Whether or not they’ve implemented it yet, a majority of B2B marketers have started the process of looking into account-based marketing (ABM) efforts. The topic is getting more popular by the minute, and marketers know that it’s something to look into if they want to stay ahead of the curve.
If you’re one of those marketers, we’re here to demystify ABM and help you get started on the path to implementing it in your own business.
What is account-based marketing?
Let’s begin by setting a clear definition of account-based marketing. The media company B2B Marketing recently hosted a webinar around the topic, defining ABM as “a strategic approach to marketing and sales, working in combination, to identify and target your most important customers – both new and existing.”
Simply put, account-based marketing is bringing marketing teams back to the low-volume, high-value approach to marketing efforts.
Why now is the best time to implement ABM
In the past couple of decades, every marketing team has been putting all their eggs into the new technology basket. This includes digitalizing most marketing campaigns and implementing marketing automation tools at every turn. And while that approach was effective for many years, buyers are getting smarter and increasing their expectations of brands – making the original impact of marketing automation tools with low-level personalization not quite as effective on its own.
Simply put: With consumers more cynical than ever, sending out personalized emails doesn’t cut it anymore.
Ironically enough, marketers now need to raise their game by reverting back to old methods – instead of relying on low-value, high-volume efforts, it’s time to go back to low-volume, high-value efforts that make their brand stand out once again.
The benefits of creating an ABM campaign
A lot of marketers can be a bit skeptical when first looking at ABM: Why should they try this more expensive method when they already have the tools and technology to market to more people at a lower cost? But the fact is, ABM pays off.
Done right, an ABM campaign can:
- Increase revenue from your most important customers
- Boost loyalty and increase customer retention rates
- Better identify and convert new, high-value customers
- Improve your brand’s reputation among old customers and new
- Speed up your sales cycle
- Improve internal alignment between sales and marketing teams
So, what makes an ABM campaign effective?
It’s important to start an ABM campaign with the right criteria in mind to make it effective. If you don’t prioritize the right criteria, you could end up implementing an expensive campaign with little ROI.
Here’s what you should focus on when beginning your ABM campaign:
- Keep it extremely personalized: An ABM campaign should be more than sending something to someone and getting their first name right. Know exactly who you’re targeting and make sure you’re sending something they truly need.
- Ensure it’s insightful: Don’t create another sales-y campaign: Ensure your ABM program is based on the prospect/customer’s real issues, and send something that’s informed and showcases your understanding of the real pain points your prospect is facing
- Create something valuable and exciting: An ABM campaign won’t work if you’re sending another plain one-pager. Create something that is so personalized and different that it truly grabs the customer’s attention. Ensure your marketing piece highlights their ambitions and aspirations for their company and show them how you can help them reach those goals.
Most importantly of all: Remember that ABM is all about their needs – not just your solutions.
Get started on your account-based marketing program before it’s too late
Don’t wait until it’s too late to implement ABM campaigns in your business. Getting ahead of the curve now will ensure you stay ahead of your competitors and let your customers and prospects know that you’re always one step ahead of the pack.
If you have more questions about ABM or are looking for more guidance on how to get started with your own ABM program, let us know or check out our other services to learn more about how Demand Frontier can help your business grow and stay ahead of the curve.
