You may, or may not have heard of the term “Account-Based Marketing”, but what exactly is it?
Well, Account-Based Marketing (or ABM for short), is a relatively new concept that’s emerged in the B2B market over the past few years, with HubSpot claiming that “60% of companies plan to launch an ABM based campaign in the next year”.
Delving deeper, Account-Based Marketing is a focussed business strategy that treats a prospect or customer like they are their own market. Your marketing team will have content, events and campaigns that are directly associated with that account, rather than the industry as a whole. Essentially, marketing that’s based on a very specific customer, or prospect, aka a market of one.
The power of Account-Based Marketing is centred around the idea of the sales, marketing and service teams being aligned around the same goals and working together to connect, engage and nurture relationships with target accounts. If aligned and used correctly, ABM is one of the most effective marketing and sales approaches for lead generation, customer acquisition and client engagement for businesses who sell their products and services to other businesses (B2B).
By aligning your marketing, sales and service teams together, you are all working towards one goal - the aim of targeting specific businesses or sectors with a defined geographic area and identifying a “target account list” of “good fit” companies within that sector, e.g. a list of 200 electrical engineering companies within the United Kingdom.
By dedicating your marketing to decision-makers all within the same organization, it ensures your marketing campaigns are designed to resonate with these specific people.
It can be hard for marketing campaigns that cater to a wide audience to make each reader, viewer, or user feel that their individual needs are being met. And that's okay; the bigger your audience, the more types of people you're trying to help. ABM doesn't give you a large audience to generate leads from, it actually allows you to personalise all of your messaging and content to an intimate cohort of people that you want to target.
Want to find out more about ABM? Download our free Step By Step Guide:
Now that you have some understanding of what ABM is, you may now be questioning why you should use it…
So, why Account-Based Marketing?
- Ensures that individual needs are met as marketing & sales are personalised to your audience
- Predictable and transparent return on investment (ROI)
- Focuses your time on high-yield marketing campaigns
- Reduce sales cycle time
- Strengthens your relationship with existing customers
- Account Based Marketing drives a natural alignment between your marketing, sales and service team.
By using Account-Based Marketing for your business, you’re able to make use of a very focused strategy, ensuring that you’re connecting and engaging with good fit prospects/customers for your business.
The methods behind ABM fit perfectly alongside Inbound Marketing as it complements the inbound philosophy of being a holistic, data-driven approach in sales and marketing that attracts individuals to your business.
You want to attract people to your business, without prospects/customers feeling like they are being sold to. Add value, answer questions and don’t push products onto people.
10 steps to running an effective ABM campaign:
- Identify – create a comprehensive target account list
- Research – get insight & knowledge on your target accounts
- Understand – create 3 to 5 buyer personas for each target account
- Connect – choose the most effective channels to connect with potential buyers
- Engage – make every touch point remarkable
- Focus on the buyer, their pain points and their goals
- Advise – help the buyer to understand all the solutions that are available to them
- Present – present your solution and address any objections
- Measure – measure your results, identify what has been a success or failure, what does and doesn’t work.
- Optimise – optimise every element of your campaign to increase the effectiveness
On the whole, an Account-Based Marketing strategy is all about creating a remarkable user experience and using inbound marketing principles to attract, engage, convert and delight new and existing customers.
Simply focus on identifying those “good fit” target accounts, then use effective inbound marketing tactics to connect, engage and attract them to 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.