As a B2B marketer, you constantly strive to reach your target audience effectively and efficiently....
Want to achieve a personalized and highly effective approach to target your key accounts? Have you considered the power of account based marketing (ABM) yet?
Account based marketing (ABM) is a highly effective strategy that can help your business grow and build stronger relationships with key accounts. It's a way of looking at each account as a market of one and tailoring your approach. You can even start messaging to the specific account with this tool.
With ABM, you can expect higher ROI and conversions than traditional B2B marketing tactics.
ABM is becoming popular among B2B companies, and for good reasons. According to a recent survey, 96% of marketers who have used B2B account based marketing tactics have seen higher ROI.
Additionally, ABM is effective for high-value accounts, with 94% of B2B companies reporting that ABM fulfills their objectives for these types of accounts.
But if you are still using traditional marketing, here's what you should know about it.
One of the key differences between account based marketing and traditional marketing is the level of personalization. With ABM, the focus is on a specific set of accounts rather than a more general approach to a broader target market.
Additionally, account based marketing strategy involves a more collaborative approach between sales and marketing teams working together to identify key accounts.
With the right strategy and approach, ABM can be a game changer for your business. So if you want to see real results and convert more key accounts, it's time to explore account based marketing.
Targeting With ABM
Identifying and targeting the specific accounts that are most likely to convert is a crucial step in the ABM process. One way to do this is to use data and account based marketing analytics to identify characteristics that are common among your accounts. This can include things like company size, industry, and even challenges that they may be facing.
Personalization With ABM
Once you've identified your target accounts, it's important to create personalized messages and campaigns that resonate with each one. This is where the real magic of ABM happens!
By taking the time to understand the unique needs of each account, you can create a targeted and relevant message that speaks directly to them.
When you're trying to reach out to a new potential customer, it's vital to understand who you're talking to.
One way to do that is to create detailed profiles of the key decision-makers within each target account. These profiles are called ICP (Ideal Client Profiles), and they can help you know the specific roles and responsibilities of each person you're trying to reach.
By learning about your ICP, you can tailor your message to speak directly to each one of them.
Another way to personalize your campaigns is to use personalized landing pages and email campaigns.
For example, it could include custom videos, white papers, or case studies relevant to each buyer persona. This way, when someone lands on your website or receives your email, they will see content that is precisely for them.
B2B Account Based Marketing Example
If you are a software company targeting CFOs in the finance industry, you need to research and identify the key players and decision-makers at finance companies.
Your marketing team will start their messaging and create a specific campaign targeting these CFOs, utilizing various channels such as email, LinkedIn, and attending industry events to reach your target accounts.
Your sales team will also collaborate with them to ensure that leads generated from the campaign are followed up on promptly and effectively.
How To Create An ABM Strategy Successfully
While creating an ABM strategy, the key is to focus on the accounts that matter most to your business.
Want to learn more about how to create a tailored and effective account based marketing strategy? Keep reading to discover the three key steps to success.
If you want to get to know the secret of winning over target accounts, here's what you should know.
Several channels can be used to effectively engage with accounts and generate interest in your product or service. These include:
- Cold Email Marketing
According to HubSpot, 80% of buyers prefer to be contacted by email. Cold emailing can effectively convey your message if you do it correctly without spam.
- LinkedIn Strategy
LinkedIn has over 722 million members, and B2B marketers use LinkedIn to distribute content, build networks and generate leads. LinkedIn is a powerful tool for B2B marketing and can be an effective way to reach out to accounts.
LinkedIn makes the effort to connect the data you supply with legitimate accounts and permits advertisers to upload these targeted lists directly to their platform for paid advertising. You can start using paid advertising to target this group once you've found at least 300 profiles on LinkedIn.
- Personalized Video
A survey by Wyzowl found that 86% of businesses use video as a marketing tool and that video has an ROI of 13 times higher than text and images combined.
Therefore, you should introduce videos in your ABM strategy to promote your product or service.
For example, make videos to answer frequently asked questions of your ICP and add CTAs. One of the best CTAs is to create a sense of urgency.
- Direct Mail
According to the Direct Marketing Association, the average ROI for direct mail is 29%. Direct mail campaigns are a continuous investment in winning over profitable accounts down the road. By integrating mobile technologies, promote your company news and highlight new products and services with direct mail.
You can use a one-to-one approach to target people from one company. The one-to-few approach is also another way for direct mail. You can also use a one-to-many accounts approach to focus on only high-value accounts.
For example, you will need to have some knowledge of the Head of the Sales Department of a Company if you want to target him. Make him the center of the direct mail campaign.
Send him personalized gifts offline through mail to build rapport and eventually gain business from them.
Your gift should have your business name, contact details, and a CTA. Keep the CTA straightforward and meaningful.
You should also not forget to add images, phone numbers, URLs, QR codes, etc.
Measuring the success of your account based marketing strategy is important to understand what's working and what's not. There are several key metrics you can use to gauge the effectiveness of your efforts, such as engagement rate, conversion rate, and customer lifetime value.
Let's demystify each of these metrics!
Engagement rate is a metric that measures how engaged your accounts are with your brand and content. It includes website visits, email opens, and social media engagement. You can notice whether your message is resonating with your buyer personas by tracking the engagement rate and adjusting as needed.
Conversion rate is another important metric to track. This measures the number of accounts that convert into paying customers. By tracking conversion rates, you can learn how effectively your campaigns drive sales.
Customer lifetime value (CLV) is a metric that measures the total revenue that a customer will generate for your business over the course of their lifetime. By tracking CLV, the long-term value of a customer can be calculated.
Once you have a good understanding of these key metrics, you can optimize your account based marketing strategy by A/B testing different elements of your campaigns. A/B testing is a way to test different versions of your campaigns to see which one performs better.
