What is Account Based Marketing and How Does it Work?
Account based marketing is a strategic marketing strategy. When we say it is a strategy, it means you need not stick to a particular product or technology. Your sales team and B2B marketers will collaborate on a shared strategy and work in a coordinated manner to act as “one revenue team”. They have the same agreed-upon goals.
They mark a specific number of key accounts to work together. These accounts are marketed directly as units of one. It is different than the conventional one-to-many approach of marketing managers.
In this process, high-value prospects or accounts are identified, key stakeholders are targeted first, and then appropriate marketing strategies are implemented through a variety of channels.
In brief, we can say that Account based marketing is a personalized marketing approach.
It is different from the conventional approach
Yes, the conventional marketing approach focuses on inbound strategies, e.g., lead-based marketing, content marketing, and so on. There, you cast a wide net and wait for your customers to respond.
But, with the different approach of account-based marketing, you try to target specific individuals within an account, and you coordinate the marketing efforts with the sales team.
An account-based strategy is used when you want to focus on high-value accounts or bigger deal sizes, where sales cycles are longer.
This approach is much more patient and slower. However, it is very strategic. It is especially important in B2B marketing efforts.
What is Account Based Marketing?
Account based marketing focuses on large and important accounts or those potential accounts that have the potential of adding value to the bottom line of the business.
It is the reason it’s so critical to have direct touch and targeted communication to these individuals, because of their high revenue potential and impact on sales and marketing.
How Does Account-Based Marketing Work?
Account based marketing narrows your focus to the highest opportunity accounts, viewing each account as a market of one. Then you will target each targeted account separately
Experts say that in a typical inbound B2B marketing campaign, you have relevant and intriguing content that would resonate with the largest possible group of potential customers.
The ABM campaign designed by you would target some high-value accounts (and their key decision-makers) by using personalized content and messaging.
For example, you can use highly personalized and relevant emails and content for each account to make them aware of offers and events that interest them the most. The main advantage of ABM is that it sharpens the approach by marketing straight to the key decision-makers of the company. From this point, marketers can build an ongoing and strong relationship with them.
Experts say that you have to be careful while selecting the key accounts among your prospects and clients. It is important to note that not every account will fulfill the conditions to be a strategic account. You are supposed to concentrate your ABM efforts on only these accounts.
Integration with CRM system
Account based marketing solutions can be seamlessly integrated with a CRM system or other marketing automation tools so that you can run campaigns for targeted accounts. Since you can reach not only those contacts that are in the database but other key decision makers at the target accounts, its effectiveness enhances manifold.
Since you have the liberty of choosing the target audience, it is possible for you to run multichannel campaigns to engage them on their terms. You can compare the messages and decide which one resonates the most.
Nowadays, ABM software can help marketing across various campaigns, statuses, personas, and so on. By using a CRM system, you can easily engage with and nurture your target buyers.
With highly targeted messaging, Account based marketing has become a mandatory element that best fits your strategy.
Why is Account Based Marketing Important?
Account based marketing is now a revenue strategy for your whole team. It is no longer a buzzword and today it is a prime marketing strategy.
In fact, ABM is quickly becoming the standard way for marketing, sales, and customer success teams to work together as full-funnel revenue generators.
Account-based marketing is focused on targeting best-fit accounts that have shown interest in your services and products already. Therefore, instead of completely focusing on the conventional, lead-based opportunities only, you should try out this high-revenue opportunity.
Companies achieve great success when they find the correct mix of account-based and lead-based marketing strategies.
How is Account Based Marketing Implemented?
Some people think that ABM might be daunting to implement, but actually, it is not. With proper teamwork at the place, you can achieve it easily.
It’s a simple way for teams to think through the plan well. Then, you can operate and evaluate your go-to-market campaigns.
It also allows you to communicate success clearly within each team and across the entire organization.