B2B Account-Based Marketing (ABM) is like having an ace up your sleeve – it lets you focus your...
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In a changing landscape, you need to have confidence in your process - your fundamentals - more than ever. If you work in manufacturing, you will know businesses are constantly seeking innovative strategies to drive growth, acquire new customers, and nurture existing relationships.
One such strategy that’s working well for 97% of marketers is account-based marketing (ABM).
Unlike traditional marketing approaches, ABM for manufacturing companies can allow to concentrate their efforts on high-value target accounts, delivering personalized experiences and tailored messaging that resonate with decision-makers.
By forging deeper connections and aligning marketing and sales efforts, ABM offers a plethora of benefits specifically tailored to the unique needs and challenges of manufacturing businesses.
Here we’re going to explore two main topics: the key advantages of B2B ABM for manufacturing and how it can empower your business to unlock new opportunities, enhance customer relationships, and gain a competitive edge in a dynamic industry. Second, we’ll highlight the advantages of using a specialist agency to run your ABM strategies.
What’s So Good about ABM?
1. Improve Your Lead Generation
What if you were to learn that 50% of your traditional lead generation techniques lead precisely to nowhere, that half the work you’re doing or paying for is wasted?
It wouldn’t be a great moment in the day, right?
And what if, right after, you were to learn that a change in your sales and marketing approach could mean exceeding your revenue targets by 6% ABM will enable you to generate highly qualified leads by targeting specific accounts within the industry.
By identifying key prospects and engaging them with personalized content, ABM increases the likelihood of attracting manufacturing leads that have a genuine interest in your manufacturing solutions.
2. Enhance Your Customer Acquisition
ABM allows you to acquire new customers more effectively by focusing on key accounts with a high potential for conversion. By tailoring your marketing strategies to meet the unique needs of these accounts, you can create a compelling value proposition that resonates with decision-makers, increasing the chances of winning new business. 70% of B2B are using (or planning to use) ABM right now. Can you afford to be left behind?
3. Increase Your Customer Lifetime Value
With ABM, your manufacturing business can cultivate long-term relationships with key accounts, leading to higher customer lifetime value (CLV). By providing personalized experiences, addressing specific pain points, and delivering ongoing value, you can foster customer loyalty, leading to repeat business and potential upselling opportunities. By adopting ABM you can increase your customer retention rate by 36%.
4. Targeted Product/Service Promotion
ABM will facilitate the promotion of your products or services directly to the accounts that are most likely to benefit from them. By aligning your offer with the specific needs and requirements of target accounts, you can position your manufacturing business as a trusted solution provider, increasing the likelihood of successful conversions.
5. Be strategic with Your Account Penetration
Your company needs to penetrate and expand its presence within strategic accounts. By understanding the organizational structure, decision-making processes, and pain points of target accounts, ABM allows you to identify opportunities for cross-selling or upselling, thereby maximizing revenue potential and market share.
6. Differentiate from Your Competitors
Using ABM will allow you to differentiate your company from your competitors by offering customized solutions and value-added services tailored to the needs of specific accounts. By showcasing your expertise and ability to meet unique manufacturing requirements, you can position your business as a preferred partner, gaining a competitive advantage in the industry.
7. Allocate Your Resources Efficiently
ABM is the opposite of a spray-and-pray approach to sales and marketing. ABM will enable you to allocate your marketing resources more efficiently by focusing on a select number of high-value accounts. By targeting these accounts strategically, you can optimize your budget, time, and efforts, ensuring that your marketing activities are directed toward prospects with the highest potential for conversion.
8. Streamline Your Sales and Marketing Cooperation
Close collaboration and alignment between sales and marketing teams are crucial for the success of any B2B marketing strategy, and ABM) is no exception. 82% of B2B marketers reported that using ABM fosters such collaboration and alignment. This collaboration is vital as it enables sales and marketing teams to work together seamlessly, leveraging each other's strengths and expertise to drive better results.
By implementing ABM, sales and marketing teams can break down the silos that often exist between them. They can share valuable insights, market intelligence, and customer feedback, allowing both teams to have a comprehensive understanding of the target accounts. This shared knowledge empowers sales representatives to have more meaningful and informed conversations with potential customers, showcasing a deep understanding of their pain points and offering tailored solutions.
What’s more, combining strategies through ABM ensures that sales and marketing activities are tightly integrated. Instead of pursuing different objectives, the teams work towards a common goal: converting target accounts into customers.
