In our previous post on Account Based Marketing (ABM), we went through the benefits of ABM and shared some tactics to make it success in B2B landscape. Through this post we accentuate on ABM once more, but this time by unfolding as to why as a sales leader you should invest in this approach.
Let’s first revisit ABM:
Sales and marketing leaders, across industries are accountable for the most important task of getting their teams fired up in every possible way to acquire leads and show conversion. In B2B marketing and selling journey the process needs to be approached in a more systematic, focused and effective way. Inbound marketing of pushing product or service related content to the mass audience may or may not fetch desired result. The content might get overlooked or might not even reach your potential client. Similarly, outbound marketing tactics like running commercials on television can blow your marketing budget.
We reiterate, through ABM, the idea is to target and reach your selected audience, who are more likely to buy, through tailor-made content and campaign. Here are the reasons why you should move away from traditional marketing strategies of focusing on entire universe rather than the subsets of leads:
Sales and marketing teams often complaint about disjoint and how there is no seamless flow of essential insights and information between the two departments. With the effort to bring ABM into play, the two alienated parts of your organization will have to work together. Hence, the strategies will be more focused towards identifying quality leads and creating marketing collaterals to convert them into your customers. This will work as two-edged sword in aligning sales and marketing and in focusing on targets who are more likely to convert.
With the highly targeted campaigns for individual accounts/prospects, the organizations will not waste time, effort and other resources in going after leads who are not likely to convert. Hence, ABM doesn’t let sales and marketing go overboard with their resources.
B2B companies have seen a remarkable boost in their ROI with the implementation of ABM into their marketing strategies. That’s because hyper-targeting lets them chase the right people in right account with less wastage of resources. ABM pushes quality leads into your sales funnel. Because of ABM your lead pool definitely shrinks but sales and marketing efforts get channelized in pursuing genuine leads from that pool. This in turn brings down your Cost Per Acquisition (CPA) and pushes your ROI up.
Through ABM you are not chasing an individual’s attention. It is the account that you need to close and that account could be associated with one or many decision makers. ABM lets you personalize content, mailers and varied marketing creatives to influence all the stakeholders of particular account at the same time. It is well researched on and well rehearsed content plus pitch. So, it is in best of your interest to know all the decision makers of your target client.
So, these are the reasons why we think that Account Based Marketing (ABM) should be given a shot by B2B companies. However, we would also like to hear your opinion on ABM- do you think it is the right marketing approach for your company? In case ABM has worked for you, did you see any significant change in your numbers? What does the CPA and ROI say?