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ABM Account Selection & Marketing Program Commitments to Sales
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Article | February 17, 2020
The B2B sales cycle can be a long journey with many twists and turns in the road. For example, when you’re selling a complex service or piece of software that’s going to impact multiple processes within a business, you need to be patient and attentive in your lead nurturing process. However, here I want to talk about one powerful approach to give your lead nurturing strategy extra fuel and encourage a faster conversion. This is focused on Account-based Marketing (ABM), an approach that has become increasingly popular within B2B organizations over recent years. In his Smart Insights article, Adrian O’Gara defines ABM as: “a strategic approach that coordinates personalized sales and marketing efforts, to target specific accounts for new business and create deeper and broader relationships with existing customers.” Essentially, ABM creates “markets of one” based on specific accounts, allowing you to make your marketing efforts highly specific and personal.
Most physician outreach now takes place digitally or indirectly. This shift in engagement has made it crucial for sales and marketing teams in healthcare and life sciences (HLS) to be aligned with a unified strategy. That’s what we discovered at League. Founded in 2014, League is on a mission to consumerize health and benefits for employers. We started using Salesforce and Pardot in 2017. Back then, marketing and sales were disconnected, and this was impacting our overall performance in a negative way. Our solution was to develop our first account-based marketing strategy. We saw that ABM was a huge trend, and we loved the idea of choosing a set of target accounts, creating playbooks, and personalizing marketing campaigns to help drive meetings.
Though the term was officially coined in 2004, “In its purest form, account-based marketing has been around forever,” says Matt Heinz, attributing the heightened interest in ABM to advances in tools and technology that make it easier to execute. Backing the assertion that ABM is now easier for B2B companies to execute, an ITSMA survey showed that 84% of businesses using ABM said the strategy offered a higher ROI than other marketing campaigns. In another study from SiriusDecisions, 92% of B2B marketers said ABM was extremely important to their overall marketing efforts. Clearly, ABM is here to stay.
Many businesses employ Software-as-a-Service (SaaS) for its flexibility and simplicity to fulfill their marketing requirements. Different types of SaaS marketing platforms help companies simplify their marketing needs. But growing a SaaS company isn’t easy. It is quite challenging because the industry is flooded with competition. Research had predicted very early on that 73% of the companies would turn all their apps into SaaS by 2021, making SaaS competition fiercer than ever. Marketeers eye for consumers’ already limited attention spans in B2B and B2C spaces.
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