A Peek Behind the Curtain: An Intro to Account-Based Marketing

Author - Kris Schulze (Executive Editor at B2B News Network)
Source - http://www.b2bnn.com/

What is ABM?
Account-Based Marketing (ABM) is a strategy that concentrates sales and marketing on targeted accounts within their market, using personalized campaigns designed to the individual account.

ABM is a targeted strategy, based on insights. Be the Wizard of your organization. Know your customers’ desires (a brain, a heart, courage, home), and you’ll be able to guide them down the path (the yellow brick road) to your business.  What do your customers need? What are their roles? What drives them?

ABM vs Traditional Marketing
Traditional marketing has been compared to casting a wide net over potential customers to see what you catch. Material is developed, and then sent out to lists or advertised. If the content is successful a response is received, and then turned over to sales for follow up. The assets are measured for ROI.

You might say it’s like the Wicked Witch (not to say traditional methods are wicked), who sends out her flying monkeys to see what they bring back.

ABM replaces the strategy of putting all kinds of marketing collateral out there in the marketplace and seeing what comes in, with marketing to targeted accounts.

In comparison, ABM:

Identifies target accounts
Organization map
Key roles
Goals
Channels
Collaborates with influencers and the team
Goals
Tactics
Plan
Follows a coordinated plan

Benefits of ABM:

Marketo has identified five key benefits to Account-Based Marketing:

Clear ROI
97% said ABM had a somewhat higher or much higher ROI than other  marketing initiatives
84% said ABM provided significant benefits to retaining and expanding existing client relationships
65% said ABM provided significant benefits to attracting new clients
It reduces waste
Personalization means optimization
Clarity in tracking and measuring to goals
Easier alignment with Sales

Skills Needed
“ABM-ers have to understand how to take account information and turn it into insights that are relevant to different people in the organization.” – Momentum ABM

It requires a little more skill than traditional marketing. You’ll need:

business knowledge
intimate understanding of sales and account needs
expert consultative skills
collaborative skills
and leadership skills

Account Planning
ABM is nothing without the account. Become part of the conversation with your accounts earlier in their process. Make your customers feel they are appreciated and understood, right from the beginning.

Howard Sewell from Spear Marketing states in his 7 Steps to a Successful ABM Strategy that the best campaigns are:

integrated–relevant to an individual account and decision-maker/role
integrated – targets should see a consistent message, regardless of channel
content-driven– to drive discussion and engagement
timely – consistent nurturing and education over a specific time