Amidst all the advancements that are happening in the marketing world, Account-Based Marketing is also something that marketers of today have started to practice. It may seem like a new concept at first, but once people understand what it is, they realise that this is something like what they have been practising for a long time now. Let us understand what Account-Based Marketing is.
Account-Based Marketing, or ABM, follows B2B enterprise marketing with a targeted approach by contacting key accounts and communicating through hyper-targeted content and campaigns created for them and delivering a personalised experience to companies that matter most.
Account-Based Marketing is quite efficient when compared with traditional marketing because it focuses on highly targeted audiences, while traditional marketing focuses on reaching out to masses. It is more about one-to-one marketing than the traditional one-to-many marketing.
The question is, why should you do it? Why should you put in so much effort? For this, let us understand what the benefits of practising Account-Based Marketing are.
1. Alignment of Sales and Marketing Functions
To successfully implement ABM, enterprises need to align the sales and marketing teams to work in tandem. It is important that these teams work together to implement the ABM strategy that’ll include identifying target accounts, developing a communication strategy and monitoring the campaign’s progress.
2. Drive revenue and increase ROI
Any marketing effort requires that it generates results in the form of revenue, this is no different in the case of ABM strategy. Following the ABM methodology means that you are targeting only those people who are your potential customers which means that the conversion rate is much higher as compared with traditional marketing and the revenue generated will be more as compared to the costs involved. Therefore, marketers of tomorrow know that they need to start utilising this strategy to drive high ROI and minimise costs.
3. Personalised customer communications
Account-Based Marketing, as the name suggests focuses on creating hyper-targeted content and campaigns. This means that marketers need to personalise their content according to the interests, needs and preferences of the key accounts of the company they are targeting. Account-Based Marketing is all about building relationships by delivering content that is specific and relevant.
4. Optimum use of marketing resources
Following the ABM strategy for achieving your marketing goals can help to structure marketing efforts and increase revenue. Focusing on a limited target audience, i.e., your key accounts help save on to the costs that might otherwise be incurred in marketing to the market at large. Also, by integrating the marketing team with the sales team, marketers can work in tandem with them to create personalised content for the key accounts and in turn, maximise the efficiency of the B2B resources.
Account-based marketing focuses on aligning the marketing team with the sales team and making the two units work together to convert leads to sales and in turn drive revenue. Marketers should implement this strategy sooner and help organisations achieve higher ROIs based on marketing campaigns that are specific, relevant and personalised to meet the needs, preferences and interests of the target audience.