How does account-based marketing work?
Account-Based Marketing (ABM) has ramped up tenfold in recent years, with B2B favouring this approach over more traditional, short-term methods.
With no shortage of benefits, you don’t have to dig too deep to see why account-based marketing fast gaining momentum.
Account-based marketing defined
What does it mean? Well, in ABM, marketing teams treat customers and prospects as individual ‘markets’. While traditional marketing focuses on a more scattergun approach, whereby a whole industry may be targeted; account-based marketing centres around communicating to individual accounts. This means everything from campaigns, events, content, and messaging, is tailored to a select few within a given account, rather than an infinite number of people.
Who is it for?
This strategic approach is being adopted by more and more businesses, big and small, however, it’s typically favoured by enterprise-level businesses, and is most beneficial to business-to-business (B2B) efforts. This is because ABM is particularly helpful to organisations with a number of buyers or stakeholders, where quality and relevant communication is essential in achieving the best results.
More precise targeting in this way means businesses can reach the right people: the buyers within a business, and, ultimately, the decision-makers who hold the greatest clout. Greater attention to detail allows marketers to develop relationships with these high-value customers and prospects, meaning their focus is exactly where it needs to be.
Harmonising sales and marketing
Even as buying circles develop into new realms, marketing teams are under greater pressure to move the needle when it comes to revenue growth. Fortunately, ABM is all about the long game, as it aims to drive long-term revenue growth, rather than simply opting for low-hanging fruit and short-term conversions.
To achieve this, two things must be established. One: the most valuable accounts available to the business; and, two: how to create the highest level of personalisation when targeting them. This strategic approach can only work if both sales and marketing teams align and work together. By combining knowledge and resources, the team is better equipped to successfully engage and convert accounts.
The key is in the detail
At the heart of account-based marketing is a wealth of insight. Sales and marketing teams are able to work together to identify accounts with the highest potential; for example, those with the greatest need and/or necessary budget. With these targets in mind, a more considered and thought-out approach can be built by the team which demonstrates a sophisticated understanding of those people, and has the power to resonate with them.
This comes at a time when people need it the most. In a digital age where people are bombarded with information, personalisation is key to leaving a lasting impact and building long-lasting relationships. Businesses are looking for a service that’s tailored around their unique needs, and this is something that account-based marketing successfully taps into. In fact, it’s the very foundations of it.
For a six-step guide to successful ABM, and to discover if it’s right for your business, download this report by Digital Radish here.
