Alright, so I know what you’re thinking. You thought this was going to be about Automatic Bread Machines, but truth be told what I’m about to share with you is the next best thing since sliced bread. Grab some popcorn (or bread), and let’s dive in and get started.
What is Account-Based Marketing (ABM)?
Account-Based Marketing (ABM) is a marketing approach that emphasizes the use of customer relationships to drive sales. ABM has its roots originally in the days of direct sales when companies would sell products directly to customers. The early pioneers of ABM recognized that a relationship with a customer was key to success, and they developed methods for building and maintaining those relationships.
Today, Account-Based Marketing is used by many businesses of all sizes and quite often in companies that have longer sales cycles involved. It can be used to sell products or services, but it’s also common for companies to use ABM to build loyalty and advocacy among their customers. This can be done through customer feedback programs, loyalty rewards programs, and other interactions with customers.
ABM is an effective strategy because it allows businesses to target their customers more effectively. By understanding what drives each customer’s behavior, businesses can develop strategies that are specific to that customer’s needs. This helps ensure that businesses get the most out of their relationships with customers and drives increased sales activity.
This type of marketing is effective when you can personalize the message for each customer. Most companies implement ABM really focusing and targeting their high-valued accounts. In addition, you can also use Account-Based Marketing to create lifetime customers by offering exclusive deals and discounts! According to the Information Technology Services Marketing Association, 84% of businesses said that account-based marketing delivers higher ROI than other types of marketing.
ABM Benefits and Rewards
For corporations that are trying to sell into larger accounts with longer sales cycles and large deal sizes, this is where ABM offers many benefits over other marketing approaches. For example, Account-Based Marketing allows for better targeting of prospects, more frequent contact, and a deeper level of connection with customers. This creates a sense of trust and urgency which can result in a higher conversion rate and increased sales activity. Additionally, ABM creates lifelong customer relationships which can really help your business grow.
One thing to note is, Account-Based Marketing is not just for large companies with the resources to execute it well. In fact, smaller businesses can also benefit from using ABM if they focus on building trust with their customers through personalization. A recent study by Harris Interactive showed that small businesses that use ABM generate 2x more leads than those that do not. Also, the study also found that those small businesses that use ABM know their customers better than those that don’t.
The Proof Is in the Pudding
1. ABM can reduce the time it takes to generate leads and close deals. Because ABM focuses on building relationships with key customers, it can quickly identify opportunities and develop relationships with potential buyers. This allows companies to more quickly tap into the resources of their key customers and gain an advantage over their competitors.
2. ABM can create a deeper connection with customers than other marketing methods. With ABM, businesses can better understand their customers’ needs and desires. This understanding allows businesses to create products and services that meet those needs in a unique way, which can lead to increased sales volumes and loyalty among customers.
3. ABM can help businesses build a more consistent customer base. By targeting and engaging customers through account-based marketing, businesses can create a loyal customer base that is difficult to replace.
Account-Based Marketing encourages marketing teams and sales organizations to work together to create customer accounts and track their actions. This allows for the provision of the right information at the right time, thus facilitating better customer relationships. Additionally, Account-Based Marketing provides a platform for selling additional services or products to customers who have already been identified as valuable.
Implementing Account-Based Marketing
Step 1: Discover and Define Your High-Value Accounts
The first step in implementing ABM is to identify and define your high-value accounts. This involves identifying customer segments that are most likely to be interested in your products and services, as well as understanding their needs. Dive deep and look at your data. Once you have a good idea of who your high-value customers are, it’s time to figure out how best to reach them. Remember it’s always best to identify your highest-value accounts early on. Once you have a good idea of who your top customers are, you can start targeting them with specific marketing campaigns. Additionally, it’s important to ensure that your interactions with these customers are engaging and valuable. This means making sure that you send relevant content, offer valuable customer support, and continue providing value even after a sale is made. Focus on quality over quantity.
Step 2: Create Account-Based Marketing Programs
Once you have identified which customers are most valuable to your business, it’s time to develop account-based marketing programs that will engage them. Programs can include everything from email marketing campaigns to social media engagement. The key is to provide your targets with the information they need in a timely manner so that they can make the best decisions for their businesses and themselves. Retargeting is also a great way to reach high valued targets who have already shown interest in your products or services.
Provide and outline education value around your business, such as specific case studies, or whitepapers. Personalized content is a great way to engage customers and create brand loyalty. Brands can take customer data and create a unique story about their experience with the company, which in turn helps build strong relationships. Hosting events like dinners for account members is a great way to get to know your brand and team on a personal level. This builds customer loyalty and helps them feel like an active part of the community. Making this more of a personalized touch can make all the difference in retaining customers and creating brand advocates.
Step 3: Track Results and Adjust Accordingly
Once you’ve started working on account-based marketing programs, it’s important to track the results so that you can make necessary adjustments as needed. This will help you identify which strategies are working best and which ones need more refinement. If you continue tweaking your programs based on data analysis, you should be able to achieve success. After reviewing your results and identifying any gaps, you’ll need to decide how to close those gaps to further optimize your ABM strategy.
There is no doubt that Account-Based Marketing is here to stay. ABM is effective because it allows companies to personalize their messages and connections with customers on an individual level. Additionally, ABM can help businesses overcome obstacles such as the fragmentation of the marketing ecosystem and the increasing competition from digital channels. All things considered; account-based marketing is here to stay – so businesses who are not using it should start! By following these steps, you can ensure that you are successful with Account-Based Marketing. Don’t forget to focus on quality over quantity and keep your interactions with your customers engaging and valuable. ABM, it’s the gift that keeps on giving.