This isn’t just about another marketing buzzword phrase! Account-based marketing seems to be here to stay. What used to be for only enterprise level organizations, account-based marketing (ABM) is now making its way through many B2B companies. We’re sure you’ve heard or read about it all over the digital marketing atmosphere. But are you still completely clueless about ABM? Not even sure exactly what it is or how to start with an ABM strategy? We’ve got everything you need to understand account-based marketing.
What Exactly is Account-Based Marketing?
According to Wikipedia, it is “strategic approach to business marketing in which an organization considers and communicates with individual prospect or customer accounts as markets of one.”
Account-based marketing has been around for ages, but was only something the highest of enterprise-level companies could achieve. With advancements in marketing technology over the past few years, ABM has become something that is very achievable and scalable for a lot of B2B organizations.
However, that doesn’t automatically mean that ABM is right for you. To understand if you would immediately benefit from utilizing an account-based marketing strategy, understand if you fall within one of these two categories: you either are aiming for a few large, key accounts that have become your central goal OR you are looking to gain accounts of a relative size that are in a specific industry. Don’t let this completely rule you out, however, if you don’t fall clearly into one of these two categories. Of course, there still are many benefits to ABM that any company could experience.
What are the First Steps to Developing an Account-Based Marketing Strategy?
Focus on your target accounts. What prospects are your goal clients? Take those and zoom into their pain points, their wants, their needs; then develop content around those issues. Create a conversation with these accounts and make it personal to them. Interactive content can be extremely useful in this regard. With interactive content platforms, personalized experiences are simple to create, edit and scale, allowing you to give those accounts the attention they need from your marketing.
Once you have your content with those specific target accounts, interactive content gives you the insights and opportunity to measure exactly what’s working and what’s not. The more those key accounts interact with your content, the more you will understand the iterations and changes that need to be made in order to first close the sale, then upsell to them once they are a customer.
Why Try an Account-Based Marketing Strategy?
Sales and Marketing have long awaited the perfect balance and alignment. However, we’ve seen that this is a continuous struggle. Sales doesn’t love the leads they’re getting from Marketing. Marketing doesn’t love the feedback (or lack of feedback) they’re getting from Sales. ABM allows for both to come together as one: for Sales to pinpoint exactly who they want to gain as customers and for Marketers to focus on grabbing the attention of Sales’ choices.
Companies are through with spending money, time, and resources on gaining leads that rarely turn into customers. Account-based marketing allows companies to dedicate those resources in discovering not only the exact accounts they want to target, but knowing which decision-makers at those target accounts to interact with and how exactly they want to be engaged.
Are you implementing an account-based marketing strategy? If not, are you interested in further steps to begin and what you need to know about ABM? Check out our blog later this week to find out more detail on how you can succeed at a well-implemented ABM strategy.