What is Account Based Marketing?
Account based marketing (ABM) is a B2B approach that targets a group of different businesses, to market to them as a whole. The sales and marketing team will work together to address the target accounts that they believe will provide the highest ROI. The strategies used to market to business is different to consumers. Therefore, it is important to know account based marketing strategies. Thus, the marketing has to be tailored to address them.
The account based approach is not new, but has changed in recent years due to changing technology and channels. The surge of data available is important because it allows a tailored strategy for each of these high value customers. By focusing on these accounts, you will be able to have a strong sales pipeline for the future.
To identify if you are ready for account based marketing, you should analyse certain points. These considerations are: if you have existing large accounts, long sales cycle or existing tech structure.
Account Based Marketing Strategies
1. Prioritise your prospects
Firstly, look at your ideal prospects and your existing list. You can use platforms like Triggr to create prospect lists. Using firmographic data, identify your high value leads. After you identify them, analyse their traits to find out what they have in common. Common traits may include geography, size, employee number or industry. You should prioritise these accounts in the future. This is because they will help you identify where to focus budget spend and maximise ROI.
2. Tailor your marketing
Secondly, with ABM, with the data you have, you can create tailored marketing. The best strategy is consider what the the key problems these businesses face.
3. Analyse your best platforms
Directly address the problems businesses face by reaching out via relevant platforms. The best platforms are digitally, via email and events.
Through emails, tailored content will make sure you have higher click through rate. Online events can help you better directly engage with your accounts. You can use this platform to directly answer questions and form a meaningful relationship.
4. Align your sales and marketing team
Fourthly, you must align your sales and marketing teams. This is because they will have flow on effects to each other, making up the entire sales process. Thus, you can align them by setting a top down message, ensuring frequent meetings or having similar KPIs. Tools you can use for marketing automation include Pardot and Marketo because they can help you prioritise leads.
5. Learn from your data
Finally, using your attempts, make sure to analyse and learn from the data you collect. What works for some accounts may not work for others. Thus, it is important to analyse it both at an individual and greater campaign level. Your data will be useful because you can better adhere to the dynamic climate.