Have you heard about the latest trend in B2B marketing, the new approach all the cool kids in the industry are talking about?
Account Based Marketing, or ABM, is an approach to marketing that concentrates sales and marketing resources on a specific set of targeted accounts.
The idea is to clearly define the clients you want, then launch campaigns tailor-made for each of them rather than going broad.
This Time It’s Personal
Account Based Marketing is hyper-personalized. With traditional marketing strategies, you develop broad messages to send to a group of potential customers, a target audience with several members. It’s like fishing by casting a net. But with ABM, you’re hurling a spear at one particular fish, hoping to get the exact one you’re aiming for. You don’t have a target audience with several hypothetical faces in it; Instead, you’re playing to an audience of one (at a time), and you know exactly who that one is.
Each individual account receives extremely customized, targeted, personalized messages. The messages you create for the target account are crafted to address the unique needs of that particular account and to do so in detail. Making your target audience feel seen and understood is a powerful way to provide a fabulous customer experience before they’re even a customer, making it more likely that they’ll convert.
Bow to the King of ROI
Does ABM require a hefty investment of time, money, talent, and other resources? Yes, it does. But there’s a good reason everybody is doing it anyway. Research shows that ABM has a higher ROI than other marketing initiatives.
It makes sense if you think about it. A whopping 75% of customers say they prefer personalized offers. This means they’re more likely to actually engage with the content you’ve engineered just for them. And since the messages are super personalized, targeted customers are already highly qualified leads. It’s the perfect combination. This strategy closes bigger deals and increases pipeline velocity at the same time — totally worth it.
I Can See Clearly Now
How can you know if your ABM efforts are effective? Well, that should be fairly obvious. Since you’re working with a smaller set of accounts, every action and measurement is granular. This makes tracking and analyzing the campaigns significantly easier, and by paying attention to what campaigns see a conversion, you can be more successful in optimizing your strategy with future marketing. You’ll also be more likely to focus on account data, putting yourself in a position to be an active owner of the revenue chain.
You Can Afford It
As mentioned earlier, it’s true that a significant amount of resources goes into Account Based Marketing. Since it usually takes more money to implement, ABM used to be a game only the big kids with the big budgets could play. However, advances in marketing technology are making it easier to scale.
And while it may require a bit of stretching in the marketing budget to have a go at ABM, the targeted nature of the beast means you aren’t throwing your proverbial spaghetti at your proverbial wall. You’ll waste far less money (and pasta) with campaigns that you know are hitting the right audience. The efficiency is a friend to any marketing budget.
If you’re searching for the best marketing strategy for your business, we invite you to talk to our team of industrial marketing and sales experts. Contact us today to discuss how we can help your business grow.
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