What is Account Based Marketing and Can it Boost Your Business?
Account Based Marketing (ABM) is set to become one of the watch-words for business-to-business (B2B) marketing in 2020. Sarah West of Full Mix Marketing explains what it means and how to benefit.
What is Account Based Marketing?
ABM is about directing marketing efforts towards engaging a specific set of existing or potential clients. It requires close alignment between sales and marketing teams to ensure every marketing communication or touch-point is highly personalised with specific messaging.
Why use it?
The desired outcome is higher sales and client value in a shorter timeframe. ABM focuses activities on those relationships with the greatest opportunity and potential value. Instead of casting a wide net, it helps break through competitor’s marketing by putting something highly specific and personal in front of valuable clients.
How do you apply it?
ABM helps marketing and sales collaborate around a common goal. The first step is to co-develop a strategy. While the top objective is to win business, it’s best to target smaller goals that lead to success.
Analyse your existing customer base and identify your ideal customer (typically the most profitable, long-term and happy). For new clients, identify those most likely to have an urgent need you can address. Business decisions are typically made by multiple people, so identifying all those who wield influence.
Develop a personalised marketing campaign, designed to resonate with each individual by providing valuable information mapped to where they are in the buying cycle. Align your messages to their interests, needs and challenges. Ideally develop a unique message and value proposition for each individual and instil confidence as a trusted advisor who’s done their homework.
Marketing methods can include email, direct mail, social media, digital advertising, printed materials, special events and more. Figure out which channels each target uses to discover and research solutions. This may vary so don’t assume one-size-fits-all.
What makes it so effective for B2B?
Many businesses already utilise elements of ABM such as personalised emails, invites to events and account management. Most businesses can also identify those to whom they could sell more or specific companies they’d like to attract. ABM focuses efforts and ensures both marketing and sales are jointly accountable for success and progressing accounts along the buying process.
If you’d like help implementing and benefiting from ABM, visit https://fullmixmarketing.co.uk.