Is this your question, “How to implement Account Based Marketing into your demand generation in 2019?”
Then you should read this article on what are the advantages of ABM and how to implement account-based marketing in your demand generation in 2019.
Account-Based Marketing. What is it?
According to the Information Technology Services Marketing Association, ABM is defined as treating individual accounts as markets in their own right.
“A structured approach to developing and implementing highly-customized marketing campaigns to markets of one, i.e., accounts, partners, or prospects. This approach involves marketing and sales taking a close look at key business issues facing the target, mapping them to individuals, and tailoring campaigns to address those issues.”
Based on a survey by Zoominfo, ABM is very effective when it comes to increasing revenue and predictability, as 96% of the marketers surveyed attributed their marketing success to ABM. However, it’s a relatively new strategy, so it’s vulnerable to more than a few pitfalls.
The core idea is to create a completely aligned sales and marketing process that builds relationships with a very specific and very targeted set of accounts. There are many fundamentals to consider such as account planning and mapping, sales-and-marketing alignment, offers, and metrics. In this post, we want to explore effective tactics to use with your account based marketing strategy.
Let’s see the advantages and implementation of account-based marketing into your company.
The Advantages of Account Based Marketing
A Higher Return on Investment
According to a study from ITSMA, account-based marketing provides the highest ROI of any marketing technique based on the B2B market. Account-based marketing allows a firm to take full advantage of Pareto’s Rule, which says that 80% of the sales for a business will come from 20% of that business’ clients. Account-based marketing creates an infrastructure that makes it easy to focus on individual clients and give extra attention when needed.
An Optimized and Personalized Customer Experience
As business becomes more digital, clients expect more personalization, believe it or not. Account-based marketing almost forces your company to become more personal, because your focus moves away from the “wide net” strategy into a streamlined process where you are laser-focused on winning business from a very small number of customers who fit your ideal buyer profile.
Account-based marketing gives you a smaller amount of data to analyze, an easier task for a business that does not necessarily have enterprise-level resources. Although having more data is typically seen as better, this is not always the appropriate metric to seek. Traditional methods give you data in a generic fashion that does not allow you to drill down into the meat of the problem with the handful of clients that matter.
Aligning Sales and Marketing
The marketing and sales departments within most companies tend to keep each other at arm’s length; however, this does not have to be the case. When marketing and sales are on the same page, your customers speed through the sales funnel. Clients acquired when your marketing and sales strategies are aligned also typically spend more and are more loyal to your brand.
Investments in tech have the ability to provide outsized returns. Combining the tenants of account-based marketing within a consistently improving technical infrastructure will only increase the ability of a company to move clients through the sales funnel and analyze the results more accurately.
How to Implement Account Based Marketing into Your Company
Identifying the Right Accounts
Analyzing the history of your sales and creating buyer profiles will not only help you to organize your data, but you will also be able to identify the clients that are most important to your business. Knowing who these companies are will allow you to better define your ideal buyer persona and determine a prospect’s importance to you before you overspend on their acquisition.
Developing a Personal Touch
Determine who is making the decisions on the other side of the phone and develop a strong relationship with those people. Keep in mind that this may not always be the top C-suite brass. In many large companies, middle-management gatekeepers have plenty of decision-making power, so do not try to skip over them as you move up the chain.
Creating an Omnichannel Communications Network
Your clients should have the choice of how to communicate with you. The more that you can emulate a truly omnichannel experience, the better your client experience will be. This helps your account based marketing strategy in many ways, chiefly because you can now offer a communications structure along with other benefits.
The Execution of the Campaign
Account-based marketing gives you the ability to provide speed as well as quality to your most important customers. This goes as far as to almost guarantee repeat business. What’s more is that your lower priority accounts will benefit from this change too as you learn how to consistently deliver timely, quality client service.
In order to improve your services over time, you will definitely need to analyze your ongoing actions and performance. With an account based marketing model, you begin to better understand your prospects, offer them the content that they prefer, and discover exactly what your company has to change to boost your conversion rates.
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