Account Based Marketing (ABM) is a B2B Marketing strategy that is focused on accounts that will most likely be your ideal customers. It all starts with figuring out who your target accounts are instead of individual high-value prospects that you’re interested in.
ABM allows you to create a personalised approach for these target accounts by creating marketing campaigns according to the buyer’s journey to maximise your relevance.
When you are creating a marketing campaign, the message you are sending out to a CFO of a large corporate organisation wouldn’t be the same as what an IT guy from a medium-sized company would receive. Account Based Marketing is a nurturing strategy that creates an almost 1:1 approach to the key accounts (based on persona, stakeholders, industry etc) in a targeted and personalised approach.
Fundamentally, a buyer will go through the different stages of Awareness, Consideration and Conversion in a marketing funnel. It is important that marketers are executing campaigns for prospects that are trickling down the funnel to finally become a lead.
For ABM, you start off in the reverse way. Rather than capturing a large base in the Awareness stage etc, you evaluate the customer profiles that you are highly-focused on. Through this ABM strategy, all communications and content that are shared is tailored according to the customer profile.
ABM is not a shortcut method to convert prospects into leads in the quickest way. Resources are efficiently allocated for creating personalised content and there needs to be a coherent collaboration between Marketing and Sales teams. It is crucial for both teams to have an aligned view of these target accounts and its progress.
As much as we are tempted to send the key persona accounts all your best content, it is best not to bombard them with marketing information and disrupt the consistent personal experience you’re trying to build. This is where Account-based reporting dashboards come in really handy. These dashboards are specific to the target accounts to track the engagement, milestones, progress and KPIs across the stakeholders.
Another main aspect is ROI. Through Account-based reporting dashboards, it is easier to evaluate if the time and effort put into a particular account is worth the return on investment (ABM offers higher ROI than other marketing strategies!). Following that, a decision can be made on future resource allocation for nurturing and converting the accounts. ABM is a B2B marketing strategy that involves a weighty amount of time and effort in creating an interest for the cherry-picked high-value accounts.
By forging a trusted relationship with these prospects, they are highly likely to be retained in your customer lead base.