Covering all your Marketing bases and still not getting the results you like? You are not the only one. According to HubSpot, over 63% of B2B Marketing professionals find it difficult to generate leads from mere Social Media Marketing.
That’s because a generalised Marketing strategy across channels like Social Media, Email, and Digital can only do so much. Especially when it comes to B2B Marketing. This is where Account-Based Marketing (ABM) can work wonders for your brand.
Are you hearing about ABM for the first time? Then let this guide enlighten you on how this style of Marketing can deliver better results for your B2B Marketing.
What is ABM?
Let us begin by understanding what this methodology is. Simply put, ABM is a highly targeted growth-oriented strategy that blends Marketing and Sales to generate more business. ABM targets top potential accounts through bespoke value propositions. This form of Marketing keys in on specific target companies (known as ‘accounts’) and utilises every possible Marketing tool to reach out to multiple stakeholders within the target organisation.
Haven’t made ABM a part of your Marketing plan yet? You should. Primarily because Marketers across the world are already making the most of it. As per a study by Demandbase’s Engagio, in 2019, brands allotted 29% of their Marketing budgets to ABM and are reaping its benefits.
Why adopt ABM?
There are several reasons why an increasing number of organisations are embracing ABM and getting tangible results. Some of these are:
1. Blends Sales and Marketing
Marketing and Sales have always been reliant on each other. However, with ABM, they are made to work together and collaborate. This cross-team collusion aligns collective goals and optimises Marketing budgets and Sales strategies like never before.
2. Generates more business from existing top accounts
From Social Media ads to contextual Emails, ABM amplifies brand awareness in the minds of top management from these companies. As a result, ABM ends up adding to customer relationships as well as helps your brand get more business from existing clients.
3. Delivers a consistent brand experience
ABM makes use of every available Sales and Marketing channel to deliver personalised communication. Thus, your client ends up being targeted with relevant and consistent messaging across platforms – online as well as offline, resulting in a unified strategic approach to client acquisition.
4. Reduces Sales cycle
Usually, the Sales cycle of a business involves multiple steps from connecting with a lead to closing the deal. But by zeroing in on clients that generate the most revenue and targeting key stakeholders within these accounts, ABM ends up shortening the conversions cycle. Sales teams do not have to go looking for prospective leads. All they have to do is identify key accounts, implement ABM-related strategies and bring in new business.
5. Optimises Marketing Costs
In the short run, ABM can seem expensive due to its highly personalised nature. However, over the course of time, it actually ends up saving your Marketing spends as ABM compels you to shift your focus from ‘one to many’ to ‘one to few’.
Tips for initiating ABM
Now that you know the potential of ABM, how well account-based Marketing here are a few tips for creating a good ABM strategy:
1. Keep zooming in: Dig as deep as you can to identify key personnel from your top target accounts. Then, develop customised value propositions based on specific (buyer) personas.
2. Make content your king: For highly personalised communication, your content needs to be high-performing and precise because it needs to convert from a limited pool of targets.
3. Go beyond content: Don’t restrict ABM only to Digital Marketing. Look beyond digital and integrate it with offline communication.
4. Build teamwork between Sales and Marketing: As mentioned before, Sales and Marketing need to work together for any ABM campaign to succeed. Therefore, it is crucial to build trust and teamwork between these two teams for efficiency.
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