You’ve probably heard of account-based marketing if you work in marketing or sales (ABM). This strategy’s ability to generate substantial returns on investment (ROI) has contributed to its rising profile in the marketing sector. A study by Marketing Profs found that “businesses with ABM in place produce 208% higher income for their marketing activities.” With this method of advertising, you would zero in on a select group of clients and tailor your approach specifically to them.
Each firm may profit from account-based marketing (ABM), but small businesses have the most to gain. This is because “SMBs can’t afford to distribute their money among multiple marketing methods and a wide pool of prospects and just hope to create enough qualified leads to earn a profit,” says Niraj Ranjan Rout, Founder of Hiver. Instead of scattering efforts over a large number of low-quality leads, ABM lets organizations of any size zero in on a select group of highly qualified leads who are most likely to convert.
In addition, ABM is a strategy that is likely to obtain internal buy-in from several divisions in a small organization. A multi-channel strategy that emphasizes individualization might drive up the cost. The funding for an ABM program might come from several places if there is greater support for it within the firm.
Does it seem like something you’d be interested in learning more about? So as to help you get started with account-based marketing, we present the following:
Develop your ICP
Creating an Ideal Customer Profile is the first step (ICP). The primary distinction between an ICP and a buyer persona is the emphasis placed on the organization rather than the individual doing the purchasing. Information on the company itself, such as its size, industry, number of workers, and projected revenue, as well as any distinguishing features, such as the technologies employed, recruiting patterns, or external industry happenings, should be included. Your target account requirements can then be established. Use customer relationship management (CRM) or marketing automation technology to start looking for prospective clients.
ABM is distinct from other forms of advertising since it is tailored to each individual client. It takes an extremely individualistic stance. You may, for instance, provide a corporation with a comprehensive, industry-tailored analytical report. You should never send out a blanket email. Think about your intended audience and answer the question: How much of this do I already possess? This will help you identify content gaps so you can fill them.
Mentioning the target account in a blog post or social media update is a great way to get the conversation started when you don’t know what else to say to them. Congratulate them on a recent victory and point out their outstanding performance. They’ll value the compliment, and it’ll put you on their radar.
Set your targets
Now that you have your material ready to go, you need to consider how best to get it in front of your intended audience. Email, social media, video, website, blogs, webinars, infographics, and white papers are just a few of the many available possibilities. It’s possible that using video will help you catch the eye of your intended audience, especially if that audience works for a creative firm. However, a white paper might be the greatest approach to getting in touch with a tech firm.
If you want your ABM approach to be effective, your sales and marketing departments must be in sync. Relationship-savvy salespeople who are familiar with a company’s challenges and pain areas are essential to the success of account-based marketing (ABM). “B2B organizations with tightly connected sales and marketing operations generated 24% faster three-year revenue growth and 27% faster three-year profit growth,” claims Sirius Decisions.
Measure your results
You should also track the success of your ABM initiative.
Coverage, attention, engagement, reach, and sway are all things that Hubspot suggests you prioritize. Key performance indicators for each are listed below.
Look at how many target accounts you’ve identified and contacted, how much-personalized material you’ve sent, how many stakeholders or key decision-makers you’ve spoken with, and how much insight you’ve gleaned from those accounts to gauge your level of coverage.
Insight: count the number of important contacts who have visited your site, opened an email, read a blog post, attended an event, subscribed to a podcast, or read a newsletter.
Look at how much time your major accounts spend with your brand and how they react to your marketing efforts to gauge engagement (click-through-rates, content downloads, email response rates)
Assess the proportion of your campaign’s success that can be attributed to your intended audience by monitoring the channels via which your message was delivered.
Compare the rate at which your ABM strategy was able to advance target accounts through the funnel and complete transactions versus that of your past marketing efforts.
Final words:
Keep using this information to fine-tune your campaigns for maximum return.
Our goal in writing this account-based marketing (ABM) tutorial was to help you better understand ABM and its potential benefits for your company. One of the main tenets of account-based marketing is the delivery of highly customized content to high-value accounts. We invite you to get in touch if you need assistance with your ABM plan.