For example, you can test different subject lines in your emails, calls to action on your website, or messaging on your social media channels.
In addition to A/B testing, you can optimize your audience's ABM strategy message.
Analyzing data and getting feedback from your target accounts lets you know what's working and what's not. You can get feedback from your target accounts and understand their needs and wants. In this way, you can tailor your message to speak directly to them.
Benefits Of Account Based Marketing
Want to know the real deal on why account based marketing is worth trying? Then, let's dive in and see the benefits that ABM can bring to your business.
1. Increased Efficiency
By focusing on a select group of high-value accounts, ABM allows you to save time and resources and achieve a higher return on investment (ROI). Instead of spreading your efforts thin trying to appeal to a broad audience, ABM tailors your message and campaigns to speak directly to the accounts.
2. Greater Personalization
Account based marketing allows for greater personalization in your marketing efforts. You can create more effective campaigns and higher conversion rates when you know the specific needs and pain points.
3. Improved Team Alignment
ABM aligns your sales and marketing teams. It leads to better collaboration and communication between teams and a more streamlined approach to closing deals.
4. Better Data
ABM allows you to gather more data on your target accounts, which can be used to improve your marketing efforts and drive more sales.
5. Increased Revenue
By creating your message, ABM can drive more qualified leads and increase conversions. It will result in increased revenue for your B2B business.
Challenges Of Account Based Marketing
Now, let's talk about the challenges of ABM and how you can overcome them.
1. Limited Resources
The first challenge of ABM is limited resources. ABM requires a significant amount of time and effort to create campaigns. It's important to prioritize your efforts and focus on the accounts that are most likely to convert into paying customers.
How to overcome it?
Identify the right people within a key account. With this, you can work within limited resources.
2. Measuring Success
One of the challenges of ABM is measuring success. It's hard to set clear goals and KPIs in advance and track key metrics like engagement rate, conversion rate, and customer lifetime value.
How to overcome it?
First, identify the technology to scale the right accounts. Use trial and error methods to create strategies to scale.
3. Account Based Marketing & Sales Alignment
Aligning the efforts of the sales and marketing teams tells how the two teams will work together. It may include regular communication and collaboration.
Account Based Marketing and sales alignment go hand in hand. When these two teams work together, they can create a more efficient and effective sales process.
Let's continue the B2B account based marketing example we've discussed above.
Imagine that the marketing and sales teams of the above software company are aligned. The sales team is aware of the campaign and can follow up with the target accounts that have engaged with the ABM campaign. They can also use the insights gathered by the ABM team to tailor their own outreach and have more effective sales conversations. This alignment with ABM would be able to increase their revenue.
How to overcome it?
The sales and marketing teams must set their goals before starting the ABM marketing operations. Both teams should have a thorough understanding of KPIs and measurements. For successful ABM campaign outcomes, sharing insights and developing appropriate strategies are crucial.
4. Keeping Up With Technology
ABM requires a lot of technology to be implemented, and it's crucial to keep up with the latest tools and trends. Regularly researching and testing new technologies can help improve the effectiveness of your ABM campaigns.
How to overcome it?
To overcome this challenge, have a clear strategy in place, set clear goals and KPIs, align the efforts of the sales and marketing teams, and keep up with the latest technologies.
Integrating ABM Into Your Existing B2b Marketing Plan
Integrating Account Based Marketing into your existing B2B marketing plan can seem like a daunting task, but it doesn't have to be. Here are a few tips to make the process smoother:
1. Start Small
One way to make the transition to ABM easier is to start small. Identify a select group of accounts that are most likely to convert into paying customers and focus your efforts on them. Once you've seen success with this smaller group, you can gradually expand to include more accounts.
2. Align With Sales
Another important step is to align your ABM efforts with the sales team. Work with them to identify the key decision-makers and speak to them. This will ensure that your efforts are aligned and that you are working towards the same goals.
3. Use The Right Tools
Utilize the right tools and technology to support your ABM campaigns. There are many different options available, such as marketing automation platforms and account based advertising tools. It's essential to research and choose the tools that best fit your needs and budget.
To execute an ABM strategy, B2B businesses often use a combination of tools and technology. Here are a few examples:
- Marketing Automation Platforms like Pardot or Marketo allows you to automate your marketing efforts. You can segment your contacts and target them with specific campaigns and messaging.
- Salesforce CRM is a customer relationship management tool that can manage and track your interactions with accounts. You can use this information to modify your ABM strategy and tailor your efforts to each account.
- LinkedIn Sales Navigator is a sales-focused extension of LinkedIn that identifies key decision-makers and makes messages and content for them.
- Terminus ABM platform, it’s a B2B account based marketing platform that allows you to make personalized ads across the web and social media.
Best Practices For Successful ABM Campaigns
1. Nurture Your Leads
Once you've generated leads, it's important to nurture them to keep them engaged and interested in your product or service. Use a combination of email marketing, content marketing, and social media to keep your leads engaged over time.
2. Collaborate With Sales
Work closely with your sales team to ensure that they are aware of and aligned with your ABM efforts. It will ensure that leads generated from your campaigns are followed up promptly and effectively.
3. Use Multi-channel Approach
Reach out to your target accounts through a variety of channels, including email, phone, social media, and even in-person events.
4. Measure And Adjust
Keep track of your campaign's progress and adjust your strategy as needed. Use tools like Google Analytics and Salesforce to track key metrics like website traffic, lead generation, and conversions.
ABM can help B2B marketers make the most of their limited resources by allowing them to focus their efforts. It is a strategy to achieve goals and drive real results for B2B businesses.
So, if you're looking to take your B2B marketing efforts to the next level, consider incorporating ABM into your strategy.
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