Account-based marketing, or ABM, focuses on identifying and engaging key accounts within a specific target market. Rather than casting a wide net and hoping for leads to come in, ABM allows businesses to strategically target and build relationships with high-value prospects.
What is Account-Based Marketing?
At its core, ABM is all about personalisation and relevance. Instead of creating generic content and campaigns, ABM involves tailoring messaging and tactics to fit the specific needs and pain points of targeted accounts. This approach requires a deep understanding of your target market and the ability to identify key decision-makers within each account.
The top two tactics used by ABM marketers are researching accounts and identifying target contacts.Source
Examples of Account-Based Marketing
To better understand how account-based marketing works, let’s look at a few examples:
- A B2B software company identifies a group of ideal target accounts in the healthcare industry. They then create personalised content and campaigns for each account based on their specific needs and challenges.
- A retail brand targets specific high-value customers through personalised email marketing and direct mail campaigns, offering personalised discounts and promotions based on their past purchases and browsing behaviour.
- A financial services company creates a personalised landing page for each of its key accounts, highlighting the benefits and features that are most relevant to them based on their industry and company size.
Benefits of Account-Based Marketing for B2B Businesses
Here are some of the key benefits that account-based marketing can bring to B2B businesses:
- Higher ROI: By targeting only high-value accounts, businesses can avoid wasting resources on leads that are unlikely to convert. This results in a higher return on investment for their marketing efforts.
- Increased personalisation: Account-based marketing allows businesses to create highly personalised experiences for each account, increasing the chances of conversion and building stronger relationships with potential clients.
- Better alignment between sales and marketing: With account-based marketing, sales and marketing teams work closely together to identify and target key accounts. This alignment can improve communication, collaboration, and overall effectiveness.
On average, companies dedicate 29% of their marketing budget to ABM.Source
Account-Based Marketing Framework
If you’re interested in exploring account-based marketing for your B2B business, here are some steps to get started:
Identify your target accounts
Take a close look at your current client list and identify the top high-value accounts that you want to focus on.
Understand their needs and challenges
Conduct thorough research on each target account, including their industry, pain points, and buying process. This will help you create highly targeted and personalised campaigns.
Align sales and marketing
It’s crucial to have strong alignment between your sales and marketing teams when implementing an account-based marketing strategy. Make sure both teams are on the same page with targeting, messaging, and goals.
Create personalised content
Use the insights from your research to create personalised content that speaks directly to the needs and challenges of your target accounts. This could include case studies, whitepapers, or personalised emails.
Utilise multiple channels
Account-based marketing involves reaching out to key decision-makers within a specific organisation. Utilise various channels such as email, social media, and direct mail to engage with these individuals.
- Measure and analyse: As with any marketing strategy, it’s essential to measure the success of your account-based marketing efforts. Track key metrics such as engagement rates, conversions, and ROI to see how effective your campaigns are.
Now, before embarking on your account-based marketing journey, ask yourself these pivotal questions:
- Does your business cater to high-value accounts? ABM is a resource-intensive approach suited for businesses aiming at high-value accounts where the ROI justifies the effort.
- Can your marketing and sales teams align seamlessly? Successful implementation of ABM requires a well-coordinated effort between these two teams.
- Do you have the capacity to create personalised content? ABM thrives on personalisation. Assess whether your team can consistently produce tailored content that resonates with each target account.
Deciding whether to adopt an account-based marketing strategy can be complex, but with the right guidance, it can transform your business. At Digital Squad, we’ve made it our mission to help businesses make informed marketing decisions. Our team of digital marketing experts can help you navigate the intricacies of ABM, ensuring that your campaigns are well-executed and yield impressive results. Explore the potential of ABM with Digital Squad today.