Why Account Based Marketing is worthy of Iron Throne in marketing?
B2B marketers are planning to increase their budget for account based marketing next year along with investing in educationg their teams about it
businesses achieved “somewhat higher” or “much higher” ROI with account based marketing
businesses found account based marketing “provided significant benefits to retaining and expanding existing client relationships” and 65% achieved “significant benefits to attracting new clients”
Instead of identifying the target companies at the end (like in the traditional sales funnel), ABM aims to create a list of targeted companies first (referred to as “accounts”).
Once that is done, the relevant teams create marketing collaterals which aim at alleviating the pain points your target buyers might have. The buyers start to see you as their “problem solver” and you start gaining their trust.
Now, your team starts promoting it on platforms where your buyers are active. This maximizes your reach.
What are the ABM benefits?
It aligns marketing and sales team: For years, marketing team created collaterals keeping a particular market in mind and sales team focused on engaging customers who they think can buy.
Are they aligned? Mostly not.
However, ABM focuses on a defined target account and streamlines the efforts made by sales and marketing teams. They speak the same language and represent one brand.
To quote Engagio, “In traditional demand generation, marketing throws leads over the fence for sales to chase. In ABM there is no fence. The collaboration is close, constant, and totally focused on defined, account-specific objectives.”
Efficient and optimized: A smart ABM strategy helps account managers to handle many more accounts.
This reduces the moolah spent on hiring competent resources time and again. You do not have to worry about accounts leaving because your processes are automated. If you lose on a contact, you will get another.
As a B2B marketer, you will know that your ideal prospects don’t come to you automatically. You need to identify prospects, their activities, buying signals and nurture prospects effectively.
ABM allows you to do just that!
Better customer experiences: According to Aberdeen, 75% of customers prefer personalized offers.
So, instead of creating content and hoping it will appeal to everyone, ABM aims at researching target audience and design campaigns specifically for them. This results into a personalised sales journey for each potential buyer.
Goal-setting and analytics are easier: Considering ABM is targeted, the number of accounts you are analyzing is small making it easier to draw conclusions and compare results.
In B2B marketing, if you lose a customer you lose them forever but with ABM strategy you have the advantage of knowing the needs of your target audience and that can help you win the B2B war.
So, Are you going to be one who want to rule the seven kingdoms and sit on the iron throne?
We hope, yes.
If not, those three deadly words as they say in Winterfell will haunt you.
ABM is coming!