What’s Account Based Marketing & How You Can Implement It For Marketing Your Business!
In today’s highly competitive B2B sales environment, merely making a product or service and presenting them to your prospects is not enough. There are so many marketing strategies that you need to compete with to sell to your customers.
Account-Based Marketing turns the switch from traditional sales strategies. While in both cases, you identify your prospects and market to them, but you are not asking for the sale directly in ABM. Instead, you use inbound marketing to align your products or services with the problems and challenges that are faced by your prospects.
In a simpler sense, Inbound marketing focuses on creating content that brings prospects directly to you. And account-based marketing scrutinizes your potential customers to build stronger relationships with them.
What is Account-Based Marketing (ABM)?
Account-Based Marketing is a B2B marketing approach that focuses on targeting high-value accounts. Unlike a traditional marketing campaign that reaches out to a broad range of people and hopes to connect with them, ABM focuses on key targets and markets custom campaigns against a narrow list.
It is customized to specific buyers to drive them in the various stages of the marketing funnel.
Why does Account-based marketing work?
It works because it presents marketing materials to your prospects in the way they want. The traditional sales process only works when the buyer is ready to buy and the offer is great, but with ABM, the buying process starts much earlier and develops over time.
Here are a few statistics which show the importance of content marketing using ABM strategies
All of these stats indicate the importance of implementing ABM strategies in your marketing processes.
How ABM overcomes top marketing challenges.
ABM is highly effective to track the two biggest challenges that business owners face, generating more quality leads and converting them into sales. That is because ABM strategies target the right kind of leads.
ABM nurtures prospects from one stage of the life cycle to another, which means it goes beyond generating revenue. It also encourages relationship building and brand reputation.
Which further turns into a trust which is a key ingredient of sales. In short, ABM targets the right customer for you, and inbound marketing helps these customers, in turn, find you.
ABM offers highly trackable results as it helps you align your marketing and sales efforts. Unlike many other advertising and marketing campaigns, the success of account-based marketing tactics is easy to track.
You know exactly who the prospects are, how they were targeted, and what generates a response.
Here is an example of how we leverage Account-Based Marketing for our clients to achieve their desired results.
Our client was facing the following business challenges:
- Lack of Brand Awareness among Foreign Target Audience
- Unable to build Foreign Demand for their products
- Low Expert Image in the targeted industry
- No Brand Authority and lack of trust among potential customers
With the help of Account-Based Marketing, we helped them by:
- Built Marketing & Outreach Strategy for Reaching out to Customers
- Analyzed and Targeted industry-specific abroad retailers for lead generation
- Generated High Intent Leads by sending personalized messages
- Distributed Targeted Content for relationship building with potential customers
Within just 6 weeks, we were able to generate 40+ leads and 20+ leads from abroad.
Not only did we get more leads, but we significantly improved their brand image and awareness on LinkedIn.
Here are the results: The followers were increased by 60%
The profile views were increased by 40%
Developing An ABM Framework for generating quality leads
Developing your Account-Based Marketing lead generation framework means following a selection and marketing strategy:
- Determine your target accounts and pre-qualify them
- Research about your target accounts, including key account information, specific contacts, and their market trends
- Identify objectives for each account, such as brand awareness, engagement, trust-building, or conversions
- Strategize your account plan for each potential buyer with a timeline for delivery and channel of delivery
- Create personalized content for targeted accounts
- Execute campaigns according to the desired results.
Finally, you need to measure your results against pre-defined goals. Marketing strategies will only be effective if they meet the desired goals.
Marketing has always been about delivering the right message to the right person at the right time. ABM allows for all three of these things to happen on a regular schedule and provide qualified leads.
It helps nurture customers and build trust. It increases conversions and revenue and improves relationships, and builds lifetime customer loyalty.