Account Based Marketing
Account Based Marketing definition:
Account Based Marketing (ABM) is a go-to-market strategy, involving sales and marketing, that coordinates personalised marketing efforts to onboard and grow target accounts.
Or as ITSMA puts it; Account-based marketing is a strategic approach to designing and executing highly-targeted, personalised marketing programs and initiatives to drive business growth and impact with specific, named accounts.
So, we proactively identify the companies we want to work with, and we create bespoke sales and marketing campaigns to bring them onboard.
No need to be overwhelmed...
There are 3 common levels to account based marketing; Programmatic (one to many), Lite (one to few), and Strategic (one to one).
As the name suggests, the higher up the pyramid you go, the fewer accounts are targeted in that element of the strategy, but as fewer accounts are targeted, intelligence acquired of each account goes up and so does campaign personalisation.
A few pointers before going full steam ahead with an Account Based Marketing strategy:
- ABM is a business strategy used to drive revenue; it's not a singular campaign or tactic. It's a consistent and considered approach to business growth.
- Account Based Marketing is a collaborative effort involving Sales and Marketing. It's not to be actioned in silos.
- The ABM approach is driven by account-specific intelligence. From this intelligence, personalised content is created for maximum relevance and resonance.
- Account based marketing is used to both acquire new business and increase wallet growth from existing clients. New accounts are predominantly brought in using a 1 to Many approach.
- ABM focuses more resources on the most valuable accounts.
Advantages of Account Based Marketing:
- Efficiency - ABM effectively uses resources on the accounts most likely to drive revenue.
- Deal Size - Success with ABM strategies leads to deals that are generally bigger than those generated through traditional demand generation.
- Conversion Rate - 91% of ABM users found that accounts targeted using ABM have had a higher conversion rate (more than 20% better).
- Sales Cycle - Deals generated through Account Based Marketing have seen reduced sales cycle times through multi-influencer targeting.
- Sales & Marketing - ABM aligns sales and marketing departments, focusing efforts of both on accounts that generate more revenue.
- Consultative Sales - Conversations engaged in between sales and the account are consultative and progressive. Sales are equipped with the right information and account intelligence.
- Onboard & Grow - Accounts targeted using ABM are both new and existing, so maximum revenue is generated from an individual account.
"ABM delivers the highest Return on
Investment of any B2B marketing
strategy or tactic. Period."