ABM) a success. Before we divulge into these strategies let us first define what Account Based Marketing is.
Here is an easy to understand definition of Account Based Marketing, provided by trueinfluence.com:
“Account-Based Marketing (ABM) is a framework focused on targeting specific accounts or account segments, usually by purchase history, firmographics, product need, or strategic value.”
So, instead of wooing every prospect or lead in the industry, through ABM we target individual business, often termed account, with personalized campaign. ABM starts where inbound marketing ends. Through inbound marketing the idea is to target a larger group of audience in order to get to those few who actually need your service or product. But in case of ABM the funnel gets flipped and the audience (or account in this case) is identified long back. Now, the job is to know their pain points and needs to bring them closer to conversion through personalized campaign.
It is not that Account Based Marketing is a new term or new method of doing business in the world of B2B marketing. It has always been there. This was when marketers and advertising agencies were handling the accounts of their big clients in relentlessly designing and testing campaigns for them.
Now, with the arrival of technology and digital marketing, you’ll agree that there are more number of sources to get your leads from (both qualified and unqualified or junk leads). This brings you more closer to the use and adoption of Account Based Marketing (ABM), where you can use predictive analytics to sieve through leads and identify big accounts with clear need.
So, step back and think if you have adopted ABM in your sales and marketing journey. If not then you may want to do it now as there are clear cut advantages:
1) Precise and targeted campaign
You have identified your clients and you know what its needs are. So, you will design personalized campaign for them without beating around the bush. End result: client loves it and you don’t waste your resources.
2) ROI increases with ABM
Because the campaigns are narrowly targeted, there is no wastage of resources which gives clear and better ROI. According to ITSMA, nearly all B2B solution providers that measure Account Based Marketing (ABM) ROI find that ABM delivers higher ROI than other marketing initiatives.
3) It becomes easier to use analytics to measure effectiveness
Conscientiously targeted campaigns remove lot of redundancy and unnecessary inputs at the planning stage itself. This leaves analytics with clean, small and clear picture to track and measure the effectiveness of strategies applied in case of each target account.
Getting a big player to buy or invest in your product or service isn’t as simple as selling to an individual customer. There is a flip in the game in case of B2B marketing. There are gamut of tested tactics which can be selected and applied based on your case if your goal is to leverage on ABM. Here are some important ones:
With these strategies in place you can definitely influence your targets and strengthen your existing relationships too. Sure enough to get new accounts added to your business portfolio.