In the competitive B2B environment, using the correct marketing strategies is one of the most important keys to success. Account-based marketing is one strategy that allows marketers to focus their research on the right target audience.
To fully understand account-based marketing and the intricacies of ABM strategy, a bit of learning is required. Thankfully, we’ve prepared all the answers you need right in this article. Let’s look at what an ABM campaign is, why account-based marketing is as crucial as it is, and what a successful ABM strategy looks like.
What Is Account-Based Marketing (ABM)?
Account-based marketing is a B2B marketing strategy that utilizes both marketing and sales teams in a combined effort to target high-value accounts.
Account-based marketing uses a tailored strategy to ensure that high-value customers will become future customers. The ABM can be simply described as getting to know someone before you buy them a birthday present.
Whereas traditional inbound marketing sends out gifts to everyone through offers, account-based marketing personalizes the present for the person or high-value account in question.
Marketo defines the account-based approach as the use of combined expertise of the marketing and sales teams to target select groups of accounts that require tailored marketing.
Key Takeaways
Account-based marketing strategy relies on making a personalized campaign for all target accounts to boost engagement and customer acquisition;
Many ABM tools can make the marketing process more manageable by automating certain parts of the ABM plan creation and execution;
Account-based marketing requires harmony and cooperation between the marketing and sales teams, as they must tackle all target accounts simultaneously.
How to Define Account-Based Marketing (ABM)?
Account-based marketing can be defined as a personalized marketing approach in the B2B environment, where additional efforts are put into presenting an offer to a potential client or prospect.
An organization’s sales, marketing, and customer success teams must be closely aligned for account-based marketing to be effective across many channels. In addition, ABM tools should be incorporated. Well-integrated marketing tools can make ABM tracking and organization significantly easier.
Why Is Account-Based Marketing (ABM) Important?
In an account-based approach, traditional marketing tactics are not highly effective. The importance of account-based marketing is reflected in the myriad of advantages it can provide to a company targeting high-value accounts.
Account-based marketing boosts campaign effectiveness
One of the main advantages of account-based marketing is its focus on personalizing all communications.
Since all marketing materials are made and delivered with specific target accounts in mind, the messages are highly relevant and much more likely to make the target accounts customers.
The well-executed ABM strategy allows the company or brand to position itself appropriately for the needs of the target accounts.
Account-based marketing requires more resources
Even though all of the marketing materials and other communications are indubitably higher in quality than a generic inbound marketing campaign might be. Also, the emphasis on custom-made communications requires more resources.
A small business or startup may need help to run an account-based marketing campaign as smoothly as a large enterprise business.
The reasons for this are manifold, but as previously mentioned, the company will need to invest more capital in order to see a good return. In addition, more time is required from the marketing and sales teams; sometimes other departments’ work may be necessary.
What Are The Best Account-Based Marketing (ABM) Strategies?
You’ll need a solid strategy to make the most of account-based marketing. To develop and implement a successful plan for ABM, think about implementing the following steps first.
1. Integrate the marketing and sales teams
The marketing and sales teams must be able to work together in perfect harmony to be effective in conducting an ABM strategy. Both must commit to open communication and collaboration to guarantee that the marketing team generates leads that the sales team can effectively sell.
The synergy between marketing and sales is required for the account-based approach to work smoothly and create engagement with the target accounts.
2. Create individual account plans
Each target account should be the subject of its own miniature marketing strategy. Also, a unique tone in communications and marketing materials must be adjusted to each of them.
Although some marketing materials may be helpful in several target accounts, each plan must be designed with the characteristics of the specific target account in mind.
Additional Tips & Tricks
- Personalizing your marketing approach is a surefire way to boost engagement, although engagement may not be the primary metric reflective of success for every target account;
- Creating a network of loyal high-value accounts is an ABM tactic that is used to generate more high-value leads without the need for digital marketing;
- Using a template with relevant questions for each target account can help you set up your account-based marketing strategy faster and more accurately;
- The marketing team and the sales team should be encouraged to cooperate in creating a plan for each target account to boost synergy and future performance.
The Bottom Line
Account-based marketing is a strategy that is primarily used in the B2B environment, and a focus on personalization characterizes it. Each target account is separately planned for and communicated with to boost marketing effectiveness.
You just learned what account-based marketing is, why it is essential, and which strategies an account-based marketing company uses. We have also provided you with a few extra tips in your pocket. With all this knowledge and information, you are ready to take advantage of account-based marketing for your company or organization.
Account-Based Marketing FAQs
An ABM approach differs from using a single marketing channel such as email or social media. Instead, it uses unique communication and marketing styles across multiple channels for each target account.
Although no upper limit is strictly defined, the number of accounts used in ABM will depend on the capacities of the company in question. If the company maintains an extensive marketing and sales team, it may operate on as many as 50-100 target accounts.
The benefits of strategic ABM are multiple. Some of the main pros it offers are high levels of engagement across target accounts and a shorter sales process, as the sales team operates simultaneously with the marketing team.
Although ABM is a practical marketing approach, it may only be suitable for some types of business. Think about the products or services your business offers and whether or not these are something other companies may be interested in. If they solve a specific problem in the industry, your company may have a good angle to start using ABM.
