According to Wikipedia, account-based marketing (ABM) is a strategic marketing approach that focuses on identifying and engaging with key accounts in an attempt to drive profitable customer acquisition. By focusing your efforts on a smaller number of prospects, account-based marketing can help you spend precious resources more efficiently.
As Accel wrote about Accela:
"We all know that the best way to scale a B2B business is to sell through other companies. This is called 'account-based marketing' (ABM). ABM allows you to target accounts and get in front of key decision-makers at their company, instead of selling your product or service directly."
The benefits of account-based marketing
It is hard to ignore. According to a 2016 Aberdeen Group report, ABM delivers an 880% ROI. So even though most marketers are still focused on mass marketing tactics like display ads and email campaigns, more businesses are exploring ways to target their ideal customers with personalized messages that speak directly to the needs of their buyers.
Unfortunately, knowing the benefits of account-based marketing (ABM) isn't enough to help businesses achieve success. A recent report by blue ocean Market Intelligence found that only 22% of sales and marketing professionals think their organization's ABM efforts are highly effective, compared to 28% who consider them "somewhat" effective and 51% who don't believe their ABM efforts are effective at all.
Unfortunately, that means businesses that don't understand how to approach account-based marketing aren't getting the most out of their marketing budgets.
What is a Personalized Marketing Approach?
Personalized marketing effectuates a one-to-one understanding of users through data collection. In this approach, marketers collect as much information about the consumer as possible to develop a detailed profile of them. They then use that profile to generate personalized messages based on their preferences. This advertising strategy focuses on attracting new customers and motivating repeat sales from existing ones.
Personalized marketing is used to target and define markets, as well as assist in decision making, provide feedback and modify behavior. Marketers use this approach so they can predict consumer behavior more accurately and better understand how their customers respond to targeted messages.
What is a Sales & marketing alignment?
Sales and marketing must work together like lock and key or it's game over. Marketing is responsible for developing the brand while sales is responsible to bring in revenue growth. Sales should act as an extension of marketing to set up campaigns that create demand, at the right time, with the right message.
what is a shorter sales cycle?
The shorter the sales cycle, the better. The time to win or lose a sale is getting shorter and shorter, and you want to ensure your company's products are competitive in both speed and quality.
What is Sales Cycle?
A sales cycle is the timeline any given potential customer uses to consider purchasing a product from a particular salesperson.
Some sales cycles are short, while some are long. A common approach to measuring the length of a sales cycle is by average revenue per customer (ARPC).
Get more ROI
It's no surprise that more than half of marketers surveyed (53%) say they plan to increase their account-based marketing budgets this year.
Account-based marketing delivers higher returns than any other B2B marketing tactic. When you invest in highly targeted campaigns based on real insights, you can get more precise results and deliver a better customer experience.
Account-based marketing (ABM) is a strategy in which marketers deliver personalized, relevant messages to their target accounts in the right channels in order to drive brand awareness and increase demand.
Main benefits of account-based marketing:
1. Increased market share
2. Higher customer conversion rate
3. Improved Account coverage (Strategy for targeting specific accounts instead of a large number of accounts)
4. Increased lifetime value from your customers
5. More efficient use of marketing budget because you are targeting the right contacts at each account
6. As you can see Account-based marketing benefits greatly increase marketers’ ability to generate ROI and drive successful results. But, as with any new approach, marketers must take time to understand the concept, its value, how it works and also the technology that supports account-based marketing.
In-person events are one of the most effective ways to connect with decision-makers. ABM events can include personalized invitations, special VIP dinners, personalized gifts and schwag for target accounts, and personalized follow-up after the event. If you’re interested in learning more about how we can help you create an amazing experience at your next event contact us today!
Webinars are an excellent way to increase awareness of your brand, educate prospects on the benefits of your product or service, and generate leads. They can be customized to be relevant and timely for a specific target account. Webinar events and follow-up can be tailored for specific companies, and unique webinar content can be created with the target audience in mind.
By using direct mail as part of your marketing strategy, you’ll see an increase in sales by 15-20%! You’ll also have access to our list of over 100 million contacts so that you can reach out to anyone who might need what you have to offer. We even provide free postage on all orders! It doesn’t get any better than this! Try us today and watch your business grow before your eyes.
PPC and paid social media ads are the perfect solutions. Social platforms such as LinkedIn and Facebook allow you to target specific companies, personas, and even geographic locations. Using technology such as IP targeting and retargeting, your display campaigns can be tailored to focus on a handful of target accounts rather than casting a wide net. You’ll have access to all this data at the click of a button so that you know exactly who is seeing your ads.