What is account based marketing (ABM)
Account-based marketing is a strategy that focuses on tailoring marketing efforts to specific high-value accounts. This approach is usually used by B2B companies and is often seen as a more targeted and personalized form of marketing.
The goal of ABM is to generate more valuable leads and win more business from key accounts. To do this, ABM programs are typically more personalized and consultative than other marketing efforts. They often involve multiple touchpoints and require close alignment between sales and marketing.
Why account-based marketing is beneficial
Account-based marketing (ABM) is a strategic approach that focuses on developing relationships with specific, high-value accounts. This type of marketing is beneficial because it allows you to tailor your marketing efforts to the specific needs of your target accounts. Additionally, ABM can help you to build deeper relationships with your target customers and better understand their buying habits.
ABM is an effective marketing strategy for companies that sell to other businesses (B2B). If you’re looking for a way to improve your marketing results and better target your high-value accounts, ABM may be the right solution for you. Account-based marketing goes hand in hand with sales intelligence, which can help you target and deliver better leads and convert them into your long-term account portfolio.
How to get started with account-based marketing
If you're looking to boost your company's growth, account-based marketing (ABM) is a great strategy to consider.
Account-based marketing is a process that focuses on creating personalized marketing strategies for specific types of customers. The best way to start is to think about targeted campaigns that are more likely to appeal to specific customers rather than casting a wide net. This allows you to create more personalized marketing messages. Be sure you know what type of companies are on the other side. WeData can provide some valuable data especially if you are interested in business digital maturity or their marketing initiatives. Together with other forms of data, you can define the right message for your audience.
To be more specific, rather than sending out a generic email blast to your entire customer base, you could create a targeted campaign specifically for your largest accounts. This campaign could include personalized messages and content, based on the specific needs of those customers. Leading customers on one of the specialized landing pages can further improve your conversion rate.
Since you have a smaller target group, but a stronger relationship with all of your potential customers, ABM will enable you to track your results more effectively. By targeting specific accounts, you can track which campaigns are most effective with those accounts and use those insights to improve your outreach.
Crafting your account-based marketing strategy
As a B2B marketer, you know that the key to success is building relationships with your target accounts. After all, it’s much easier to sell to an existing customer than it is to win a new one. That’s where account-based marketing comes in.
If you're thinking of implementing an ABM strategy, there are a few things you should keep in mind. First, ABM is not a one-size-fits-all approach. Every company is different, so you'll need to tailor your ABM program to fit your unique business. Second, ABM requires a significant investment of time and resources. You'll need to dedicate a team to manage your ABM program, and you'll need to be prepared to invest in new technology and data. Finally, ABM is a long-term strategy. Don't expect to see results overnight—it can take months or even years to see the full benefits of an ABM program. But if you're patient and you're willing to make the necessary investments, ABM can be a highly effective way to drive growth for your business.
Do not forget, crafting a successful ABM strategy requires careful planning and execution. Bad decisions in the early stages can result in a waste of time for some of the most expensive employees in your company.
Sales and marketing alignment
For account-based marketing to be successful, sales and marketing must be aligned. This means that both departments need to be working together cooperatively towards the same goals. They need to have a shared understanding of the ideal customer, and they need to be using the same tools and strategies. Ideally, you start with a common CRM such as Pipedrive, Hubspot, or Salesforce, which provides everybody with the same level of information.
Additionally, internal alignment across all departments is important for an organization to maximize the benefits of ABM. Customer data needs to be integrated across the company so that it is available to all employees to ensure that everyone is aware of the identity of the organization’s target clients and contacts within these. This would help ensure that each employee doesn’t end up wasting their time pitching to a great potential client that is simply not interested.
To make ABM work, start with the following steps:
Define the key characteristics of the most valuable target accounts — what common characteristics can you identify in your client portfolio?
Identify contacts with an executive role in those companies — these are usually the decision makers that can help you get your foot in the door
Segment your accounts and personalize your outreach according to those criteria
Use account-based analytics tools to track progress and results
ABM should provide leads that are optimal for your type of business in terms of industry as well as targeting relevant decision-makers so that the chances of success for your sales team are constantly increasing. This alignment can help improve your general outreach and performance.
Measuring the success of your account-based marketing efforts
In order to measure the success of your ABM efforts, you need to first identify the key performance indicators (KPIs) that are most important to your business. These KPIs could be things like the number of meetings set, the number of qualified opportunities, or the deal size. Once you've identified the KPIs that matter most to your business, you can then begin tracking them and setting goals for improvement. It's also important to keep in mind that ABM is a long-term strategy, so don't expect to see results overnight. Instead, focus on consistently improving your KPIs over time and you'll eventually see the results you're looking for.
ABM can be a great way to boost your business, but it's important to measure the success of your efforts so that you can adjust your strategy as needed. By selecting the right tools and tracking the right KPIs, you can ensure that your ABM efforts are driving the desired results for your business.