Many B2B companies find that traditional marketing methods aren’t relevant to them, especially as they target only a handful of large customers. This is where account-based marketing, or ABM, come in. Instead of trying to reach everyone, why not focus your efforts on the accounts that matter most? ABM encourages marketing and sales to work closely together to target a handful of very large accounts treated as “target markets of one”.
What is account-based marketing?
ABM is a focused approach to marketing that treats individual accounts as markets in their own right. It is about building strong, long-term relationships with key accounts. ABM is not just about sales; it is about aligning your sales, marketing, and customer success teams to provide a consistent and personalized experience for each account.
Benefits of account-based marketing
There are many benefits to implementing an ABM strategy, including:
- Improved customer acquisition: ABM can help you acquire new customers by targeting the right accounts with the right message.
- Increased customer lifetime value: ABM can help you increase customer lifetime value by building stronger relationships with your key accounts.
- Improved sales efficiency: ABM can help you improve sales efficiency by focusing your sales team’s efforts on the most promising accounts.
- Reduced marketing costs: ABM can help you reduce marketing costs by targeting your marketing efforts on a smaller number of high-value accounts.
How to implement account-based marketing
Implementing an ABM strategy can seem daunting, but it doesn’t have to be. Here are a few key steps to get you started:
- Identify your ideal customer profile. What type of companies are you trying to reach? What are their pain points? What are their goals?
- Build a list of target accounts. Once you know your ideal customer profile, you can start to build a list of target accounts. There are a number of tools and resources that can help you with this, including LinkedIn, your CRM system, and your website analytics.
- Develop a personalised marketing plan for each account. Once you have a list of target accounts, you need to develop a customised marketing plan for each one. This plan should include a mix of marketing channels, such as email, social media, and direct mail.
- Measure your results. It is important to measure the results of your ABM program so that you can track your progress and make adjustments as needed.
Key account management
Key account management is an important part of ABM. Key accounts are your most valuable customers, so it is important to treat them accordingly. Here are a few tips for managing key accounts:
- Assign a dedicated account manager. Each key account should have a dedicated account manager who is responsible for building and maintaining the relationship.
- Develop a deep understanding of the account. Your account manager should take the time to develop a deep understanding of the account’s business, goals, and pain points.
- Build a strong relationship with the account. Your account manager should build a strong relationship with the key stakeholders at the account.
- Provide value to the account. Your account manager should always be looking for ways to provide value to the account.
Account-based marketing tools
There are a number of tools that can help you with your ABM efforts. These tools can help you with tasks such as:
- Identifying target accounts
- Developing personalized marketing plans
- Tracking your results
Some popular ABM tools include:
- HubSpot
- Marketo
- Salesforce
- Terminus
- Engagio
Conclusion
Account-based marketing is a powerful strategy that can help you achieve your business growth goals. By focusing on targeting and engaging specific, high-value accounts, you can improve customer acquisition, increase customer lifetime value, improve sales efficiency, and reduce marketing costs.
