How to Rank your prospects for ABM or Account-Based Marketing
Maximizing your visibility and sales by identifying the ideal accounts and communicating with crucial decision makers sounds great, doesn’t it? This guide will walk you through creating and following an ABM marketing plan for your business.
Although Rick Ross’ song “Everyday I’m Hustlin'” was released in 2006, it’s doubtful he was referring to marketing. However, for B2B marketers, it can certainly feel like a daily struggle. Finding enough leads and separating the high-quality ones from the rest, and then working to attract and convince those prospects to buy, can be a challenge.
However, it doesn’t have to be so challenging. That’s why I want to discuss account-based marketing strategy.
What is account-based marketing?
Account-based marketing (ABM) is a targeted approach that focuses on personalizing campaigns for specific companies, rather than broad marketing efforts aimed at a large audience. This approach differs from the conventional inbound marketing methodology.
Before exploring the advantages and outlining the steps to create an ABM strategy, let’s clarify what ABM actually is. Is it simply a trendy term in digital marketing or is it something of significance?
What is account-based marketing or ABM and Why you should try it too?
Account-Based Marketing Definition: A focused approach to B2B marketing in which marketing and sales teams work together to target best-fit…….
Continue ReadingIn an ABM approach, campaigns are tailored specifically to target individual companies, rather than being directed at a broader audience.
Instead of aiming to attract a large number of prospects and then tailoring content to move specific prospects through the funnel, ABM takes a reverse approach and begins at the bottom of the funnel. This means that you first identify your target accounts and then work backward to create campaigns and content specifically designed for specific individuals within those companies.
The approach has proven to be effective, as 40% of companies plan to significantly increase their ABM efforts in the coming years.
While ABM strategies may vary based on a company’s Ideal Customer Profile and target audience, in general ABM:
- Is most effective for enterprise-level customers due to the effort and time involved.
- Requires close collaboration between marketing and sales teams.
- Utilizes marketing automation to streamline tasks such as lead generation and email follow-ups.
- Aims to establish a personal relationship with decision makers.
How is account-based marketing different from lead generation?
Imagine you manage an enterprise SaaS company and your target audience is financial institutions. In traditional inbound marketing, you may create content for financial companies as a whole and hope they reach out to you for more information. You may even specifically promote your content to individuals working at the top four banks in the US.
However, this method has limitations – you cannot determine who holds decision-making power and have no way of gauging the effectiveness of your content or advertisements for your prospects.
So, how does ABM work?
With ABM, you focus on specific companies that match your ideal customer profile, rather than targeting all employees at financial institutions. For instance, you can track website visitors or research potential prospects and create content and campaigns that are tailored to that specific company.
This distinguishes ABM from other marketing strategies. It may seem counterintuitive, but let me explain with an example.
In traditional marketing, you may write a blog post about how your SaaS tool helps companies prevent accounts payable fraud and promote it by targeting individuals on Facebook or LinkedIn who work in financial institutions. This approach can work sometimes, but ABM offers a more effective solution.
With ABM, you first identify your target and then research their pain points and concerns. If you find out they have a high concern for accounts payable fraud, you create content that addresses that issue directly.
Traditional inbound marketing is like casting a fishing net in the ocean, capturing anything that comes your way. ABM is like using a hook with a specific type of bait that appeals to your ideal customer.
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What are the benefits of account-based marketing?
According to a study by SiriusDecisions, a large percentage of B2B companies consider ABM as either “very” or “extremely” significant to their marketing efforts, with 92% saying so.
Why has ABM gained so much popularity among B2B firms? Here are a few reasons:
- ABM provides a higher return on investment (ROI) to 87% of marketers.
- It is more efficient as it focuses on specific companies rather than broad keywords.
- Many ABM users report shorter sales cycles, often less than 90 days.
- ABM fosters trust with prospects by demonstrating an understanding of their needs.
- ABM prioritizes lead quality over quantity, leading to higher average contract value and better deal sizes for sales reps.
- Investing in ABM boosts brand trust, improves customer retention and streamlines the sales process.
Is account-based marketing only for enterprise customers?
ABM is not limited to only enterprise customers. It is a marketing strategy that can be adapted to target any B2B client with a bit of imagination in adjusting the marketing approach. Large enterprise accounts often have higher long-term value compared to smaller businesses and are ideal for ABM. However, ABM can also be applied to small businesses by tailoring it to their unique needs, for instance, when selling products that require customization or repeat purchases.
