Marketing is an integral part of demand generation. For the last couple of years, marketing is majorly centered towards an inbound marketing strategy. While it has been an efficient and effective marketing method, the process seems to have lost its charm in recent years. Today, inbound marketing is a little backdated and not enough to reach the target audience in multiple instances.
To reach the masses, marketers have started using Account-Based Marketing. This new strategy has helped marketers to enhance demand generation. Almost 86% of the companies using the ABM strategy have reported an increase in revenue.
But, what is Account-Based Marketing? Yes, we know you might be having this question in mind. Let’s find out!
Concept of Account-Based Marketing
The concept of account-based marketing deals with the process and the success of dealing with customers before and after-sales. The process includes every experience from targeting, to convincing customers, from purchase to after-sales services. Studies suggest that almost 43% of the marketers shifted to ABM strategy in 2019.
Difference Between Account-Based Marketing and Inbound Marketing
The traditional method of Inbound Marketing varies from Account-Based Marketing. While inbound marketing was good during demand generation, it was a little backdated. This marketing process deals only with pre-sales acquisition of leads and sales; account-based concerns itself with pre and post-sales stages.
While inbound concentrates on the mass acquisition of leads, account-based employs more time to acquire leads, post-sales, customer care services, etc.
In inbound marketing, the company spends more money on just acquiring leads that may not turn into prospective clients. On the other hand, Account-Based marketing spends money on different aspects and has better customer conversion rates. Over 91% of the companies using ABM have reported that they have seen a massive increase in conversion.
Studies suggest that ABM has increased over 208% in sales for many companies. However, finding the right account-based marketing services to implement the ABM system can be a challenging task.
In case you come across any, ensure that you cross-check the following strategies.
Strategies Used by Accounts Based Marketing
Some of the key strategies used by Accounts Based marketing are-
- Using the Best Teams- The success of the ABM strategy depends a lot on the teams that oversee the entire process. You should have good marketing, sales, customer services teams to keep tabs on every aspect of your customer’s journey.
- Keeping Tabs on the Customer’s Journey- The most vital point of the Accounts Based marketing Strategy is based on the customer’s journey. If the pre and post-purchase experiences go well, this will create a massive demand for your company.
- Using Proper Technology- The ABM strategy requires the correct tools for every department. For example, you require proper CRM tools and Key Performance Indicators to map your performance and success rate.
- Optimization Plan- The central concept for Accounts Based Marketing is learning from your customer’s experience. The best way for demand generation is to always cater to your customer’s needs and map your success rate.
Conclusion
To conclude, while the traditional inbound method worked fine, marketing strategies always need to be changed to better performance. Thus, using the accounts-based strategy can help the company elevate its marketing process, increase demand generation, and gain success.
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