Want to achieve a personalized and highly effective approach to target your key accounts? Have you...
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Have you ever felt like your business is struggling to attract new customers, despite all your efforts in marketing? Then you must explore the potential of B2B ABM strategy for your business.
Well, that's a feeling we've all been through at some point. But what if we tell you there's a way to change that?
Introducing B2B Account Based Marketing (ABM), a strategy focusing on specific accounts rather than broad market segments. It's like a "one-to-one" marketing approach where you tailor your messaging and campaigns to specific accounts. It results in a higher win rate, a bigger deal size, and a better lifetime customer value.
Studies show that ABM delivers higher ROI than any other marketing strategy. In fact, some ABM statistics have shown that businesses that use this type of strategy gets 67% more deal closing, a 58% larger deal size, and a 500% increase in traffic.
What’s B2b Account Based Marketing
With Account Based Marketing, B2B marketers can increase their revenue by 208%. No, we're not saying this. It's based on a study about the use of ABM programs by B2B marketers.
ABM is all about tailoring your marketing efforts to specific accounts rather than broad segments of the market. It works best when it is integrated with other marketing efforts, such as content marketing, email campaigns, and events. This allows you to create a consistent customer experience and helps build credibility.
But you can come up with a question like, what type of marketing trends should I integrate with ABM strategies? Curious about the answer? It's not a big deal to understand this.
How to Implement B2B ABM Strategy
To make it easier for you, we have listed the marketing strategies for integrating ABM.
Let's dig into it right away!
1. Content Marketing
56% of marketers have shared that personalized content is a successful Account Based Marketing Strategy for B2B businesses.
Contrary to many tech-driven ABM strategies, Account Based Content Marketing doesn't require a hefty investment.
Just like any other content marketing plan, it requires a theme and a framework. A standard blog post will not do everything, though. However, it needs the most captivating structure and persuading material to get the success.
For example, you can create a whitepaper or a case study highlighting how your solution has helped a similar business.
2. Email Campaigns
Did you know 86% of B2B and B2C marketers saw improved win rates with ABM?
But these marketers have also integrated one of the strategies like email campaigns for their successful sales. These campaigns can be a highly effective way to reach out to key accounts and nurture them through the sales funnel.
You can send personalized messages by segmenting your email list based on the specific accounts you're targeting.
Make it clear to your receivers that the emails are personal to them. For example, use their name rather than a standard greeting to begin. Also, don't forget to use images that balance well with your texts.
Have a few phrases that make you more knowledgeable about them and their particular challenges. You can consider the following points to craft a better email.
- Personalization: Use the recipient's name and company name throughout the email.
- Relevance: Tailor the email to the recipient's specific needs and challenges, highlighting how your products or services can help.
- Value: Show how you can provide value to the recipient's business by increasing revenue or improving efficiency.
- Call to action: Clearly state what you would like the recipient to do next, such as scheduling a call or meeting.
- Tailor your tone and style to your target audience: Be engaging and friendly while being professional.
- Test your email: Test the email with a small group to see what works and what doesn't before sending it to the whole account list.
Events can be a powerful way to connect with key accounts and build relationships with them. By inviting accounts to a targeted event, such as a roundtable discussion or a webinar, you can create an environment where they can connect with other individuals.
ABM's event strategy involves the integration of personal touch and technology. Such integration can move clients through the marketing funnel and raise your close rates.
4. Leverage LinkedIn
You're in a perfect position to build and test an ABM strategy if you're already executing paid social lead generation campaigns. LinkedIn is the ideal platform for ABM campaigns.
LinkedIn is a great platform to find and reach out to your target account and build relationships.
- You can engage with potential customers by liking, commenting, and sharing their content, becoming a thought leader in your industry by publishing your own content.
- You can use LinkedIn for ABM marketing to target specific companies with its advanced search filters. It can be used to find the right people based on job title, industry, location, and more.
- Plus, you can also use LinkedIn's Sponsored Content and Sponsored InMail to deliver personalized, targeted messages directly to your key accounts.
With the ability to reach the right people based on seniority, you can focus even more on decision-makers.
It's one of the most preferred B2B ABM strategy if you want to get high ROI. Yes! You read it right. Research has shown that about 97% of B2B marketers get a high return on investment with ABM.
5. Sales and Marketing Alignment
ABM requires alignment and collaboration with the sales team. By working together, the sales and marketing team can ensure that the right messaging and tactics engage with key accounts. In addition, they can learn that their leads are passed on to the sales team at the right time.
For better sales alignment, you can follow the steps mentioned here.
- Focus on the priorities set by your sales and marketing team members.
- Involve your teams in account selection, value proposition input, and insights development.
- With ABM, make a joint reporting dashboard for your team. You can also view the journey of your sales with this together.
- Now observe the account experience and understand the pain points of other businesses. However, ensure all your team members are involved in this.
Integrating ABM with these other marketing efforts can increase the chances of winning their business.
