In today's marketing landscape, there are many different strategies to choose from. One such strategy is Account Based Marketing, or ABM. ABM is a strategy where marketing and sales work together to create personalized buying experiences for a select group of customers. Let's dive into ways to make your account-based marketing strategy more effective today.
Which companies should use ABM?
ABM marketing is best suited for some businesses, especially those where regular marketing strategies such as SEO are not as effective. Here are some examples of when ABM can be the most effective strategy:
1. When selling higher priced goods or services
If your company sells high-priced, complex products or services with a long sales cycle, ABM allows you to invest the necessary time and resources to nurture these key accounts.
2. When your target audience is larger companies or organizations
When targeting large companies or organizations with multiple decision-makers, ABM provides a personalized approach to accommodate different stakeholders within the same account.
3. When you want to expand within existing accounts
If you want to expand within existing high-value accounts, either by promoting other products or reaching out to other departments, ABM offers a strategic approach to deepening these relationships.
4. When you want to keep key accounts
In companies where customer retention is as important as customer acquisition, ABM, with its focus on personalized experience, can increase customer satisfaction and loyalty, leading to improved customer retention.
How to set up an account-based marketing strategy
To get the most out of your account-based marketing strategy, there are a few things to consider.
1. Identify and prioritize your target accounts
In ABM, success starts with the identification and prioritization of target accounts. Use insights from your sales team to select the accounts that are most likely to generate the greatest revenue. Prioritize these based on strategic value and likelihood to close, focusing on quality over quantity.
2. Personalize your marketing
Personalization is key in ABM. After identifying your target accounts, it's time to understand their specific needs, challenges and goals. A personalized approach differentiates you from competitors and shows that you understand your prospects' unique needs. Adapt your message, content and communication channels to reflect the preferences of your target accounts.
3. Take advantage of multiple channels
Your target accounts are in more places than just one channel. They span social media, email, blogs, webinars, industry events and more. Consequently, your ABM strategy should include multiple channels. Use a mix of digital, in-person, and strategic outbound techniques to reach your target accounts at every stage of the buying cycle.
4. Let marketing and sales work together
ABM is at its best when marketing and sales work together. Since both teams are pursuing the same goal - converting high-value accounts - their strategies must be tightly intertwined. Regular communication, shared measurement data, and coordinated efforts lead to better account insights, stronger messaging, and a higher conversion rate.
Conclusion
An effective account-based marketing strategy can revolutionize your business and turn prospects into loyal customers. By identifying and prioritizing high-value accounts, personalizing your marketing, taking advantage of a multi-channel approach, and coordinating your sales and marketing team, you can experience exceptional results. Although ABM requires careful planning and execution, its potential to deliver high ROI makes it a marketing strategy well worth exploring.
