What Is Account-based Marketing & How Can I Use It?

What Is Account-based Marketing And How Can I Use It?

What is account-based marketing?

Account-based marketing (ABM) is a strategy in which businesses focus on specific target accounts rather than individual leads. This approach requires a more personalised and customised approach to marketing, sales, and account management.

ABM can be especially helpful for companies that sell to other businesses (B2B), as it allows them to focus their resources on accounts that are more likely to result in closed deals. In addition, ABM can help companies better align their sales and marketing efforts, resulting in increased efficiency and effectiveness.

If you’re considering implementing an ABM strategy, there are a few key things to keep in mind. First, you’ll need to identify your target accounts. This can be done by looking at factors such as account size, industry, and location. Once you’ve identified your target accounts, you’ll need to create a customised approach for each one. This may include creating account-specific content, tailoring your sales pitches, and developing targeted account-based marketing campaigns. Finally, you’ll need to track and measure your results to ensure that your ABM strategy is successful.

While ABM can be an effective way to close deals and increase efficiency, it’s important to remember that it’s not a quick fix. Implementing an account-based marketing strategy requires careful planning and execution. But if done correctly, it can be a powerful tool for achieving success in the B2B market.

What are the advantages of account-based marketing?

Account-based marketing is a targeted approach to B2B marketing, in which businesses focus their efforts on key accounts that are most likely to result in sales.

The advantages of ABM include:

  1. Increased Efficiency: By targeting specific accounts, account-based marketers can be more efficient with their time and resources. They can avoid spending time and money on leads that are less likely to convert.
  2. Greater ROI: Account-based marketing generally results in a higher ROI than other marketing strategies. This is because ABM is more focused and therefore more effective at generating quality leads.
  3. Improved Customer Relationships: account-based marketers build stronger relationships with their customers. This is because account-based marketing is based on a deep understanding of the customer’s needs and pain points.
  4. Increased Sales: The ultimate goal of account-based marketing is to increase sales. By targeting key accounts and working to build strong relationships with these customers, account-based marketers can increase their sales pipeline and close more deals.

What are the downsides?

Account-based marketing may not be the most effective use of resources for all businesses. Additionally, ABM requires a high level of coordination and alignment between sales and marketing teams, which can be difficult to achieve. Finally, ABM can often take a significant amount of time to generate results.

Consequently, account-based marketing may not be suitable for all businesses, and it is important to weigh the advantages and disadvantages before deciding if this approach is right for your company.

How can I implement an account-based system?

Account-based marketing is a strategic approach to business marketing in which an organisation identifies and targets key accounts with personalised campaigns.

Account-based marketing is different from traditional lead-based marketing in that it seeks to engender relationships between an account manager and key decision-makers within an account, rather than simply generate leads.

In order for account-based marketing to be successful, it is essential to have a solid understanding of your ideal target customer. This means taking the time to develop targeted account lists and creating account profiles that include detailed information on each company’s specific needs and pain points.

Once you have a good understanding of your target accounts, you can begin developing personalised campaigns that are tailored to their individual needs. These campaigns might include targeted content, account-specific landing pages, or even direct mail.

Account-based marketing can be an extremely effective way to generate new business and build relationships with key decision-makers. However, it is important to remember that ABM is a strategic approach that requires careful planning and execution in order to be successful.

How to measure success of account-based marketing?

The goal of Account-based marketing is to generate more revenue from these key accounts by providing them with personalised attention and tailored solutions.

So how do you measure the success of your account-based marketing efforts? Here are three key metrics to track:

1. Engagement rate

The engagement rate measures how often your target accounts are interacting with your content and communications. To calculate this metric, simply divide the number of engaged contacts by the total number of contacts in your database. The higher the engagement rate, the better.

2. Conversion rate

The conversion rate measures how often your target accounts are taking the desired action, such as signing up for a free trial or requesting a demo. To calculate this metric, divide the number of converted contacts by the total number of contacts in your database. The higher the conversion rate, the better.

3. Revenue growth

The revenue growth metric measures the increase in revenue generated from your ABM efforts. To calculate this metric, compare the revenue generated from your target accounts in the current period to the revenue generated from these same accounts in the previous period. The higher the revenue growth, the better.

By tracking these three key metrics, you’ll be able to measure the success of your account-based marketing efforts and make necessary adjustments to improve results.

What problems can it solve?

Account-based marketing can be extremely effective in solving a number of specific problems that companies face. These problems include:

  • Difficulty targeting high-value accounts: ABM allows you to focus your efforts on the accounts that are most valuable to your company, ensuring that you are making the best use of your resources.
  • Low conversion rates: by taking a more targeted approach, account-based marketing can help you increase your conversion rates and close more deals.
  • Lack of visibility into account activity: with account-based marketing, you can gain greater visibility into what accounts are active and which ones are not. This information can be invaluable in helping you prioritise your efforts.

If you are facing any of these problems, ABM may be the solution you are looking for.