Account-based Marketing (ABM) is not new and marketers are familiar with the concept. And yet, many marketers hesitate to disrupt their status quo. But the truth is, ABM with its concentrated approach to sales and marketing, has a number of benefits that far outweigh the perceived advantages of a vanilla business strategy.
What is Account-based Marketing?
Essentially, ABM is a B2B marketing strategy that focusses all the resources on a pre-defined set of target accounts and tailors campaigns that speak to each account personally. Thus, ABM integrates marketing and sales functions in such a way that the skills and knowledge of all personnel involved are brought together, potentially leading to higher quality leads and better conversion rates.
In fact, according to several researches, nearly 60 per cent of companies that employ ABM as part of their business strategy report higher revenues and better employee satisfaction. What's more, 80 per cent of marketers believe it is a better strategy by a mile. So what are these benefits that marketers rave about? Let us look at some of them.
Benefits of Account-based Marketing
Account-based Marketing is about sniffing out new opportunities. For instance, if a user fills out your landing page form, it is a signal for your team to target that user (and perhaps his company). In a good way, of course. Thus, automatically, the attention of your sales team is focussed on a potential customer instead of groping around or chasing dead-ends. Some of its other benefits include:
- An integrated approach to sales and marketing: Often in companies, marketing and sales teams are at loggerheads with each other or working in isolation. But ABM, by identifying target accounts, helps integrate these crucial resources. Once they are aligned to each other, it becomes easier to develop a communication strategy, develop tactics and monitor the campaign’s progress.
- Personalises your communication: It is now a given that personalised marketing gives your business a definite edge over your rivals. ABM takes personalisation to a new level by providing customers with tailored content they are looking for, guides them during decision making and effectively targets them in a way that is more meaningful to them.
- Optimization of resources: ABM helps to structure your marketing resources on key accounts that actually drive the revenue. Because its focus is narrow, it naturally optimizes your staff time and money and maximises efficiency. Thus, without spending a good chunk of your budget on impressions that might never turn into sales, ABM targets specific accounts and expands your ROI.
- Improvement in tracking: It is important to do a constant review of every tactic, strategy and campaign. Since ABM is an individual-based strategy, it is possible to do exactly this. With ABM you will be able to track every metric daily almost on a real-time bases -- thus saving you time and money as well as providing you with valuable information about your audience, their preferences, and of course, the effectiveness of your campaign.
- Expansion of opportunities: ABM can trigger many new business opportunities since a user who is a target can lead you to contact his friends and colleagues who are potentially also interested in similar products, resulting in a target chain. Once you have identified the targets on this chain, you can expand your business by looking at their purchase history, account profiles, buyer behaviour and sales feedback.
Thus with the correct implementation of ABM, B2B marketers can easily align their teams as well as their campaigns towards better revenue, more measurable sales results and higher ROI.