Account Based Marketing (ABM) is a marketing strategy focusing on specific accounts and treating them as individual entities rather than just a number in a larger group. ABM is often seen as an effective way to increase sales, as it allows businesses to focus on leads that are more likely to convert into paying customers. This article will discuss the basics of Account Based Marketing and how you can use it to 10X your sales pipeline!
What Is Account-Based Marketing?
Account-based marketing is a targeted approach to marketing and selling in which an organization focuses its resources on a defined set of high-value accounts.
In other words, ABM is about quality over quantity.
With ABM, you treat each account as its market and tailor your sales and marketing strategy accordingly.
The goal of account-based marketing is to generate more qualified leads, close more deals, and increase revenue from target accounts.
What Are The Types Of Account-Based Marketing?
There are three main types of account-based marketing:
Targeted Account list: In this approach, you identify a list of target accounts that you believe are the best match for your products or services.
Ideal Customer Profile: You define what an ideal customer looks like and then use marketing automation to score leads against that criteria. Leads that meet your criteria are considered good candidates for account-based marketing.
Market Segment: You divide your market into segments based on factors such as industry, company size, or geographic location. This approach is often used by companies with a large number of potential customers.
So, How Does ABM Work?
ABM is a strategic approach to marketing and selling in which an organization identifies and targets key accounts with personalized campaigns, rather than seeking out new leads.
With ABM, businesses can better allocate their resources, budget, and time to target specific high-value accounts that are more likely to convert.
ABM has been shown to produce higher ROI than traditional demand generation tactics and can help accelerate the sales cycle by up to 50%.
How To Implement Account-Based Marketing
There are four key steps to implementing an effective account-based marketing strategy:
Step #01: Define Your Target Accounts
The first step is to identify the target accounts that you want to focus on. This can be done by looking at factors such as company size, industry, location, and so on. Once you have a list of potential target accounts, you need to further research each one to see if they are a good fit for your products or services.
Step #02: Create Account-Specific Content
The next step is to create content that is specifically tailored for your target accounts. This could include whitepapers, eBooks, infographics, blog posts, and more. The goal is to produce content that will be of value to the decision-makers in your target accounts.
Step #03: Reach Out And Engage With Your Target Accounts
Once you have created account-specific content, it’s time to reach out and engage with your target accounts. This can be done through a variety of channels, such as email, social media, phone calls, and in-person meetings. The goal is to build relationships with the decision-makers in your target accounts and get them interested in your products or services.
Step #04: Measure Your Results
The final step is to measure your results so that you can see how effective your account-based marketing strategy has been. You should track metrics such as the number of new leads, the number of sales deals closed, and the amount of revenue generated. By tracking these metrics, you will be able to see if Account Based Marketing is working for your business.
Benefits Of Account Based Marketing
If you’re not familiar with Account Based Marketing (ABM), it’s a strategic marketing approach that targets key accounts instead of individual leads. The goal is to create customized campaigns that address the specific needs of each account.
ABM is an effective way to generate higher quality leads, close more deals, and increase customer lifetime value. Companies that use ABM report an average deal size that is ten times larger than those that don’t use ABM.
There are several benefits of using ABM:
Increased ROI: Because ABM is such a targeted approach, it generally results in a higher return on investment than other marketing strategies.
Improved Sales Pipeline: ABM can help to improve your sales pipeline by generating higher quality leads that are more likely to close.
Increased Customer Lifetime Value: Customers acquired through ABM tend to have a higher lifetime value than those acquired through other marketing channels.
Account-Based Marketing Tools
There are several great account-based marketing (ABM) tools available to help sales and marketing teams close more business. Here are four of our favorites:
- Account Scorecards from Terminus show you which accounts are most engaged with your brand and content so you can prioritize your outreach efforts.
- The Account Planning Template from HubSpot helps you develop targeted strategies for key accounts.
- Account Mapping from LeanData provides a visual representation of relationships between people at an account so you can easily see who knows whom.
- And finally, the Account Based Marketing Playbook from PFL gives step-by-step instructions on how to run an ABM program.
Is Account-Based Marketing B2B Or B2C?
Sales and marketing teams have been debating the answer to this question for years, with no clear consensus. Is account-based marketing (ABM) a B2B or B2C strategy?
The truth is, it can be both.
ABM is a holistic, data-driven approach that focuses on engaging individual accounts rather than generic leads. This personalized approach is incredibly effective in driving results for both B2B and B2C businesses.
So whether you’re selling to businesses or consumers, if you want to increase sales and accelerate your pipeline growth, then ABM could be the right strategy for you.
Grow 10X Your Sales Pipeline With Account-Based Marketing
In conclusion, ABM is a strategy that can be used by businesses of all sizes to increase sales and grow their pipeline. However, it’s important to understand that account-based marketing is not a one-size-fits-all solution. The key is to tailor your approach to fit your unique business goals and objectives.
If you’re looking for a way to accelerate your sales pipeline and drive more revenue, consider using an account-based marketing strategy. With the right approach, you can achieve incredible results.