Getting the right market is critical to a business’s success. Even if you have a fantastic product, if nobody buys it, your business will fail.
In today’s digital realm, marketing must be considerably better organized. With so many opportunities and platforms available, getting lost in the noise is easy.
Numerous companies generate less revenue than possible because their marketing is directed at less profitable customers. A company can learn more about its target market, optimize its processes, and maximize its sales funnel by utilizing ABM.
A tool, like ABM, can help companies learn more about their target market, optimize their processes, and maximize their sales funnel.
What Is Account Based Marketing?
Account based marketing is a way to market that focuses on each client’s specific needs as an individual.
WebFX says 94% of B2B marketers use Account Based Marketing to dedicate their 29% of marketing budget to perform Account Based Marketing.
ABM differs from traditional marketing, which focuses on appealing to many people, and sending general messages. Instead, it targets people (or accounts) based on their specific needs and goals. It helps you focus on one account at a time, and turns leads into customers.
ABM is a way to get your sales and marketing teams to work together to reach company goals, and increase sales. Account based marketing is similar to traditional lead nurturing, but focuses more on getting the correct information to the right people at the right time. This helps you build credibility with the people who make decisions at your target accounts.
Why Account Based Marketing Matters
In today’s competitive markets, bulk email marketing is no longer an option for those who wish to thrive. Customers prefer interactions with brands that benefit them, not you. Hence, to stay relevant, you must adjust your marketing strategy.
Here are reasons you might want to use an ABM strategy:
- It Improves Lead Quality
If you tailor your message to a particular account’s needs and interests, it’s more likely to reach that customer. Sending messages to people who have already shown interest increases your chances of getting them to buy your product or service than just sending them to anyone interested.
- It Saves Time and Money
Focusing on a smaller number of high-value accounts allows you to invest more heavily in those accounts than you would if you were trying to reach a more significant number of prospects at once. This means that ABM works well for companies with limited budgets, but with better growth potential if they can engage their target clients successfully.
- It Increases Conversion Rates
With personalized marketing and information about your products or services, prospects are more likely to become actual leads and customers. Also, you get more accurate information about how well specific campaigns and strategies work, which lets you make your marketing efforts in the future even more successful.
- It Provides Better Alignment Between Sales and Marketing
ABM helps improve communication between the sales and marketing teams, so they can work together more efficiently. This makes it easier for divisions to work together, and improves collaboration between the groups in an organization.
- It Provides Better Customer Retention
Account based marketing lets marketers get to know their customers in a way that has never been done before. This kind of involvement can help you keep your most valuable customers by keeping your brand on top of their minds.
- It Improves Customer Experience
By ensuring your marketing strategy fits each account’s needs, you can give them a more personalized and tailored experience. This can make customers happier and more loyal, leading to better brand perception and lifetime value.
- It Provodes Better Data Insights
With an ABM strategy in place, you can create personas for each account that can help guide all future marketing efforts for that account. You’ll understand what motivates them, what type of content resonates with them, what they expect from you, and what they are willing to pay for it.
How To Create an Account Based Marketing Strategy That Works
- Align the Sales Team with the Marketing Team
The first step is to get your sales and marketing teams together to work on an account plan. This means, figuring out who is in charge of which accounts, and their goals for each account. This ensures that everyone knows how the team works together.
- Define Your Target Accounts
Once you have your team together, you must decide who your target accounts are and why they are important. This includes their size, industry, how much money they likely bring into your business, and how to attract them. You also need to figure out which accounts are the most important.
- List Companies Relevant to Your Target Market
Map out all the companies your target accounts buy from and sell to. For example, if you sell software to large companies, those businesses will likely buy from other large corporations, like accounting, law, and consulting firms. Identify these organizations, and create strategies to get more visibility among them, so when one of your target accounts calls for them (or vice versa), they can find one another fast.
- Set Up Plans for Target Accounts
Account plans are important documents that explain how a business deals with specific accounts. Usually, they include information about each account’s goals and challenges, significant industry trends, and an analysis of the competition. Your account plan should consist of ways to stay in touch with your target account over time, such as through webinars, events, or social media to reach your goals more quickly than you could on your own.
- Create a Customer Journey Map
A customer journey map is a picture of customers’ steps when doing business with your company. Includes everything they do with your brand, from first hearing about your brand to becoming a loyal customer, or an advocate.
By designing a customer journey map, you can contextualize all touchpoints throughout the journey, and position yourself as a trusted brand until they reach a decision point.
- Involve Key Decision-Makers
Make sure that your account based marketing plan involves as many relevant buying committees as possible. You may rely on them to provide essential information regarding each account plan strategy. Find out their account based marketing needs and problem points as much as possible.
At the heart of every successful marketing strategy is the right audience at the right time, receiving the right message, and with the right level of engagement. This is of the utmost importance in marketing, where nurturing leads and completing sales are critical to success.
If you are one of the businesses looking to improve their marketing efforts and increase their sales pipeline, ABM is an excellent way to do both. With this strategy, brand exposure, new leads, and increased sales are all possibilities.