Don't Let the Hype Around Account Based Marketing Confuse You

DANA POLEG | February 3, 2018

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You've probably heard a lot recently about Account Based Marketing (ABM). It’s the latest trend to create a huge buzz in marketing. Plenty of marketers I know are starting to panic. Do they need to rethink their entire strategy? How can they start a whole new branch of marketing, when they still have the same budget and headcount as last year? It’s time to stop panicking. From my perspective, ABM isn’t a technology or a methodology, it’s a mindset, one that can be implemented across all of your marketing activities. Moreover, ABM is not really a revolution, it’s an evolution of traditional marketing methodologies. Traditionally, marketing campaigns were targeted towards different types of people. SEO efforts were focused on getting certain personas onto your website. Email blasts with your company content went out to broad lists of target contacts. Display banners were placed on websites chosen for their ability to draw particular types of viewers.

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CORE ABM

10 Valuable Benefits of Account-Based Marketing That'll Push your Marketing Goals

Article | June 22, 2021

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: Response rates from ABM accounts: 47% Online activities: 39% Number of new contacts in accounts: 36% 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: Identify targets while setting up an effective ABM strategy Understand the targets Define and personalize content formats Choose relevant channels Offer solutions Measure & mold { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "How does ABM work?", "acceptedAnswer": { "@type": "Answer", "text": "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." } },{ "@type": "Question", "name": "Who uses Account-Based Marketing?", "acceptedAnswer": { "@type": "Answer", "text": "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." } },{ "@type": "Question", "name": "Does account-based marketing work?", "acceptedAnswer": { "@type": "Answer", "text": "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." } },{ "@type": "Question", "name": "How to use ABM?", "acceptedAnswer": { "@type": "Answer", "text": "To use the ABM platform, here are the steps explained: Identify targets while setting up an effective ABM strategy Understand the targets Define and personalize content formats Choose relevant channels Offer solutions Measure & mold" } }] }

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How ABM Can Impact Your Product Lifecycle Beyond Top-Of-Funnel Activity

Article | June 22, 2021

Account-Based Marketing has been at the top of the hype scale in marketing departments for a number of years now. At this point, most organizations have tested or adopted ABM at some level. Still, now marketing and product leaders are starting to see how ABM can improve revenue growth across the entire marketing cycle or product life cycle, not just at the top of the funnel where it’s most apparent. Followers of the SBI blog know that we’ve discussed the benefits and pitfalls of ABM for the last few years and that we believe it can drive tremendous results for revenue growth when planned, resourced, and executed correctly. For those unfamiliar with ABM, this short podcast with industry expert Sangram Vajre, “How to Implement and Utilize an ABM Program to Maximize Potential,” will provide an excellent background. And if you’re just getting started or want some structure on how you can go farther, we’ve developed this “ABM Approach Tool” to help you.

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Forget the hype: The virtues of account based marketing

Article | June 22, 2021

Account based marketing (ABM) is a mainstay of the B2B sector. Often most beneficial when dealing with a niche product or service, ABM is especially useful if the aim is to address more than one person or department within an organisation with a tailored message. In basic terms, it involves taking a very targeted, longer-term approach, homing in on selected key accounts that have (or could have) a particular value and then establishing a far broader, strategic engagement with a client. As head of business marketing and customer experience at O2, Zoe Hominick is a keen advocate of ABM as a crucial channel for B2B marketing.

