What is account-based marketing?
Imagine this, an ideal scenario where you can sell directly to the accounts that are of the greatest value to you. Isn't that going to be efficient and convenient? Account-based marketing has made this ideal scenario a reality. In this article we are going to discuss this concept and understand how it works.
What is Account Based Marketing?
Account-Based Marketing (ABM) refers to the business strategy that is used to allocate resources to specific accounts within a specific account. By using personalized campaigns, this form of marketing focuses on increasing sales by targeting specific accounts.
With each account's needs and preferences in mind, each piece of content or marketing message is created to increase engagement and ultimately lead to a more effective sale. It goes beyond just generating leads.
Issues fixed through account-based marketing
The following issues are addressed using ABM:
Since the main goal of account-based marketing is to create high quality accounts, the resources they use are used much more effectively, so all marketing programs are only run after they have been optimized for the target accounts. That saves time, personnel and budget.
As mentioned earlier, the point is to make the whole process as personalized as possible in order to invest the target customers and make sure they engage with the content. So, It helps fix engagement issues.
Account-based marketing is very focused on improving ROI (return on investment) and getting the best possible results. When compared to other forms of marketing, a survey found it to have the highest ROI of any B2B marketing strategy or tactic. So, It improves the ROI.
Since you are only targeting a specific group of accounts, the pool of things you need to monitor and keep track of becomes smaller. To get an idea of the progress of the campaign, simply monitor the effectiveness of the content across channels like emails, ads, etc. It solves the problem of having to keep track of too many things at the same time.
Steps to tactfully deal with ABM
To implement an effective account-based marketing strategy, consider the following steps:
1. Do proper research to set up strategic accounts
Instead of focusing on specific people as marketers are used to, ABM focuses on entire organizations. This is a key difference that sets account-based marketing apart from the rest.
You can first establish the basic foundation of the organizations based on their MRR (Monthly Recurring Revenue) in your organization. This means that you are working on determining how much profit they can bring in for you over the long term. Those who bring in the highest are the ones you must pursue.
The research will be extensive, qualitative and qualitative. So you need to make sure that you take every aspect into account. Now that you understand the type of organizations you choose to go into, go deeper.
Find out how they make their decisions, who makes the decisions, and what factors they take into account. Take advantage of CRM, social media platforms like LinkedIn and Facebook, and even your employees who have insights into these organizations and learn all you can.
2. Work on personalizing content
Since this form of marketing is highly specialized, personalization becomes even more important. Now that you've gathered all of this information, it's time to work on creating content that speaks directly to the relevant people in these organizations.
This personalization makes ABM worthwhile. Hence, this is the most important part of the process. Make sure you find the right news.
3. Choose the channels that suit you best
This research will also guide you to the exact platforms that you should be targeting. This is because you need to promote your campaigns and launch them on the platforms where the stakeholders and others spend their time. What else is the use?
Facebook and LinkedIn are particularly powerful platforms in this regard. With these platforms you can address the stakeholders and benefit greatly from the campaigns.
4. Start your campaigns
After all the hours of research and content creation, you are ready to launch your carefully crafted campaign. Since this is a targeted marketing approach, don't bombard your prospects with messages.
Since you are targeting the entire organization and not just specific people, your channels shouldn't be limited to just them. But a balance needs to be maintained, don't overpower it.
5. Monitor the campaign and optimize it
After your campaign has been active for 30-60 days, you need to evaluate your progress. Find answers to questions such as: For example, whether the content is engaging enough, whether the target organizations are engaging with your brand, and how you can improve in the future.
If your campaign is not performing as you expected due to some issues, don't be discouraged. Learn from your mistakes and optimize your content.
In such fast-paced times, there are several different marketing approaches that you can opt for. However, if you want high quality results that will help you grow the sales and brand equity that you are actively seeking, account-based marketing is the way to go.
You can find more information on such marketing strategies in the Digital Ready blog section. Also, check out the different digital marketing courses we offer and take your first step to becoming a digital marketer.