Account Based Marketing for Dummies
It has been a while that Account Based Marketing has placed its foot in the industry and many marketers swear by its effectiveness in getting high ROI as compared to any other marketing strategy. As per a study that was done by Sirius Decisions it was found out that more than 70% of the marketers ramped up their ABM specific programs and they had a staff dedicated for it in the year 2016.
For all the people who crib about their backfired marketing campaign or a failed advertisement, ABM seems like a good choice, especially for the B2B marketers. It has always been very important and deemed as a best practice for the B2B sales and marketing team to identify and target the key accounts. The marketing team of B2B has recognized the importance of utilizing account based marketing to grow revenue quickly.
Identifying the right accounts
Identifying the right accounts is highly essential in the B2B marketing strategy as it is the most efficient way to utilize your energy, resources and time and targeting the businesses that are more likely to buy from your business. The term that is used by the B2B sales and marketing team for monitoring the potential incoming revenue is known as the sales pipeline or sales funnel.
Account based marketing is divided into four stages, namely:
In each of the above account based marketing stages, there are different components and processes of technology involved. By using these processes and technologies you will be able to do account based marketing effectively.
You may realize that B2B sales and marketing teams have been doing ABM as a side project for years. However, it is now time to make it a mainstream project and make it a core part of your organization’s marketing strategy.
For marketers’ it is important that they identify their potential customers even before creating the first message. As a marketer, you can connect with your customers by targeting and engaging them on their own terms on various digital channels like social media, video, mobile, and display advertising.
Identify your Target Accounts
We all know that there is always friction between the sales and marketing teams which is usually the result of priorities that are misaligned between the teams. However, with the account based marketing approach, we start with having the marketing and sales team together and focus on the accounts that actually matter.
You might often come across companies that since they don’t have target accounts, ABM strategy will not work for them. However, identifying your target accounts does not have to be a time-consuming process.
If your sales team has named accounts and you are already targeting some vertical industries, you, as a marketer, can use those accounts to build your list. You should, however, remember partner with your sales team for building and finalizing the list.
Cater to your Target Accounts
If you are considering to switch to the account based marketing approach, you need not assume that you have to start from scratch with the ‘tailored’ marketing assets. But the fact is, you don’t have to delete all your marketing collaterals right away.
ABM provides you with different tools and strategies that your marketing team needs to supercharge your existing marketing campaigns.
You won’t ever see two visitors to your site that are exactly the same and therefore you should not serve the same web experience to them. It has been noticed, as per studies, that personalized CTAs can convert around 42 percent more visitors on your site that the untargeted ones.
Since account based marketing focuses on identifying the visitors to your site by account, it allows you to alter their web experiences. You also don’t have to begin and end these interactions online. You can take the approach offline and target the accounts at trade shows as well as field events.
Simply put, ABM allows you to effectively scale your advertising materials without ramping up your production of custom marketing collateral.
Measure the Pressure against the Target Accounts
It is a given fact the right KPIs or Key Performance Indicators make a big difference in identifying if your marketing campaign is resonating with the right kind of audience. However, more often than not, marketers measure themselves against the wrong metrics.
Though it is okay to track your CTRs, inquiries, CPMs and other proxy measures these steps do not tell you the impact that your marketing is making.
In order to measure the impact of your campaign, you need to get closer to your business metrics, things such as close rates, funnel velocity, pipeline contribution and the actual opportunities with the target accounts. For doing this, you need to sit down with your sales leader and talk to them about these metrics and how marketing is contributing to them.
About Time to Take ABM Seriously
Marketing sector is experiencing a lot of exciting changes recently and this is the reason why the advertising technology has caught up with the ABM techniques that a lot of marketers were not using it to its full potential.
All the marketing leaders who have finally applied the ABM technique are seeing how effective it can be. Hence, if you are not sure if your advertisements are getting the desired result or if your website is poorly designed or if you are unable to get your sales team to follow up on the leads, it is a high time that you take the necessary step and start using ABM to get the results that you have wanted all along.
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