Let’s get straight to the point – Account-based marketing (ABM) is the ultimate mantra for a specifically targeted audience that is most likely to generate handsome revenue for you!
In other words, it is a very clear-cut strategy for a particular niche that you intend to sell/offer to a particular audience. You approach this audience with personalized campaigns of messaging, emailing, regular mailing, phone calls, and other ways of direct contact.
Still confused? Let’s have a brief comparison of ABM and the regular broad-reach marketing strategies to make things clearer…
ABM vs. Broad-reach marketing
Broad-reach marketing is a simple strategy that ensures to reach out to as many people as possible for the promotion of a particular brand. Marketers use every platform available to achieve this goal. Be it social media, paid advertisement, emails, events, etc, broad-reach marketing has a “broad” spectrum of reaching out to people. Also, it is quite generic in nature which implies that there is no specific audience targeted. In fact, the goal is to reach out to as many people as possible.
On the other hand, ABM strategy is laser-targeted to a specific audience that is considered to be beneficial for the brand. In other words, ABM finds out the specific people who seem to be potential customers for a particular product, and then reach out to them in a highly personalized and customized way. So, unlike broad-reach marketing, ABM makes sure that a selected small group of high “revenue-generating” clients is focused on more sales.
Hence, if we compare both strategies, ABM stands as the strongest in potential and response-rate. It is also reliable as being long-term in building connections and making a strong marketing base for the future.
Why account-based marketing?
According to Neil Patel, the SEO, and marketing expert, “ABM is a strategic approach that coordinates personalized marketing and sales efforts to land and expand high-value accounts”. Account-based marketing is the best strategy, as claimed by the experts, for generating the highest ROI (approximately 97%) of any B2B marketing tactic. This is simply true because reaching directly to the high-value accounts and larger accounts drives better deals and responses.
Let’s discuss some of the few benefits of ABM strategy:
- 1. Higher ROI
Well, as mentioned above, the ROI of ABM is targeted, personalized, and highest as compared to the general inbound and outbound strategies. This is because the response rate and online-activity participation in ABM are higher than other tactics. Also, people engage more in due to the personalized way of reaching out to them. Hence, a level of comfort is maintained which ultimately brings in more clients.
- 2. Goal-setting and achieving is easier
The biggest benefit of ABM is specifically targeted accounts that are limited in number. This is in turn, makes it easier to monitor them and maintain smooth analytic without any hassle. Hence, the comparison with other analytics is easier and plain and this is quite necessary for forecasting goals and planning ahead of time for further progress.
- 3. Sales alignment is easier
It is not possible for the ABM strategists to not work along with sales teams as they both complement each other for better results. Without sales, ABM is nothing. But with proper alignment and coordination, they both create a powerful team for a successful ABM strategy.
ABM process
The process of a successful ABM strategy is simple yet effective. It goes in a smooth if planned and executed thoroughly and ultimately generates fruitful results.
There are 5 simple steps towards a proper ABM strategy;
- 1. Identify accounts
Identifying accounts implies identifying the potential high-value accounts and customers that are expected to boost your business.
For this, you need to find customers who:
- Are high-value
- Fit the product demand
- Are of strategic importance
- Are competitors’ clients!
- 2. Profile and map accounts
Make a list of the accounts and have an individual profile of them for your convenience. It is a kind of record-keeping.
- 3. Create content
The content will be specifically targeted for the potential client base. It must contain only the focused attractions that you intend to sell.
- 4. Launch campaigns
Launch campaigns through email, regular mail, phone calls, messages, in-person programs, webinars, online advertisements, etc. Make the customers aware of your product and its benefits.
- 5. Measure and analyze
Keep monitoring the progress and achievements. See if you have achieved your goal and how has it been possible. Apply this strategy to other campaigns with better planning.
ABM – what it isn’t?
Well, ABM is a simple strategy of marketing with the hassle of hectic works routines and a huge team. It is a plain strategy that makes use of both the marketing and sales teams with complete and continuous coordination. However, do not consider ABM to be that simple! It might seem easy but it needs to have a sniper-target approach for the specific audience.
ABM is very different from the broad-based marketing approach and methodology. It is not a plain way of finding clients and reaching out to them; the main aspect of it is the content. The more creative and specific content you create, the more chances are of a higher response rate. Hence, if you are pursuing an ABM approach then do not underestimate the power of creative content.
Conclusion
ABM is very effective for marketers who have a sharp focus on their clients along with a proper methodology to reach out to them. It is being used by general marketers as well, as it is short-term in the process yet long-term in results! Hence, ABM is the future strategy that is being further explored and made better to suit the emerging market needs of both marketers and clients.
