ABM is one of the relatively newer terms in marketing, which is rapidly making its way into many organisations. The tactics have proven to provide the organisations with a high return on investment and overall exemplary results in terms of client satisfaction.
If you are not familiar with it, you must be wondering what account based marketing is?
Unlike other tactics, account-based marketing (ABM) strictly focuses on targeting high-value clients for the business rather than targeting a whole pool of prospects. It makes the targeting process more efficient as your teams will only communicate and target those highly relevant clients to your business. When you use ABM systems, it will help you to treat each business as a separate market of its own. Each account would have its profile on the system, which will help you craft custom marketing campaigns and content for them.
Moreover, rather than making content for a larger audience, you would only focus on high-value targets that have a better chance of being your client.
To put it in simple terms, ABM is a new and much more sophisticated form of direct marketing. It enables you to modify and tailor your content and communication strategies as per the client’s needs. Instead of wasting time and resources on a broad scope of prospects that might not be effective, your efforts will be focused on a narrower audience that would be more likely to engage with you.
But, should you consider implementing ABM in your day-to-day marketing and sales activities?
Here are some best reasons why you should consider implementing account-based marketing.
– 1. More focused form of marketing
When you implement ABM, you place your cards on the right bet by focusing only on prospects with a higher chance of becoming your long-term clients. It will help you set the priorities right by shifting your focus from a larger pool of prospects to a more targeted audience pool.
Through such a niche focus on the client, your marketing campaigns will not be ‘one size fits all’; instead, they would be more relevant for the specific target.
So, the sales and the marketing would communicate with the accounts to make your business highly relevant to the prospective client.
Moreover, by shifting the focus, ABM enables the company to generate better-targeted content.
– 2. Integrates the efforts of sales and marketing
As per all the management books, sales and marketing must always work together, but that is usually not the case. These teams often stick to one common goal but commonly have their own ways and tactics.
So, ABM systems would help you align both teams together for more efficiency. When using ABM, these two teams must be on the same page since the communication with the client has to be direct and tailored.
In any organisation, marketers are always focused on finding the audience and the best ways to reach them. On the other hand, the sales team is always on the lookout to understand the leads and personalise the offer for them to trigger a positive response. Implementing ABM would require a high degree of personalisation, thus aligning these teams’ goals.
– 3. Helps you to understand your clients
Any successful ABM strategy would require you to research the clients and their industry extensively. It is required because you are reaching out to a niche business, not the whole industry.
Think of ABM as a piece of custom-tailored made suit that requires tens of different measurements to be made. So, herein, you would assess every possible aspect of their business to craft a communication strategy and close the deal.
Focusing on such narrow aspects will give you insight into your client’s thought processes and help you serve them better.
When you understand the client properly, it would automatically translate to better client satisfaction.
– 4. Yields a good return on investment
ABM has a good return on investment owing to many reasons. Firstly, when ABM aligns different teams of the organisation to work towards one common goal, it helps avoid wastage of resources. You would be spending less money on marketing and sales but will be able to achieve better results since the goals of the different teams would be aligned.
Secondly, ABM is a process that encourages sales, as when you offer a tailor-made client offer, there are higher chances of closing the deal. ABM is a customer-centric strategy which makes it highly profitable.
So, if you are dealing in the B2B space, you must consider implementing ABM. It will help you target high-value and relevant prospects, streamline your sales process and align your teams towards a common goal while providing great value to your customers.