When it comes to marketing, there are several ideal strategies and methods to approach it depending on the business type.
Account Based Marketing (ABM), also known as key account marketing, has been proven to be successful in the case of Business-to-Business (B2B) companies, as it helps develop an approach explicitly based on goals for target accounts.
This way, ABM provides a method for businesses to communicate prospects or markets individually. Instead of a one-to-many methodology, ABM aims to be a tailored, one-to-one solution to make sure the goals are reached with each one of these partners.
Historically, this approach has been mostly used in enterprise-level companies with employee numbers in the thousands, but the benefits of its features can surely be of help to all types of businesses in this area.
Strategic plan: Define which communication channels will be used.
Campaign: Spread the message to the selected targets.
Measurement: Analysis and study of the results to optimize the following actions.
Integrating account-based marketing strategies is easy if you take it in the same way as the personalized treatment you give to B2C customers. You have to personalize and take care of each one with detail and attention, so you’ll develop a good relationship with them.
What are some of its benefits?
Being an account-based strategy are several benefits when using ABM for B2B companies since the B2B area mostly requires specifically developed solutions and approaches that can be solved by its use, and cannot be covered by more traditional paths such as online/offline advertising, PR and SEO. Some of them are:
Better use of resources
A typical marketing strategy usually requires attention from many sides. Using Account Based Marketing allows streamlining any efforts and resources into the most important clients (accounts) to assure an optimal level of revenue.
Setting such a defined focus allows optimizing your teams, hence saving your company time and money. And not only that, as it also helps improve communication and collaboration between sales and marketing departments, keeping them in sync with your company’s most important objectives.
Using Account Based Marketing, marketers for B2B companies can dedicate most of the time to the already prioritized accounts or prospects. Correctly setting their targets will mean they won’t be wasting time and energy on lost efforts but defining the most valuable -and viable- ones, creating a more streamlined strategy and a more explicit approach.
Synergy between sales and marketing deepens
Even though it’s not much of a problem to have sales and marketing departments working individually, there are many benefits to improving their communication and collaboration to keep them at the same pace, and on the same tracks.
Using Account Based Marketing requires your company to make this work, as it needs them to work together to identify target clients, developing and monitoring the success of a campaign. ABM is better for B2B companies because it helps them focus on their goals with all resources available, at the same time.
As it’s the case with any other marketing strategy, not only development is necessary, but also a strong capability to track its results. Using Account Based Marketing allows you to quickly identify every component in your strategy, thus enabling you to monitor its performance with more accuracy than other approaches, especially in the case of B2B companies.
Never underestimate the importance of your tracking data, as it gives valuable insights on your targets. With the help of latest-generation tracking tools to keep you well set on your goals, it is possible to tweak every step of your strategy or even building it from scratch depending on the results that come along the way.
Increase in revenue
According to recent studies, 80 percent of marketers say that ABM outperforms all other channels when it comes to ROI. It has even more significant benefits when looking at the long-term picture since when used for at least a year, 60 percent of users reported an increase in the ranges of 10 to 19 percent and an overall impact of at least 30 percent.
As you can see, developing an Account Based Marketing strategy is possibly the best option when marketing to B2B prospects, thanks to its immense potential of setting precise targets and tracking capabilities that will surely help reach your business goals.
Originally published January 11, 2019, updated April 16, 2020.
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