Account-based marketing is gaining popularity and is becoming a must-have for every organization. It is essential to drive high-value conversions, create long-lasting relationships with your customers, increase revenue, etc. According to Forrester, approximately 62% of the marketers said that they were able to measure a positive impact since integrating it in their B2B marketing strategy.
The traditional marketing and sales funnel focuses on the goal of capturing as many leads as possible. Towards the end, this funnel gets smaller with a maximum number of prospects not ending up as customers. Instead of broad-reaching campaigns that are made to touch upon the largest possible number of customers, ABM is a strategy that focuses on a defined set of accounts in a market. The resources are utilized keeping in mind the specific requirements and attributes of that group to design campaigns in a personalized manner.
Read more in detail here: A Beginner’s Guide to Account-Based Marketing
Why Do You Need ABM For Your Business?
Below are a few points that highlight the benefits of adopting an ABM strategy as a part of your B2B Marketing campaign.
Precise And Tailor-made:
Account-based marketing is about offering a more consistent and customized approach for a certain account by identifying its needs and preferences and providing a solution accordingly. It focuses on providing relevant content to your audience and increases the chances of potential customers wanting to engage with your brand. It is helpful in the B2B lead generation process as it targets key accounts only.
Syncing Of Marketing And Sales:
An important outcome of implementing this strategy in an organization is the alignment of both these departments. The ABM process is more collaborative and cohesive where both the sales and marketing teams work together to achieve the same business goals.
Expedite The Sales Process:
In any organization, purchase decisions often involve multiple stakeholders and can slow down the entire process. Account-based marketing helps you to cater to the primary decision maker along with nurturing all other prospects simultaneously which helps to make the B2B sales process faster.
Get a more in-depth understanding of B2B decision-makers here: 5 things every decision-maker considers in the B2B buying process.
Higher Revenue:
Account-based marketing is extremely targeted and doesn’t adopt a scattergun approach which leads to less wastage of resources. It helps to target high-value customers and opportunities rather than spending money on campaigns that are irrelevant to your audience or aren’t hitting the mark. As per ITSMA, 87% of B2B marketers reported that their ABM campaign outperformed their other marketing initiatives in terms of ROI.
Shorter Sales Cycle:
Account-based marketing narrows down on a small number of accounts which leads to businesses enjoying a shorter sales cycle. Unqualified prospects are eliminated very early on and you can focus your efforts solely on the accounts that are most likely to convert and provide more personalized services to them.
How To Optimize ABM Campaigns In 2021?
Broadly, it is a 4 step procedure that involves identifying key accounts, targeting their major stakeholders, creating messages that appeal to them, and using the right marketing channels to deploy your message.
Below are a few techniques that will help you execute your ABM strategy in a better manner and boost your marketing outreach.
Segment Your Targets:
Market research and intelligence will help you get an insight into your audience. Build robust target company personas based on various factors and segment your audience. It will help you gain an understanding of existing successful and profitable accounts to create an ideal account list.
Customer-centric Content Is Key:
You should understand your audience’s pain points and with the right messaging, deliver content that appeals to them. Since Account-based marketing is personalized in nature, you should develop content that specifically speaks to these stakeholders.
Also read: Empower Your Business With B2B Sales Strategies in 2021
Adopt An Omnichannel Approach:
After thorough research on content, it is also beneficial to understand how your audience spends time online. Using the right communication channels will help prospects move forward in their decision-making process. Executing ABM in 2021 will be more effective if customer engagement occurs through multiple channels and touchpoints through omnichannel marketing.
Measure Results And Optimize:
Define your goals and have a proper measurement mechanism in place at the beginning of the campaign itself. Without the correct mechanism, it is difficult to determine its effectiveness. Ensure that your campaign is helping you build and maintain meaningful relationships with your target accounts by tracking the quality of engagement. Understand and evaluate what is working for them and what is not, and optimize your efforts accordingly.
Usage Of Data And Technology:
ABM in 2021 has become more data-driven with the usage of Artificial intelligence. It is important to leverage AI and develop a blended strategy to identify data, analyze purchase patterns to predict the future decisions of the accounts.
The key to a successful campaign is to have a strong foundation that helps you create lasting business relationships and maximize profits. If you need more help with Account-based Marketing services for your company, turn to us. Logichron, with its team of expert B2B marketers, can help you with the right strategy for your business. To know more about us, visit our website.
