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!
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.
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.
In case you come across any, ensure that you cross-check the following strategies.
Some of the key strategies used by Accounts Based marketing are-
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.