In the world of business-to-business (B2B) marketing, closing leads is the key to making deals. The challenge is that many leads aren’t directly referring interested, applicable clients with your products and services. You can waste valuable time and energy that could be used to attract clients within your target audience. What if there was a better way to link interested clients with appropriate vendors? Enter Account-Based Marketing.
Account-Based Marketing (ABM) is about finding key clients who are likely to buy, return, or refer others. How does it work?
ABM combines different parts of B2B marketing. It uses inbound marketing like website content and SEO to attract clients, instead of traditional outbound methods.
Another key part of ABM is aligning marketing and sales to focus on the right clients. Both teams need to know the company's goals before targeting clients.
After finding potential clients, evaluate them based on their long-term value, revenue potential, and competitors' strategies. Focus on high-value clients to create tailored content that fits their needs.
Tailored content can involve understanding clients' goals, growth plans, and the tools they use. By customizing marketing, vendors can offer services that match clients' needs.
Continued strategies involve expanding buying committees' roles. Sales teams may switch to marketing after finding clients, and both teams should work together to track client engagement.
The goal is to ensure a positive and growth-based relationship with each client.
Inbound marketing and account-based marketing (ABM) are two distinct strategies used in marketing.
Inbound marketing involves attracting customers through relevant content and interactions. By aligning content with customer interests, an inbound strategy naturally drives traffic that can be converted, closed, and delighted over time. Tools like social media, blogs, case studies, and marketing automation help generate leads.
On the other hand, ABM focuses on high-value accounts or businesses with revenue potential. It's a more targeted approach, concentrating on fewer but more significant leads.
ABM is a growing tactic in the world of B2B marketing given its efficiency and scope in generating and funneling future clients. ABM’s considerable success has generated the following data:
The above metrics indicate that ABM is quickly becoming a go-to means for generating consistent clientele while also increasing revenue streams. For vendors looking for a proven method to increase clients and revenue, ABM offers the metrics and the method to secure long-term clientele without wasting resources.
ABM offers a variety of benefits compared to outbound and inbound marketing strategies alone.
Increased Deal size
ABM increases deal sizes by targeting high-value accounts, personalizing marketing, aligning sales and marketing teams, fostering strong relationships, providing tailored solutions, improving customer experience, and showcasing clear value and ROI. This focused strategy ensures that marketing and sales target accounts with high potential for returns.
More attractive to new customers
Because ABM is tailored to attract individual enterprises rather than direct marketing to a mass audience, a variety of formats are used to make content more engaging and attractive to new customers. Email and social media both play important roles in providing an outlet for a customized presentation of products and services to delight prospective customers and keep them coming back.
ABM streamlines the B2B Digital Marketing and Sales Process
Rather than having to coordinate separate approaches to market and sell products and services to clients, ABM brings both teams together to create a more refined product. High-value clients are targeted primarily, increasing the effectiveness of sales strategies. The lengthy B2B sales cycle decreases substantially, increasing revenue through decreased costs to attract clients and higher turnaround to generate more client interactions and transactions.
ABM Increases Efficiency and Results
ABM immediately increases efficiency on multiple fronts. First, the collaboration between marketing and sales increases data generation and distribution, allowing both teams to pinpoint the clients who will benefit from products and services and who are more willing to engage in multiple transactions.
By targeting these clients, fewer resources are allocated to chasing dead-end leads. Finally, by focusing on clients with larger budgets, similar revenue goals, or who are interested in repeat business, ABM inherently increases revenue streams and facilitates long-term growth for all parties involved.
B2B businesses inherently benefit as well from the more efficient process. Shorter sales cycles and more direct advertising mean businesses spend less time finding appropriate vendors and securing financially feasible contracts. A more personalized marketing approach means businesses can find vendors that suit their actual needs rather than researching and vetting potential vendors to see how appropriate they are.
A personalized approach also facilitates a trust-based relationship, making negotiation and long-term transactions more welcoming and lowering costs for all parties. ABM serves as a sound business practice for all components of the B2B exchange.
A variety of ABM platforms are gaining prominence. Here are a few examples:
ABM has taken off into a life of its own, consistently proving why tailored, personalized marketing strategies that bridge the goals of marketing and sales teams can generate long-term, high-value business relationships that keep the B2B world turning.
Here are the recommended steps to get started with ABM:
By following these steps, you can effectively implement an ABM strategy that aligns your marketing and sales efforts, targets high-value accounts, and engages key stakeholders to drive business growth.