Account Based Marketing vs Demand Generation, Simplified
Have you been doing demand generation for quite long now and want to know if you can shift to Account-Based Marketing? In this article, we are going to discuss Account Based Marketing vs Demand Generation difference which will help determine if it is a good idea to go for Account Based Marketing or continue with Demand Generation.
What do you do in Demand Generation?
Getting as many leads as possible, isn’t it? The behavior of the leads gets tracked in the company CRM. All this while the leads will be nurtured and scored. The company will have defined criterions to call leads either MQLs or SQLs. Depending on at which stage of sales funnel they are they will be handled either the sales or marketing team.
Did you notice the key difference between Account Based Marketing vs Demand Generation here?
If not, I can help you understand. As you see, in Demand Generation, you generate many leads and later qualify them but in account based marketing vs demand generation, you need to qualify or define your ideal customer profile at the start itself and later you can expand your reach.
Why do you think people came up with this new strategy called Account Based Marketing?
Who really need to go for this technique? A simple example can help you understand whether you yourself need it or not. If you were a business which sales vegetables online, you would have to target everyone around but let’s say you were a company that sales online men’s shoes. Can you target everyone here? Your reach would limit to males and that too mainly adult working men. This explains that a few businesses have the need to make the approach targeted enough so that they don’t waste their money on the leads which will be anyhow disqualified.
It is really important to see how many MQLs have you been getting. It is of no use if you generate many leads and only a few of them are qualified as MQLs. In Demand Generation marketing and sales team work in silos meaning sales takes over after marketing qualifies the leads. But if you go on to see Account Based Marketing gets the 2 teams together towards the same goal. As you work on an ideal customer profile in ABM, the sales cycle gets shortened and you can improve overall customer experience.
ABM gives a more personalized touch, in that you can say it spreads awareness right at the door of the people. In Demand Generation, the message is delivered to many people. If we see Account Based Marketing vs Demand Generation difference, we will find that everything is same except this that ABM narrows down the approach. Rather than using the one-to-many approach, it uses the one-to-one approach. This is why the quality data is important in ABM where you can’t go well if all you know is a wrong name or wrong title or the right person but wrong division.
There is a beautiful saying, –
‘If you don’t have anything interesting or remarkable to say, don’t say anything at all’ – Seth Godin
What does this imply to you? To personalize the experience, you need to write appealing content to catch their attention. You need to address the ABM challenges or uncertainties they are facing. They say, focusing on uncertainties and doubts have always been the best loopholes in marketing.
If you have made 8-10 sample messages, your sales teams can pull out from the source any appropriate message. You can use marketing automation to do this. Marketing and sales have to work together and learn each target account and observe the processes in each of them. Also, the need to know who are all involved in the purchasing committee in each target account. Sales in parallel can proceed and follow up with these accounts using the right data.
A few tips for you gather accurate data about the target accounts –
- Find Head of departments on LinkedIn
- Find out key decision makers in the company and get their details like address, phone numbers, email addresses, and their roles and responsibilities
- Have a look at the marketing activities of the company
- If the marketers cannot gather all this information on their own, they can also get this work done from third-party intelligence centers.
Can you use these insights to presume your client’s preferences? If yes, you know what content to use to nurture these leads through follow-ups. What all information can serve helpful to you as a marketer? You can study the areas of scopes and limitations of purchases with target account. You can also keep up with the latest trends and updates with regards to that industry and market of your target accounts.
You can’t just revamp your website, do a number of trade shows and do a little bit of email marketing and say it’s done for the year. You need to see results from the efforts you put. Why not learn more about Account Based Marketing and the difference between Account Based Marketing vs Demand Generation from us. For more information contact us or comment in the below section.