28th Nov, 2018
, , Designation
There was a time when marketers used to spend most of their time tossing the super wide net of strategies to acquire the maximum amount of leads possible. Most of the focus was to generate maximum traffic on the website in the hope of converting at least some of them as their leads.
Communication platforms like Blogs and Social Media were considered to be the only content generation bucket that could interest and attract the customers towards the website.
Thus, with the philosophy to bait enough fishes into the net, there was a requirement to have a few curators around the net first.
Eventually, the philosophy got advanced and the net was replaced with a spear with effective and better-targeting capabilities. Over the time, Account Based Marketing (ABM) came into existence and overhauled the entire process of acquiring and managing customer accounts.
It played closely in the realm of B2B sales. Precisely, ABM is a planned marketing strategy wherein critical business accounts are marketed directly, as units of one. The B2B marketers tend to work closely with their sales team to categorize their key leads and then mold customized programs and messages to the sales team for the targeted accounts.
With a very strategic approach and objectives for specific target accounts, ABM aids the organization to communicate with individual prospects or accounts as markets of one (as it covers an entire range of activities – from something as simple as an email drip campaign to a more inclusive, sustained and unified program that incorporates multiple channels). So, it acts like a one-to-one focussed approach replacing one-to-many diluted approach.
This scenario exemplifies the growing popularity of Account-Based Marketing. B2B marketers are now avoiding the chaotic approach. Of course, now just like looking for the best eatery outlet, the best accounts to aim at are far more discoverable than they used to be. Also, digital platforms give the desired push in conducting the research on a target account by easily reaching out to them in order to customize the engagement strategy.
Let’s now deep dive into some of the key benefits of ABM in energizing B2B marketing landscape:
Bridge the gap between marketing and sales
Well, it is pretty obvious that an effective marketing strategy creates visibility in a targeted market and on the other side sales team focuses on the engagement with those potential customers. In spite of this, ABM emphasis on a defined target account and rationalize the efforts created by sales and marketing team altogether. Both the team collaborates for a constant and completely focused account-specific objective.
ABM is considered one of the most explicit, targeted, evolved and measurable strategies when it comes to generating significant ROI by diminishing the ‘risk’ and ‘waste’ factors. Essentially, with this approach, it becomes easier to align the sales and marketing efforts under one roof for a consistent marketing that aids in the growth of particular accounts.
Concise the sales cycle
With the help of account-based marketing, it is now easier to eliminate the unqualified leads which aid the company to save their resources. By providing more customized services to the targeted prospects and accounts, it enhances the likelihood of those accounts being converted as the customers.
Builds a trustworthy relationship
With the presence of digital platforms such as blogs, white papers, videos, and social media, ABM permits an active communication with the clients by solving their problems and supporting them in resolving their pain points.
Eventually, this builds up a trust factor when clients started to feel that you are the one stop resolution for all his queries. This on-going process helps in curating the relationship which in return leads to sales.
To the point reporting
No doubt, account-based marketing is a costly affair when it comes to reporting. Basically, it caters to a limited amount of metrics to keep a track of. Hence, it makes easier to set the goals and scrutinize the reports in contrast to evaluate a large set of data culled out from different segments of different accounts.
Right targets with the relevant leads
With fewer denial facts, ABM is considered to be a marketing procedure which focuses on notching upright leads in order to compete with the number of leads.
Thus, it is a waste of time to focus on a low level and small-profit clients. ABM targets on the accounts which are more likely to close in order to generate more revenue, compared to thousands of false leads collectively.
With the above-mentioned benefits, ABM is surely a hot new trend in the business world. As a portion of an integrated and consistent demand generation mixture, ABM plays a key role in pouring opportunities from high-value contents.
From webinars to paid advertising, ABM forms meaningful segments and then it identifies the marketing programs that can be further modified to those segments on the channels which are most impactful.
Along with this, it also helps in evolving the role of marketing to build a stronger alignment with sales objectives and customer needs in order to drive better sales execution, customer experience, and revenue outcomes.
We would be keen to know your viewpoint in the comment box below.