Continually gaining ground in the B2B marketing landscape, account-based marketing (ABM) has become a go-to marketing strategy for coordinating personalised marketing and sales efforts, while deepening engagements with specific accounts.
Does any of these concerns raise their ugly heads at your office?
- It’s taking too long to get a sale
- We have high-value products and services that have a long sales cycle
- There are only a few potential clients in our industry large enough to buy our product or service
- We are after clients that are of a particular size or within a specific industry
Well, there could be a solution that benefits you.
Why?
Highest ROI
Well, the long and short of it is ABM is about caring for an individual client account like they’re a market in their own right. Instead of casting a wide net, marketers work closely with sales to identify key prospects and then tailor their marketing strategies and messages accordingly.
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In fact, Forbes has said that ABM provides the highest ROI among B2B marketing tactics and strategies.
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Accurate and focussed
So, let’s say you sell a product or service that you feel only the largest in your industry can afford. That’s fine; we love that confidence. Now, rather than targeting every small business in the state to every enterprise in the country, ABM has you setting your sights on accounts who have a higher need and, importantly, the required budget to acquire your goods.
Quality over quantity
The adage ‘quality over quantity’ certainly resonates well at this point. You want premium accounts, not a show bag of clients. It’s time to roll up your sleeves because this is going to require some filtering of your current clients and understanding what you want from your potential clients to find the strongest accounts. Think about what your ideal client looks like: industry, location and size. What are their priorities? What opportunities are there for your product/service to mitigate their issues?
Geographic examples:
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Demographic examples:
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Psychographic examples:
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Behavioural examples:
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Like a hole in one
Having identified your key accounts, you’re now ready to start sending focused content with key messages aligned with identified needs. Additionally, and importantly, sending the messages through the most effective channels.
Building trust is always a good plan
In an age where we all love the feeling when companies tailor their products/services to us, ABM allows you make more people feel they can trust you and your service because you have something they want. It takes effort on your part, but the rewards are there.
What’s in it for you?
Let’s take a look at the benefits:
A nucleus for
marketing efforts
ABM creates smaller refined target markets. ABM also can take your marketing back to the personal approach and offers you an opportunity to personalise your messaging and content effectively.
More explicit focus
and goal setting
With laser-like accuracy comes the ability to analyse your campaign’s effectiveness more easily. With a small set of targets, you’ll find its smooth sailing when it comes to comparing your end of quarter goals against your actual figures.
Cost savings and a
stronger ROI
Throwing a massive net into the unknown in the hopes of capturing a small percentage of potential customers play havoc on the budget. With ABM, budget isn’t spent in a blanket approach; you know exactly who you’re spending your dollars on and exactly how much. The result is a better return on the investment you’ve been making.
Generates more time
High-value products usually require buy-in from a significant number of stakeholders. ABM allows you to focus your energy on people who actually want to hear from you. You’re no longer shouting into the abyss; you have a captivated audience.
Bolster your relationships with your current clients
Okay, so what about your existing clients? Well, we’re not saying definitively that ABM could expand your business with one of your regular clients, but it could help strengthen it. By delivering laser-focused strategies for services that address their needs, you can unlock cross sell opportunities and increase the chances that your regulars will come back again and again.
Where to start?
Have we got you intrigued about ABM? There’s a chance you’ve taken a step back and, while you’ve realised that ABM is the way forward for your company, you’re probably unsure where to start (or maybe even how to continue once you do).
The solution to this is simple. Learn more about how account-based marketing can help transform your sales cycles and reap a stronger ROI and account portfolio by contacting us at The Walk.
