Account-based marketing (ABM) strategy is an innovative approach to B2B branding that empowers brands to convert high-value leads into customers through personalized customer experiences, increasing conversion rate of decision makers while yielding higher return on investment (ROI). In this comprehensive guide we’ll explain what ABM is, its benefits and how it works as well as provide steps on launching an ABM plan of your own.
What Is Account-Based Marketing (ABM)
Account-based marketing (ABM) is a B2B strategy that targets specific organizations or accounts, working collaboratively between sales and marketing departments to reach out and connect with those considered the ideal targets for the brand. ABM allows businesses to tailor their efforts more precisely towards high-value prospects in an attempt to convert them into sales more successfully; unlike traditional strategies which cast wide nets of marketing efforts on them. ABM creates personalized buying experiences within targeted accounts through this tailored marketing method.
Account-Based Marketing Has its Advantages
Account-based marketing provides multiple advantages to B2B companies targeting enterprise accounts. These benefits include:
Align Marketing and Sales:
Account-Based Marketing provides structure for unifying sales and marketing under one umbrella, so both teams work towards similar goals together towards reaching one common objective.
Consistent Customer Experiences:
Account-based Marketing strategies aim to integrate sales and marketing initiatives to provide consistently tailored experiences across multiple customer touchpoints, leading to improved trust among customers, higher conversions rates, and deeper loyalty bonds with them.
Increased ROI:
Many B2B marketers consider ABM campaigns to have an excellent return on investment (ROI). By targeting high-value accounts with ABM strategies, businesses can maximize their marketing investments and see significant returns in return.
Streamlined Sales Cycles:
Account Based Marketing allows businesses to direct their efforts toward accounts that have the greatest chance of converting into high-value sales, saving both time and resources spent cultivating leads that might not be suitable.
Content Relevance and Customer Trust:
ABM allows businesses to craft hyper-customized marketing content tailored specifically for each prospect’s individual needs, increasing relevance of marketing communications while building customer trust.
How Account-Based Marketing Works: Overview
Account-based marketing (ABM) requires joint efforts between sales and marketing teams, customer journey mapping, lead qualification processes and various ABM platforms to work efficiently.
Here’s an outline of its processes:
Collaboration: Sales and marketing teams work in concert to identify target accounts, develop shared messaging platforms, determine key performance indicators (KPIs), and implement workflows to nurture leads effectively.
Customer Journey Mapping: Businesses use customer journey mapping to map out each step an account takes before becoming a paying customer, helping them better understand the needs and pain points of potential target accounts.
Lead Qualification: ABM campaigns require highly qualified leads. Teams use ABM software to qualify accounts and identify decision makers within target organizations.
Businesses rely on ABM platforms to automate processes, segment their target audiences and execute ABM strategies effectively.
You should also check our guide on selecting the best marketing strategy for your small business.
Establishing an ABM Strategy Succinctly
To develop an effective ABM strategy, businesses should follow these steps:
- Locate Target Accounts: Establish high-value target accounts that align with your business goals and may bring significant returns, taking into account factors like business size, annual revenue, location and any similarities with current customers as deciding factors.
- Ranking Prospects Within Target Accounts: Locate decision makers within target accounts and rank them based on relevance and potential value to your business.
- Align Marketing and Sales Teams: Increase collaboration between marketing and sales teams by setting target accounts, developing shared messaging platforms, setting KPIs, and allocating responsibilities.
- Create Custom Content: Develop content and marketing campaigns tailored specifically for each target account prospect’s individual requirements.
- Track Your Results: Measure results by keeping an eye on metrics like pipeline influenced, engagement rates, conversions rates and customer lifetime value to assess how effectively ABM strategy is working and make informed decisions with data-backed insights.
Account-Based Marketing and Inbound Marketing.
Account-based marketing (ABM) may seem like an independent strategy, but it works particularly well when combined with inbound marketing strategies such as inbound content creation or organic search attracting leads, while ABM targets specific individuals within high-value accounts to meet business goals more quickly and deliver personalized experiences to these accounts. By merging both approaches together businesses can reach more target accounts while still creating personalized experiences tailored specifically for them.
Why is account-based advertising so appealing?
- Aligning sales and marketing
The Account-Based Marketing is a joint effort between marketing and sales. By focusing on customer accounts rather than individual customers, the marketing and sales teams can bridge the divide by working together to create a target list.
- Concentrates on sales & marketing strategy
B2B has a limited pool of buyers, and “spray-and-pray” campaigns don’t work. ABM allows you to focus your efforts and resources on those accounts and decision makers that are most important.
- What matters is the measurement
ABM requires a shift away from the traditional metrics of lead generation and towards account-specific information. By measuring by account, you become an owner in the revenue chain. You can move from inquiry and click-through rate to pipeline and closing rates.
- Before the filling in of forms
You don’t have to wait around for the form filling. You can focus your efforts on those companies that are important and ignore the unknown ones.
- Limit the field of play to only the most juicy targets
ABM campaigns target your accounts list hyper-specifically, resulting in high-quality leads. Every single one.
- Customer experience optimization
ABM allows you to speak directly with stakeholders within specific businesses, delivering relevant messages to them at just the right time to ensure they continue to move through the funnel. ABM also has a major role to play in customer retention and cross-sell/upsell.
Account-Based Marketing Examples
Account-based marketing can be implemented in various forms and ways.
Some examples are:
DocuSign: To target specific industries it wanted to reach, DocuSign created customized websites which attracted leads via display ads while offering tailored and highly relevant content that increased conversions.
GumGum: To attract attention and win T-Mobile as their client, GumGum’s contextual intelligence company created a custom superhero comic book featuring T-Mobile CEO as its protagonist – successfully landing them the account!
Intridea: Intridea’s product design company purchased a billboard outside Ogilvy’s offices in New York City to attract their attention and build brand recognition.
Final Words on Account-based Marketing (ABM) Strategies
Account-based marketing (ABM) can be an effective strategy for B2B brands looking to convert high-value leads into customers. By targeting specific target accounts, aligning marketing and sales efforts, providing consistent customer experiences, measuring outcomes and tracking ROIs; businesses can maximize ROI while streamlining sales cycles while attracting wider audiences with tailored efforts utilizing ABM combined with inbound. By following the steps outlined herein businesses can develop an ABM plan which drives growth while yielding significant returns.
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