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CORE ABM

6 Hard-hitting Lessons for ABM Strategy

Article | June 22, 2021

Account-based marketing has gained momentum incredibly in the B2B industry. ABM promises a higher conversion rate than any other marketing strategy. It is the best personal approach to B2B marketing. If you are new to ABM, here is a little introduction to the strategy. ABM is creating a funnel of your clients and filtering the ones who have higher chances of conversion. Once you have the required data, your sales and marketing team can collaborate to create marketing campaigns for these exclusive clients. This strategy can overcome many challenges faced by the marketing and sales team. Generally, the challenges faced by your businesses can be to Drive retention with the key accounts Deliver relevant content to exclusive customers Boost conversion percentage with the clients most likely to convert Build a strategy for a personalized marketing approach Once you know what ABM is and implement it correctly, your business can easily overcome these challenges. Thus, we have provided some insights on how to overcome hurdles and excel in your ABM campaign. How to Excel in Your ABM Campaign According to B2B data-driven companies, personalization is the biggest challenge to succeed in ABM. Nowadays, B2B clients demand personalization like B2C clients. Now, this is a difficult task as business clients have access to business profiles. Thus, the sales and marketing teams have to develop unique ideas and make extra efforts to personalize campaigns. So basically, this means utilizing the available data in the best way possible. But sometimes, that takes up a massive investment in terms of time and resources. Abhi Yadav, Founder & CTO of Zylotech, says, “Drawing intelligence from data is like pushing a boulder uphill. In most cases, it takes a team of data engineers & scientists an enormous amount of time that comes with a hefty price tag.” So how do you minimize efforts and still excel in your ABM campaign strategy? Well, we have six lessons that organizations have learned while implementing ABM in their marketing strategy. Some of these lessons are answers to why a particular strategy failed. Put Yourself in Your Customer’s Shoes If you have limited access to personal data but have plenty of professional data, put it to the correct use. Put yourself in your customer’s shoes and look at the challenges they are facing at present. You can also think about their future problems and provide solutions to avoid them. Once you think like your customers, strategies and solutions become a simple task. For example, if your targeted client is the MD or CFO of a healthcare sector. Determine how the pandemic has impacted their revenues or how they need to manage personal and government financing in these challenging times. Also, you can provide visionary solutions about future implementations for the healthcare sector. Flip the Funnel The traditional funnel of awareness, interest, consideration, and purchase needs to change. The implementation may work even today, but the conversion process takes time. Thus, it’s time to flip the funnel. Flipping the funnel is the new strategy that is uprooting the traditional funnel. This method implies putting targeted organizations on the top of the funnel and then broadening it. First, it means to target the people of the organizations, then ways to connect them, and then the broadest part is to provide them with appropriate solutions. This funnel strategy has proved to work wonders in the ABM strategy. Personify is the leading constituent management and engagement (CME) platform. Their challenge was to create a funnel for better insights into their target market. Their solution was to partner with product marketing and sales for an ideal customer profile (ICP). Thus the top of the funnel was sorted. Then they researched and set up personalized digital ad campaigns and sales strategies. Thus, these creative campaigns increased their brand awareness, engagement, and conversions. They increased their on-site visitors by 39 times by implementing this strategy. Make the Best Use of Technology There are a plethora of tools available to strategize and implement ABM. But organizations do not make full use of these tools, leading to wastage of time, resources, and resources. Survey the market and know there are tools developed to optimize ABM strategy and keep track of account-based metrics. Implement these tools, and you will notice that your work gets executed faster and in an intelligent way. P.S. Human-assisted AI technologies help organizations to build compelling campaigns and optimize revenue operations. Streamline Your Processes Sometimes organizations do not realize that ABM requires streamlining processes with the regular ones. ABM strategies require experimentation. You have to select the strategy that suits you and your organization in the best way. Thus, ensure that your teams do not get overwhelmed by the process. Thus, define roles, responsibilities, and the entire execution plan when the target accounts are shortlisted. VersionOne, a cloud-based agile application life-cycle management (ALM) software provider, simplified the process by implementing data-driven approaches. Thus, VersionOne gave both teams access to monitor the ABM strategy and the success of the targeted accounts. Thus both the teams worked in collaboration and focused on segmentation. This helped in building a proper pipeline between the sales and marketing teams. This doubled VersionOne’s sales by streamlining the processes between the sales and marketing teams. Focus On Retention ABM is not only targeting exclusive clients and converting them. But you have to track and retain them. Many a time clients convert and the organization forgets to follow up. Thus, it creates a void for current and future clients, as the success rate is incredibly defined by retention. For example, small gestures like regular surveys, emails regarding workflow, and more can play an essential role for the clients to know that you care. Do Not Refrain from Outsourcing Outsourcing is a great way to ease out tasks and get a filtered list of high-value clients. Also, companies that specialize in data-driven technologies can provide you with more relevant information about the clients than your in-house team. So, avail services from experienced companies and industry leaders in providing you with the best list of relevant clients. These professional organizations know the pain-point of the clients, which helps you in planning your ABM strategy. That’s All Folks We hope we have provided you with solutions to the hurdles that you face while strategizing ABM. Remember, ABM strategy cannot be mastered overnight. So set goals, implement ABM, learn from the results and repeat- it is that simple! Frequently Asked Questions Which is the best way to succeed in ABM? The key idea is to focus on the personalization and retention of the clients. Your ABM strategy is likely to succeed if you provide personalized solutions to your exclusive clients. Success in your ABM strategy depends on your team, your account-based marketing campaigns, and the level of experimentation you do. Is it okay to outsource for account-based marketing? If your organization does not want to invest the time, resources, and technology required for ABM, it is good to outsource it. These third-party organizations can help you provide you with a list of the best clients and their information. How important is ABM strategy? ABM is an essential strategy as it helps to shorten the sales process and increases the conversion rate. In addition, it helps an organization concentrate on the most exclusive clients and retain them, thus generating better revenue and ROI. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "Which is the best way to succeed in ABM?", "acceptedAnswer": { "@type": "Answer", "text": "The key idea is to focus on the personalization and retention of the clients. Your ABM strategy is likely to succeed if you provide personalized solutions to your exclusive clients. Success in your ABM strategy depends on your team, your account-based marketing campaigns, and the level of experimentation you do." } },{ "@type": "Question", "name": "Is it okay to outsource for account-based marketing?", "acceptedAnswer": { "@type": "Answer", "text": "If your organization does not want to invest the time, resources, and technology required for ABM, it is good to outsource it. These third-party organizations can help you provide you with a list of the best clients and their information." } },{ "@type": "Question", "name": "How important is ABM strategy?", "acceptedAnswer": { "@type": "Answer", "text": "ABM is an essential strategy as it helps to shorten the sales process and increases the conversion rate. In addition, it helps an organization concentrate on the most exclusive clients and retain them, thus generating better revenue and ROI." } }] }

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World Pharma Today

World Pharma Today is one of the best online service providers to the Pharma Community. It is a complete Pharma business to business portal which facilitates Pharma traders, Pharma manufacturers, Pharma sellers, Pharma suppliers in improving their business relationships. We provide a common platform to improve the visibility and scope of their business internationally breaking the geographical barriers. We are a specialist website dedicated to new online marketing in pharmaceutical B2B environment. We offer customized marketing solutions to suit the specific requirements of our clients.

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