Account-Based Marketing (ABM) now has become a priority for many B2B Marketers. ABM is now anticipated to be a major part of any organization’s marketing strategy since last one year. Whether online or offline, the customer always comes first, and one approach that puts people front and in the center is Account-Based Marketing (ABM). This approach is more focused on specific customers, or accounts. Organizations which are seeing the greatest current benefit from account-based marketing are IT, Services and Consulting companies.
While business marketing is typically organized by industry, product/solution or channel (direct/social/PR), account-based marketing brings all of these together to focus on individual accounts. It’s a strategic approach to business marketing based on account awareness in which an organization considers and communicates with individual prospect or customer accounts as markets of one.
Account-based marketing in recent years has made a massive impact and has changed the way B2B marketers build their strategies. SiriusDecisions in a survey found that the percentage of budget allocated to ABM is growing every year. 18% of respondents in 2017 said that they were spending more than half of their budget on ABM, which is up from 8% in 2016.
A report released from Dun & Bradstreet has shone a light on the increasing prevalence of Account-Based Marketing (ABM) among B2B businesses, and the importance of technologies and data in their marketing and advertising stack.
Personalized marketing strategies are proven to engage prospects and customers. Account-based marketing takes personalized marketing to a new level by developing content those key decision-makers want and need to move them through the buyer’s journey. Such finely-tuned content requires research, which the key decision makers should instantly recognize. It also requires marketing and sales to collaborate to efficiently and effectively target these contacts in a way that is going to be most meaningful to them.
The prime motive of any business is to acquire as much as possible customers and that too in a speedy and cost-effective way. The simple solution for this demand is ABM. ABM is a personalized practice of nurturing key customers and prospects. It helps to eliminate the poor leads from the sales funnel and thus reducing the stress of salespeople and improving the customer acquisition process of the organization.
ABM helps to improve the flow of the customer acquisition process which directly results in improved sales for the business. Improved customers and sales directly result in increased revenue for the business. Stats say that about 65% of businesses that implemented ABM strategy have attributed revenue increase in a year’s duration. ABM helps you focus on accounts most likely to generate revenue and meet other strategic goals.
ABM requires a combined effort of the sales and marketing team of the organization. It’s not a task that any one of both can handle completely. Sales & Marketing department of any organization plays a vital role in the Customer Acquisition Process and also in revenue generation. Marketing team provides resources in form of leads, prospects information to sales team and sales team provides feedback on the resources provided by the marketing team.
ABM grows your business from the inside out by aligning sales and marketing efforts to target specific high-value accounts effectively and efficiently. This alignment or partnership between sales and marketing team makes it possible for the business to achieve it’s short-term as well as long-term goals.
Any business whether it be large or small after investing a specific amount in a particular task expects something good in return for that investment. ABM is precise, targeted, personalized and measurable. It provides the highest ROI among B2B marketing tactics and strategies while providing less wastage and risk of resources.
Leads are precious. Any business spends a lot of money on collecting leads and nurturing them to take ahead in the sales funnel. ABM structures your marketing efforts on key accounts to drive the most revenue. With such a narrow focus, these initiatives optimize your most valuable resources: time and money. By integrating your sales and marketing efforts, you can focus your marketing team on working directly with sales to target and develop content for key accounts and build a successful communication channel with sales.
Even if your demographic’s need is matching your product or services, there are many different requirements of various prospects and customer with respect to the same product or service. So in order to match and understand these different requirements of audiences, the business has to develop content explaining the specification of the product or services matching to the interest of these target audiences. ABM helps to define & make the content scalable, personalized and targeted. Rather than writing a single piece of content and disseminating it to your entire contact list ABM assists in crafting content on a very specific issue that is relevant to certain accounts.
One of the most challenging parts in marketing and sales is how to reach the prospect, and the challenge starts from the question – which channel to use to reach or communicate to the prospect or customer. One channel doesn’t fir all. Some prefer to be reached by an email, some prefer online and some love traditional marketing. In this case, ABM has the best solution – Reach prospects according to their convenient channels to promote content. target accounts are more likely to engage with content if it’s convenient for them.
ABM is a great investment, especially for companies with smaller or medium marketing budgets. With ABM, you have an opportunity to show leads how valuable your company can be for them, and you can also convert more leads to customers than with any other approach.
However, the continued success of Account-Based Marketing depends not only deploying on the right technology but also having the right processes and mindset toward adoption and growth in your organization. ABM more naturally aligns with the buyer’s journey.
If you need any assistance in framing and running your ABM programs, reach us at email@example.com or visit us at www.ams-in.com.
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