9. Be a Thought Leader
You know a lot about your industry. You’ve got a lot to say about your industry. If you can make your voice heard in the industry, you’re going to be thought of as an expert in your industry. ABM presents a unique opportunity for you to establish yourself as a thought leader within the manufacturing industry. By leveraging the principles of ABM, you can tailor your content and messaging to directly address specific industry challenges and trends, positioning yourself as a trusted authority and go-to resource for key accounts seeking industry expertise.
One of the key aspects of ABM is personalization, which will allow you to craft targeted and relevant content that resonates with your target accounts. By thoroughly understanding the pain points, needs, and aspirations of your key accounts, you can create content that directly addresses these concerns. This tailored approach demonstrates a deep understanding of the industry and establishes credibility from the outset. It’s currently working for 56% of marketers. It can work for you.
10. Nail Your ROI and Analytics
ABM will allow you to measure the return on investment (ROI) of your marketing efforts with greater accuracy. By tracking and analyzing the engagement, conversion, and revenue metrics of targeted accounts, you can assess the effectiveness of your manufacturing ABM campaigns, make data-driven decisions (43% of marketers rate data management as the key to a successful manufacturing ABM strategy), and continuously refine your strategies for better results.
Ok, you’re convinced. What comes next?
Closing the Gap: Using Account-Based Marketing in Manufacturing Industry
Well, you have three choices:
- Don’t use ABM. Good luck with that!
- Hire a dedicated ABM specialist, and maybe a team to work under them. This can work. This can also be very, very expensive.
- Work with an agency like Revnew that lives and breathes this stuff, has a proven track record, and will work with you on a bespoke account based marketing strategy that fits your business like a glove. Let’s look in more detail at why this might be a good idea for you.
Advantages of Partnering with an ABM Agency
1. Access to ABM Expertise
ABM requires a unique skill set that combines marketing strategy, data analysis, content creation, and campaign execution. By outsourcing ABM (to the right) agency, you will gain access to professionals who possess extensive experience and expertise in developing and implementing effective ABM strategies. These experts understand the nuances of the manufacturing industry and can tailor campaigns to resonate with key decision-makers.
Building an in-house ABM team can be costly, requiring investments in hiring, training, technology, and ongoing operational expenses. Outsourcing ABM will allow you to leverage the knowledge of a specialized agency without the need for significant upfront investments. It provides a cost-effective solution that enables manufacturers to allocate their resources more efficiently while benefiting from the experience of professionals who can deliver results.
3. Scalability and Flexibility
As you know, the manufacturing industry often experiences fluctuations in demand and customer requirements. Using an agency for your ABM offers you the flexibility to scale your marketing efforts up or down based on your specific needs at any given time. Whether it's targeting a new market segment or adjusting campaigns to respond to changing business priorities, outsourcing provides the agility to adapt and respond to evolving market dynamics effectively.
4. Access to Advanced Technology and Tools
ABM requires leveraging various technologies, such as marketing automation platforms, customer relationship management (CRM) systems, and data analytics tools. Outsourcing ABM will allow you to tap into the agency's existing technology infrastructure, benefiting from its investments in cutting-edge tools and software. This access to advanced technology helps optimize campaign performance, data analysis, and reporting, providing valuable insights for decision-making.
5. Focus on Your Core Competencies
You excel at producing high-quality products, optimizing supply chains, and maintaining operational excellence. Outsourcing ABM will enable you to concentrate on your core competencies while entrusting the marketing aspects to experts. This allows internal teams to allocate their time and energy to critical business functions, leading to improved productivity and overall operational efficiency.
6. Get a Competitive Advantage
By outsourcing ABM, you will gain a competitive edge in the market. Working with an agency that specializes in ABM means tapping into industry best practices, cutting-edge strategies, and insights gained from working with diverse manufacturing clients. This expertise can help you stand out from your competitors, target key accounts effectively, and establish you and your colleagues as thought leaders within the industry.
So, I really need to use ABM, right?
Right! The vast majority of B2B manufacturers are operating in one or more niches. Not everyone needs or wants your product. This means that the number of prospects you have to market and sell to is finite. Every realistic target is therefore of great potential value to you.
You can’t waste opportunities to make the best possible case for each and every one of them. Working with an ABM agency will provide you with access to specialized expertise, cost-effective solutions, scalability, advanced technology, the ability to focus on core competencies, and a competitive advantage.
By partnering with a reputable ABM agency, you can enhance your marketing efforts, generate qualified leads, foster strong customer relationships, and drive sustainable growth in the dynamic and competitive manufacturing industry.