Account-based marketing is essential for businesses because it allows them to be more targeted and efficient with their marketing. It also allows you to reach people based on their interests, hobbies, and other personality traits. For example, if you run a dog walking company and someone has listed that they like dogs, you can tailor your marketing message to them.
And, if you want to get into the weeds with ABM, you can break it down even further. You can target your audience based on their location, demographics, and interests. Then, if you’re doing ABM right, you can increase your click-through rate by up to 270%.
What is Account-Based Marketing?
Account-based marketing (ABM) is an innovative and modern approach to account-based marketing. It is a strategy that aims to help companies approach their target audience more strategically. The company must analyze, segment, and qualify accounts before targeting them with the best products/services available.
An ABM strategy has been observed to increase sales and customer loyalty by leveraging the benefits of personalized marketing.
Account-based marketing begins with understanding the target customers’ needs, wants, and business goals. These insights are then used to segment and identify the target accounts. The most important part of this process is the qualification of each account so that only the best ones are chosen for the campaign. Once this is done, accounts are targeted with products/services that will be of the most value to them.
How does it work?
Account-Based Marketing relies heavily on technology, specifically social media and marketing automation software.
The first step is you identify which companies you want to target. You may already have a list of prospective clients, or you may have to do some research to create that list. Once you have a list of companies, you will create a social media profile for each. This can be particularly effective if you get a hold of the company’s logo and other branded images.
Next, you will create a social media campaign around each company. You can do this manually or use automation software to help schedule posts. This campaign aims to build relationships with the people in these companies. That way, when it comes time to advertise your services, they will be more likely to listen to you.
You can also use social media as a way of identifying potential leads. If someone “Likes” a post about one of your target companies, you can use automated alerts to reach out to them and start building a relationship.
Benefits of Account-Based Marketing
There are many benefits to an account-based marketing strategy, but most of them can be divided into two categories.
1. Improved Sales Performance
An ABM strategy usually focuses on a small number of accounts and the right products and services. This focus allows the company to create a more effective campaign and approach its target audience better.
This focus also helps the company learn more about its target audience and provide them with more personalized products/services, which will improve sales performance. The focused marketing approach also allows companies to increase their sales faster.
2. Improved Customer Loyalty
Many companies depend on a single customer for most of their business. These companies usually have one or two major customers who bring in most of the revenue for the company. But there are times when these customers can change or shift their business to another company.
This is where an ABM strategy comes into play. A focused campaign on the right accounts will help the company to create a better relationship with its customers and improve customer loyalty.
What are the downsides?
One of the biggest drawbacks to Account-Based Marketing is the sheer amount of time it takes. It doesn’t help that this is a very complicated form of marketing, so you will have to spend a lot of time learning about it. The other problem is that there are a lot of moving parts.
For example, when doing Account-Based Marketing, you must ensure that every one of your social media accounts is connected and working together. Otherwise, you won’t get the full benefits of this strategy.
How to Implement Account-Based Marketing?
Now that you have seen the benefits of account-based marketing and learned what it is, it is time to learn how to implement this strategy. There are a few steps that you need to follow if you want to implement a successful ABM strategy.
Step #1: Understand the goals of your company and target audience
This is the first step in implementing an account-based marketing strategy. First, you need to clearly understand your company’s goals, especially the ones related to sales performance.
You will also need to understand what your target audience wants from your products and services. This process helps you to identify the target accounts and create a focused campaign for them.
Step #2: Analyze your data to determine which accounts are best for your campaign
Once you understand your company’s goals and what your target audience wants, it is time to analyze the data available to you. This data will help you to identify the target accounts that are best for your campaign.
You can use your existing customer database to gain insights into which accounts are best suited for your campaign. You can also use your sales data to find out which accounts generate the most revenue. This information will also help you to determine the right products/services offered by these accounts.
Step #3: Create a marketing plan based on the analysis
Now that you know which accounts are best suited for your campaign, it is time to create a marketing plan for them. This marketing plan should have all the campaign details, including the time frame, products/services offered, communication methods, and many more.
In addition, it would be best if you also came up with an outline of the strategy you will use to approach each account. Then, you must use your existing data and research to develop a detailed marketing plan.
Step #4: Execute the marketing plan
Once you have created a marketing plan, it is time to execute it and see results. It would be best to start by creating a list of target accounts using your database and sales data. Then, you should create a detailed contact list for these accounts. This contact list should include all the necessary information about the accounts, like email addresses, phone numbers, social profiles, etc.
Once this is done, you should start communicating with these accounts via email, phone calls, or any other communication medium available. You can also send them promotional materials to help you build a better relationship with them.
Step #5: Track progress, measure results, and make changes if necessary
This is the final step in the implementation of an account-based marketing campaign. Next, you need to track the progress of your campaign and measure its performance. It would be best if you also kept a close eye on your campaign results.
If it is not performing as expected, you can make changes to the plan and try again. This process will not only help you to improve performance but also help you to understand how your target audience reacts to certain communication methods and promotional materials.
Account-based marketing is a modern marketing approach that helps companies focus on their target audience and offer them products and services that will be of the most value to them. It requires companies to analyze and segment their target accounts before targeting them with the best products/services available. This strategy is designed to help companies increase sales and build better relationships with their customers.