With Account-Based Marketing being a rather new concept, you may be wondering how it can benefit you and your business.
And well, there are actually numerous benefits to utilising Account-Based Marketing alongside more traditional inbound marketing and sales, and it should be used to support your goals as a business.
The 6 key benefits of ABM are:
1) Marketing & Sales Personalised To Your Individual Audience:
In many B2B transactions, there are multiple decision makers and stakeholders involved, each may have slightly different needs and questions to be answered, an ABM approach ensures that your marketing campaigns are designed to resonate with those specific people and for it to feel like each individuals’ needs are being met.
2) Predictable And Transparent Return On Investment (ROI):
As marketers one of the biggest challenges has always been in proving return on investment (ROI) but when you are marketing to companies you have already established a relationship with it can be far easier to attribute revenue to marketing campaigns.
For example, if you spent £1500 on an industry-level marketing campaign for three months targeting businesses in London. At the end of that three month period the sales team closed eight new accounts each worth £3000, and two are companies based in London. You could claim that your £1500 marketing campaign had helped to generate £6000 in new business, but there is no way to know for sure.
However, with ABM, you know exactly where your marketing budget is going and the revenue you stand to generate at the end of your campaign. It makes marketing far more transparent and encourages greater investment.
3) Focuses Your Time On High-Yield Marketing Campaigns:
Account-based marketing not only gives you a more transparent ROI but it also ensures that you are not spending valuable resources and time on campaigns which are giving no clear business value.
Investing in ABM makes the marketing team more robust to slow periods or a seasonal slow down in engagement from a wider audience, basically evening out peaks and troughs that broader campaigns can give to your marketing efforts.
Your marketing campaigns are continually being optimised, with a “feedback loop” from sales, service and customers giving an evolving marketing campaign that is engaging and sharing relevant content with different personas, who have different pain points within the target accounts.
4) Reduce Sales Cycle Time:
The biggest negative with non-ABM marketing is the focus on lead generation which, even with an Marketing Qualified Lead (MQL) criteria in place, will be handing the sales team a number of leads that simply won’t close into customers. The result is that the sales team need to spend time nurturing these leads and eliminate from their pipeline when they don’t respond to their outreach., this is simply a waste of resources which could be better employed elsewhere.
The power of ABM is that your sales team are not forced to deal with this situation as often as it generates more qualified leads because the target account is more likely to have people who want to hear from you.
This allows your sales team to cut back on the time they spend nurturing leads that won’t become customers, and spend more time on the ones that will, this in turn, reduces the time between first connect call and closed sale.
5) ABM Strengthens Your Relationship With Existing Customers:
Customer retention is vital to your business growth, so it is important to appreciate that good ABM is not just for lead generation or finding prospective new customers, it is also a superb approach to client engagement and customer nurturing.
Your customer service and support team are at the heart of this, but effective ABM also allows your marketing and sales teams to become an equal part of it by strengthening the relationship with each individual client, at every contact.
The act of networking with more people across a client’s business, opening up opportunities to deliver additional solution content that is targeted to new challenges and needs, nurtures relationships but also greatly increases the chances that the customer will renew their contract at the end of the term or refer other businesses to you.
6) ABM Drives Natural Alignment Between Your Marketing, Sales and Service Teams:
As discussed earlier, the relationship between your marketing, sales and service teams is critical in aligning how your business markets and sells with how your modern business buyer researches and buys your product or services.
Traditionally each were in their own “silos”, rarely talking to each other. Marketing focused on the “top of the funnel”, raising awareness and interest with potential customers, driving lead generation where sales focused on “middle of the funnel” closing these leads and customer acquisition to produce revenue. Finally, service and support would focus on the “bottom of the funnel” with their efforts on retention and hopefully turning a few happy clients into advocates for your business.
Not now, effective Account-based marketing naturally aligns all teams, with marketing knowing exactly who they are marketing to, providing a volume and quality of lead to the sales team, sales can feed back to marketing the questions and concerns they are hearing from prospects and service can send out surveys and provide feedback, customer testimonials, reviews and case studies from customers to support marketing and sales.
Let DME help you to grow your business
At DME we are experts in helping B2B business to grow better, through inbound marketing and sales tactics that work.
We can help your business to plan and execute your next Account-Based Marketing campaigns, to drive 20 – 30% year on year growth in traffic, leads, customers and revenue.