10 months ago | Digital Advertising
Account-based marketing, you may have heard the term floating around marketing or sales departments recently. As businesses and agencies grow many are turning to this strategy to pursue more lucrative and long lasting partnerships.
What is ABM?
Account-based marketing, or ABM, is a strategic initiative that businesses utilize to target key B2B accounts. Whereas traditional marketing efforts use broad reaching tactics for leads, account-based marketing is hyper focused on nurturing potential clients.
Why Use ABM?
Account-based marketing allows you to focus your energy and resources on targets that are more likely to respond or turn into actual leads. Marketing budgets aren’t exhaustive and this approach allows you to target your spend accordingly. In lock-step with the sales team, a successful ABM program can see an increase of 97% in ROI.
How To Implement ABM
Account-based marketing is very fluid and specific to every business and industry. With that said, there are 5 general points to consider when implementing ABM.
1. Work fast and be able to pivot
After everything turned on its head with the 2020 pandemic, many businesses had to shed their bulky marketing tactics and get down to business. Account-based marketing works well with an agile approach. If you are looking to enter new markets and prospect new buyers you need to meet them where they are.
This means arming yourself with customizable tactics that can really focus on specific accounts.
New tactics to consider:
- Smaller virtual meetings
- Direct mail
- Paid social
- Personalized content/microsites
2. Dig deeper into the account for more insights
Dig up data that can help your business support account selection and your ABM campaigns. Think of it as your first line of defense. Yes, it will cost some time and work upfront but you will have the ammo to back up your marketing pitches and tactics. And it goes without saying that the more data you have the easier it is to pivot.
3. Tight relationship with sales team
A marketing department can’t go it alone. A successful account-based marketing strategy requires a tight-knit relationship between marketing and sales departments. The sales team can provide account insights that can help the marketing team craft a good campaign. And in turn marketing can assist sales with curated pitches and continued relationship nurturing.
4. Blended strategy
There are a few different ways to implement account-based marketing. You can target very specific accounts or businesses in a certain industry or a bucket of targets that you think would be a good fit for your company. The best rule of thumb is a mix of all of these tactics so you don’t narrow the field too much.
5. Better metrics (put your money where your mouth is)
Companies love data. They love to see their return on marketing dollars. Account-based marketing is backed by tools to help demonstrate marketing efforts ROIs. Whether you’re measuring pipeline, revenue or engagement, showing growth is what matters most. ROI calculators are becoming increasingly popular with marketing projection pitches.
Speed, collaboration and adaptation are key for a successful account-based marketing strategy. With competition tightening on the internet, it is crucial for your business to stand out against the noise. Approaching potential clients with a flexible, marketing strategy can perhaps give you the bit of advantage that will land the deal. Want to see what an ABM strategy would look like for your business? Our team of marketing experts can craft a roadmap just for you. Contact us today.