Account Based Marketing(ABM) is the hottest and newest, up and coming marketing schemes. More and more businesses are planning and implementing it in their organizations. ABM is gaining traction for a good reason. It gives you the way to close potentially bigger deals at a much faster rate.
ABM is on fire. ABM lets you drive strong business results without taking your budget through the roof or burning the midnight oil. It also allows you to connect marketing programs from awareness all the way through the pipeline and closed/won business.
You definitely will want to incorporate ABM into your business after seeing these stats:
❖ According to Demand Metric Report, 96% of B2B companies say that ABM has an enormous impact on marketing success.
❖ ITSMA states that 84% of marketers believe that ABM delivers higher ROI than any other marketing approach.
❖ A report from Sirius Decision says that 60% of the businesses plan to invest in ABM methodology in the next few years.
What is ABM?
In its simplest form, Account Based Marketing(ABM) is a marketing which based on account, existing or prospective. It is commonly done by enterprise-level sales organizations.
ABM is inherently a form of tactical business marketing. An organization takes an individual prospect or customer account. These are companies and not individuals that are treated separately as a market of its own. ABM is particularly helpful for business with multiple stakeholders or buyers.
1. Email list-based Account-based Marketing(ABM):
In this approach, you can either use target accounts from your CRM data or in-house marketing automation and serve ads to the users of these accounts. Alternatively, you can rent or buy 3rd party lists from a contact data provider. This is a targeted approach for potential buyers and influencers at larger companies.
2. IP-based Account-based Marketing(ABM):
To target the appropriate audience, this method makes use of IP address blocks. Users at these IP address blocks are targeted after your business selects the target account list, which is matched by the data partner. Companies of all sizes can benefit from this strategy.
3. Predictive Account-based Marketing(ABM):
Predictive ABM goes beyond the existing contacts. Instead, it involves identifying new contacts and accounts from the past conversion data. The major focus here is to find those accounts which “look like” accounts which have made past conversions and are targeted. However, this tactic requires a deeper evaluation to generate best results. This scheme is most suitable for large companies with more data as more data accounts to better analysis and prediction.
You can combine these 3 tactics with personalization by target accounts to get the highest engagements and conversions.
Now that you know the basics of Account Based Marketing, it’s time to dive in!
1. Gather your ABM team
The first step for successful ABM is to gather your ABM team. It is requisite that both your sales and marketing team define the expectations, goals and KPIs. Before planning your first campaign, you will need to gather your core team. Remember that ABM is a joint effort between your marketing and sales team.
2. Define your ABM goals and strategies
Now that you have gathered your core team, the next step is to carefully define your goals and strategies. If you are just starting your ABM campaign, it is advisable that you focus on one single goal. Your goal can be successfully launching a product, building market share or even getting more value from customers.
3. Identify and prioritize your target
Identifying the target audience is a fundamental of successful marketing. Firstly, define your buyers’ personas and list the accounts. Use market research to determine the list. You can use predictive ABM technologies to pinpoint companies that fit your ICP.
4. Craft your content
The next step is to craft new content that resonates with the targeted accounts. The content should speak the pain points of the individuals as well as organizations. You may choose to create diverse assets for different buyers persona and even use 1-1 messaging for each of the accounts.
5. Choose your channels
ABM would not be as effective as expected if you don’t use the right channel to promote it. Compelling content and right channel go hand-in-hand in order to reach the potential targets. Research how the channel is being consumed by the users and prioritize them accordingly.
6. Run your campaign
At this point, you have identified your targets, defined your goals, created great content and selected the channel that you will use to promote it. It’s finally the time to get your content onboard. Use your sparkling new ABM campaign to show up and deploy ads across the web to engage your target accounts.
7. Analyze your results
Your job as a marketer isn’t over yet. You will need to accurately analyze the campaigns, keep a check on what’s working and what’s not and optimize your campaigns accordingly. You can use tools to help you evaluate your marketing ROI. Make sure you refresh your creative periodically.
Account-based marketing is not so overwhelming as it might appear, especially when broken down into steps. It is not so different from inbound marketing yet is so much more impactful. Once you start executing ABM in a scalable way, you will achieve unparalleled business results. Having ABM in your bucket will make you look like a marketing genius.
With the wise application of Account-based marketing strategies, you will not only increase sales and revenue but also be hailed as a true marketing hero!
Are you prepared to start using account-based marketing now?