B2B businesses use various marketing techniques to increase revenue. Most marketers run campaigns to target a wide range of audiences. But strategies are rarely successful in the B2B world. Moreover, these companies are forced to sell to a narrow list of prospects. So, they use a combination of inbound and account-based marketing techniques to make the magic happen. But, most of them probably aren't marketing the right way.
Similarly, if the sales team fails to align with marketing in your company, perhaps, it's time to try something new. Because, as a marketer, you already know how difficult it is to decide on marketing aspects. Of course, none of these are convincing unless you aren't aware of account-based marketing and its clear and observable benefits.
The benefits of Account-Based Marketing can help you to know accurately how to measure marketing ROI. In addition, the benefits can button-up marketing-to-sales alignment, reduce or maintain the size of the sales force you need, and cater to your marketing message to specific targeted accounts.
The list of advantages and benefits of Account-Based Marketing (ABM) is endless. But, here is an attempt through the ten most valuable ones that'll push your marketing goals with ABM.
An Opportunity to Get Personal
Personalization is an essential benefit of Account-Based Marketing! ABM technology allows marketers to create more personalized messaging for specific accounts instead of creating blanket messaging for a larger number of accounts. When approaching a specific account, spending as much time and effort as creating relevant content is essential, which provides value for your targeted account.
For instance, instead of creating bulk email marketing, your efforts would work better if there is direct messaging or account-targeted ads for your accounts.
Faster Sales Process
Depending on your business, industry, and resources, the sales cycle typically looks something like this:
1) Prospect → 2) Connect → 3) Research → 4) Present → 5) Close → 6) Delight
Several investors are involved in making a final purchase decision. This can often slow down your sales and marketing process. But when you do account-based marketing, it allows making the process faster. With ABM, you get the opportunity to specifically nurture your primary decision stage, along with all relevant accounts, to facilitate the sales process.
However, with the concept of ABM, you can communicate individually to every stakeholder in an account. Hence, this would make the individual
sales process faster and longer, yet very effective.
Clearer Path to ROI
ABM is precise, targeted, and measurable. And it helps you maximize your ROI. With personalization as one of the most effective marketing tactics, you select only valuable accounts, which boost your sales, and thus, ROI increases. In addition, the approach makes your team easily align sales with consistent marketing that grows ROI.
Here are some stats to support this benefit of Account-based Marketing:
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Response rates from ABM accounts: 47%
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Online activities: 39%
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Number of new contacts in accounts: 36%
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Participation in all marketing activities: 25%
Set an Appropriate Marketing Budget
A sound ABM strategy would help your marketing team focus on the targeted accounts on the various touchpoints to explore during their buying journey. Scaling ABM techniques will save a lot on your allotted marketing budget, which has been wasted on useless leads before.
From a marketing budget perspective, ABM is the best way to go for any B2B communication coupled with the newest ABM tools and strategies to target specific organizations or companies.
Experience Lesser Risk Possibilities
This benefit of account-based marketing can significantly reduce unnecessary waste and risk factors. By scaling ABM marketing strategies, you can do more. Smart ABM technology helps the same number of account managers to target, market, convert, and upsell a much larger number of accounts personally. This means there's much less risk involved. Therefore, with ABM tactics adequately set up, accounts become revolving doors—even if one contact is lost, another one will walk right in. It's that simple—ABM is a no-brainer.
Better Reporting
Your marketing campaign's effectiveness can be measured using ABM metrics. And, the truth is, the more tangible these metrics are, the more clearly you can target your account.
The main benefit of account-based marketing is that there are fewer metrics you're required to keep track of, which helps you to report better. This makes it easier to set marketing goals. And so, analyzing reports becomes a breeze compared to pulling out large sets of data from different accounts. This is because you tend to spend more time assessing each aspect of the efforts put in by you. So, the metrics help to document relevant data for all the accounts and set better goals at the end of the quarter.
So, if you're sure of your target audience,
ABM is the way to go!
Sales Alignment Becomes Much Better
ABM technology provides a supplementary targeted marketing initiative, which directly aligns sales and marketing teams to work together & keep track of their efforts and goals. With that, purpose-driven activities like communication code, the collaterals to be shared, the tone of messages, and the ultimate content are put in sync between marketing and sales teams. So that these directly address the unique needs of each account.
Trust-Based Customer Relations
Companies are always looking for solutions to their problems online. In this case, ABM provides them a personalized solution through communication. Be it through blogs, whitepapers, videos, or social media, as they naturally get attracted to you if you offer to solve their problems. This further creates trust between the two. A relationship based on trust is a relationship that can lead to good sales, and future referrals may be.
Make Data-Driven Decision
As there are many benefits of account-based marketing, it effectively encourages marketers to make data-driven decisions. ABM creates a framework for sales and marketing teams to make data-driven decisions after targeting specific accounts. And then market to maximize upsell or create cross-selling opportunities by identifying prospects in the future.
The Right Target, the Right Leads
The concept of ABM is revolutionary. Its marketing methodology focuses on scoring the right leads as opposed to many leads. Why spend half of your team's energy on low-profit clients to create low-level leads when one right kind of lead can help your business to earn a double-digit revenue? As with ABM, you get to target only the accounts most likely to your business; therefore, the right leads are generated. This leads to more revenue than those hundreds of the wrong leads. This is the ultimate benefit of account-based marketing that ultimately runs your business!
ABM makes B2B marketing interesting and sensible completely.
Now you know the benefits of Account-Based Marketing. Just that you need is to implement ABM strategies and see its magic and how your business grows better than ever!
Frequently Asked Questions
How does ABM work?
ABM focuses on identifying accounts, which means companies that match ideal clients and target critical decision-makers with personalized messages and content through advertising campaigns. Content forms such as blogs, social media, and whitepapers work well with the ABM strategy.
Who uses Account-Based Marketing?
Generally, marketers prefer doing account-based marketing to identify target accounts, personalize the marketing and campaign experience. Thus, allowing the sales team to convert accounts into leads.
Does account-based marketing work?
Yes, account-based marketing works indeed. It encourages the marketing and sales team to identify target accounts, craft customized campaigns for accounts, and align individual accounts through the pipeline before and after converting into leads.
How to use ABM?
To use the ABM platform, here are the steps explained:
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Identify targets while setting up an effective ABM strategy
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Understand the targets
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Define and personalize content formats
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Choose relevant channels
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Offer solutions
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Measure & mold