Account Based Marketing (ABM) is a strategic approach that revolves around the precise targeting and engagement of specific accounts or companies, as opposed to the traditional method of casting a wide net for broader audience reach.
ABM employs an array of strategic methods including tailored content, targeted advertising, direct mail campaigns, exclusive events, and one-to-one outreach initiatives. By concentrating resources on a select group of accounts, ABM paves the way for more higher engagement and delivers more substantial, meaningful interactions.
Numerous studies have shown that good ABM delivers multiple benefits to those deploying including increased growth in revenue, larger deal sizes, and improvements in customer relationships.
So, what are the core components of good account based marketing.
Highly defined ideal customer profiles
Well, it all starts with the Ideal CustomerProfiles (ICPs). Your ICP plays a pivotal role in allowing teams to identify and pinpoint accounts with the greatest revenue potential.
Examine your current customer base to identify those who align with your definition of an ideal customer. While this definition can vary based on factors such as industry and other overarching characteristics, it typically boils down to the most profitable, long-term, content customers who are a pleasure to collaborate with. In essence, they area strong match for your company, find success with your solutions, and contribute the highest lifetime value.
Use these accounts to build your ICP and pay close attention to those that have shown an inclination to expand their engagement with your company.
If we’re going to target individual accounts, doesn’t it make sense to create unique experiences for those involved in any buying decision?
Craft highly specific messaging and designed to resonate with the intended recipients. These custom-tailored experiences not only nurture stronger relationships with prospects but also significantly enhance the likelihood of successful conversions.
ABM employs various marketing channels and tactics to reach target accounts. This may include personalised emails, targeted digital advertising, direct mail, events, webinars, and one-to-one outreach.
The key to effective ABM is to choose the right mix of channels and tactics based on the preferences and behaviours of your target accounts so remember, don’t forget to test the most effective ways to reach your audience and try multiple channels to engage.
A data-driven approach, continuous measurement, and adjustment is crucial to success in ABM.
Things to watch out for;
Failure to align on the correct target accounts
It's a given that if marketing and sales do not agree on the same target accounts, the potential of ABM diminishes. ABM thrives on the coming together of marketing and sales and a joint hyper-focused view on accounts with the highest potential. Failure to establish this fundamental aspect of your ABM program renders all other tactics ineffective.
Lack of shared data
The presence, or lack, of shared data regarding target accounts is integral to the process of identifying the right accounts. When marketing relies on its marketing automation system of record while sales turn to the CRM to pinpoint target accounts, it's unsurprising that the two teams find themselves misaligned. Build shared databases to allow both sides to see the targets and outcomes.
With 85%of marketing professionals stating that ABM delivers higher returns it seems that the practice will only grow in uptake and complexity. To make it work, understand your best customers, create custom messages, and use different channels to reach them. Ensure you agree on target accounts, all data is shared, and finally, those involved have realistic expectations of success and timings.