Marketing in a digital world is always challenging. Each day we can observe different types of trends going on in the market. Now it’s not really easy to identify which one of these ongoing trends is going to be beneficial for your business.
However, regardless of your business type, every marketer wants the amount of time and effort that he/she puts into making some consumer engage in the campaigns and activities of the company, is going to be fruitful. In simpler words, we all want our efforts to actually make some progress on our business.
But it always takes so much to do to make that possible. Because most of the time, it’s seen that the ones whom we are targeting, turn out not to be our potential customer demographic. And that’s why we need to know about account-based marketing, one of the key digital marketing strategies every marketer should know.
What is Account-Based Marketing?
Account based marketing is a special kind of marketing strategy, where the marketers will target a bunch of specific accounts in a market. And then the marketers will be trying to concentrate all of their marketing campaigns and resources on that targeted group of accounts.
Of course, personalization here is really important, even the campaigns as well will be designed according to the targeted group’s personal preference. The motive is always to make those accounts be more engaging as much as possible. The marketing message that will be delivered through different campaigns will basically be based on specific needs and attributes of the targeted accounts.
Apart from lead generation, account based marketing also focuses on marketing to the existing customers as well so that cross selling and upselling can be encouraged.
The Components of Account Based Marketing
Account based marketing is basically about targeting the right account, ensure the engagement and then measure it carefully. Before you start your account based marketing program. You must keep in mind these aspects to be maintained in your whole program.
- Targeting and Managing the Right Accounts
Account based marketing’s one of the main ingredients that you will be targeting only those accounts that will be worth your time and effort. In this way, you will be benefited with the highest ROI as well. However, you might want to consider a few parameters very important such as high yield, product fit, quick wins, territory, strategis important and competitors.
- Engaging across Channels
The personalized and coordinated campaigns that will be designing and running across your multiple channels need to be done from one single platform rather than managing each of those channels individually.
- Measuring and Optimizing Programs
Your accounts based marketing campaigns should be measurable as well so that you can improve yourself and demonstrate success.
The Advantages of Account Based Marketing:
If you are one of the B2B companies and want to target big accounts, then account based marketing might be just the perfect thing for you. Account based marketing has the potential to serve you many more benefits, which are mentioned below:
- Personalized Marketing Approach
Even though in other cases you might take generic types of approaches, while you are doing account based marketing, it’s not the same. Rather, in this time, your marketing campaigns will be designed considering the personal specific attributes and needs of your accounts that increases the possibility of engagement from customers to a great extent.
- Sales and Marketing Alignment
When it’s about account based marketing, marketing teams and sales organizations are encouraged to work together, so that the customized marketing campaigns can be more effective and efficient.
- Shorter Sales Cycle
As you know, major purchase decisions tend to involve multiple stakeholders. In these situations, the sales process is typically observed to be slowed down. But in account based marketing, the length of the sales cycle is not very much lengthy since all the prospects that are relevant are nurtured simultaneously.
- Clearer ROI
Optimizely says that 85% of the marketers that measure ROI, identified the fact that account based marketing delivers higher returns than all other marketing approaches out there. That’s possible because account based marketing is not only precise but also measurable, and provides the highest ROI of all B2B marketing tactics.
- Fewer Wasted Resources
It’s very easy to understand that if you are going to distribute all of your resources among too many accounts, then at least a portion of those resources is going to be wasted. In case of account based marketing, you don’t have to worry about the loss, because now your accounts are very targeted so there is far less possibility of your resources being wasted.
Account Based Marketing Tactics
There is no denying that tactics of account based marketing are the very building blocks of your business strategy, so go through the below guidelines to make your investments and efforts successful:
- Securing Organizational ABM (Account Based Marketing) Alignment
It’s actually very straightforward as an initiative, to secure your organizational ABM alignment. You have to get all of your stakeholders on board with the multiple factors that are relevant to your account based marketing strategy.
While doing so, you can make sure that offering a consistent experience for your selected accounts is easier. You can also guarantee that your strategy is being executed as much effectively and efficiently as possible.
- Building Your ABM Team
A team including capable team members is absolutely important to plan and act accordingly. The team will be in charge of publishing contents that will be gaining attention from the targeted accounts. They will also be managing business deals with various accounts’ buying committees.
- Identifying and Picking Your Ideal Set of Targeted Accounts
To do this, you might want to set a search alert on LinkedIn to find out your ideal customer profile. You can also pick target accounts based on a particular geographical location and industry. Don’t forget to identify the lighthouse accounts that you can use for reference in future.
- Encouraging Marketing and Sales to Create Account Plans Together
At this point, you may have pointed out the fact that account based marketing cannot be executed perfectly unless there is required team effort. So to get this done, ensure that appropriate sales and marketing team members are being involved in the planning and execution of your account based marketing campaigns.
- Attract Contacts from High-Quality Accounts
If you have already been in the industry, then it’s easier for you to attract useful contacts. If you’re a beginner, then invest your time and resources to engage accounts on social media platforms, producing podcast or video serieses, sponsoring booths on your target accounts’ event or conference etc.
- Measuring and Analyzing Your ABM Results
After doing all of these, now it’s time for you to make evaluations. If your campaign is going well and generating profits, then it’s certainly a good thing. If you are not getting your desired outcomes, dig deeper and find out what is causing the problem and act accordingly.
Account based marketing is a significant part of a digital marketing strategy. Your brand might not have the luxury to try capturing all the accounts out there, but don’t worry. You have already known that account based marketing marketing can be your perfect solution. So now get started if you haven’t already and visualize the excellent benefits waiting for your company.