Abm Is Not A One Size Fits All Strategy
ABM can be implemented in various ways such as:
1. Strategic ABM
This approach is focused on a small set of high-value accounts that have the most potential to drive significant revenue for your business. In strategic ABM, you start by identifying the accounts with the most potential for your business. These accounts are typically characterized by factors such as:
- High revenue potential
- Alignment with your ideal customer profile
- A need for your solution
- A willingness to invest in a solution like yours
Once you've identified these key accounts, you can create a dedicated team responsible for developing a detailed account plan for each one. The account plan should include information such as:
- The key decision-makers at the account
- The challenges they are facing
- The solutions that you can offer to address those pain points
- The messaging and tactics that you will use to engage with the account
The team will be responsible for executing the account plan, which must be a combination of tactics such as:
- Creating custom content for the account
- Running targeted email campaigns
- Inviting leaders to events
- Building relationships with key other business leaders on social media
2. Tactical ABM
It is focused on a larger set of accounts that are not as high-value but still have potential. For example, physical objects are used in tactile marketing to create favorable brand associations, but it works best when it is tailored to your target demographic.
Modern consumers are inundated with advertising and digital marketing campaigns. Because of this, marketers have had brilliant success using ABM and tactile marketing together.
For Tactical ABM, you should start bringing marketing and sales together. Try to identify high-value accounts to build more meaningful customer relationships.
3. Programmatic ABM
Dun & Bradstreet, a company offering business insights, reports that 63% of B2B marketers invest their time in Programmatic ABM.
It is an excellent approach that uses technology to automate the process of identifying and targeting the right accounts.
B2Bs may automate the ad buying while delivering a story that moves through the buyer's journey by programmatic ABM. For instance, B2Bs may use an OTT ad, video, or display creative ads to target a high-value client base.
Purpose Of An Account Based Marketing Strategy
1. Target Account Identification
Starting with your campaign goals is the first step in choosing target accounts. Next, you must have an answer to "What business goal will help in reaching these target accounts?"
Here's a campaign for selecting target accounts in terms of comprehension and application. This campaign's objective is logo acquisition which helps close sales with target accounts whose logos and endorsements will give your business more credibility and social proof.
2. Create Customer Journey Maps
A customer journey map is a diagram that shows how a customer interacts with a business. Your clients' physical experiences are highly distinctive to a customer journey.
A customer journey map depicts significant turning points in the customer journey. For example, customers may view advertisements, interact with customer support agents, and try to complete a transaction during this journey.
You can make a customer journey map effectively. How? Let's learn it!
Drafting the route a consumer will travel through your company to accomplish a goal is where you should start. First, you will list each stage horizontally using the stages of the standard purchasing procedure.
3. Create Customer Personas Based on Behavioral Data
Brands are failing to comprehend some of the underlying motives and worries of their customers, according to Edelman Group.
But can you know your buyer personas as a B2B marketer?
Customer personas are in-depth depictions of demographic subgroups in your target market. You'll be miles ahead of the competition if you can develop accurate, data-driven personas and base your marketing choices on them.
4. Account Nurturing and Expansion
Account Based Nurturing is a marketing tactic that targets sales leads specifically rather than individually. To grow your influence over a larger group of people who affect purchasing decisions, improve total exposure inside targeted accounts. Also, try to add emotions to the customer journey map.
5. Develop Content That Inspires Action
To create inspiring content, you need to add emotions to it. For example, visionary and differentiated content and completely original ideas related to your brand can provide an unparalleled depth of insight.
If you are a better storyteller with solid narrative skills, you can make the reader your next consumer. That's because it inspires action and allows readers to buy your products or services.
How Account Based Marketing Is Connected To Outbound Marketing
Account Based Marketing (ABM) and outbound marketing are two distinct but complementary strategies. They can be used to generate leads and drive revenue for B2B companies.
Outbound marketing is a traditional approach that involves reaching out to potential customers through various channels, such as email, phone, and direct mail.
ABM, on the other hand, is a targeted approach that focuses on specific accounts and decision-makers within those accounts. As a result, ABM aims to increase ROI by tailoring marketing efforts to specific needs.
How To Implement An Account Based Marketing Pilot Campaign
Implementing an Account Based Marketing (ABM) pilot can be an excellent way for B2B companies to test the effectiveness of this targeted approach. It can be used for marketing before committing to a full-scale implementation. Here are some steps to help you implement an ABM pilot successfully:
1. Define Your Target Accounts
The first step in implementing an ABM pilot is to define your target accounts. These should be the accounts that are most likely to convert based on factors such as size, industry, and buying behavior. Identify the accounts and create buyer personas for them.
2. Create A Pilot Plan
Once you have identified your target accounts, create a pilot plan that outlines the specific goals, objectives, and tactics you will use to engage with these accounts. This plan should include details on how you will personalize your messaging, what channels you will use to reach your target accounts, and how you will measure the success of your pilot.
3. Align With Sales
As mentioned above, ABM is most effective when aligned with marketing and sales teams. Before starting your pilot, make sure that your sales team knows the accounts you are targeting and how they can support your efforts. Ensure that your sales team is involved in the pilot plan and that they have the tools to engage with your target accounts.
4. Use The Right Tools
To effectively implement an ABM pilot, you will need the right tools. Consider using platforms that offer ABM-specific features, such as account-based web personalization, analytics, and lead scoring. Keep reading to get the list of ABM tools.
5. Measure And Analyze
It is crucial to track your pilot's progress and measure the results. This will give you insight into what's working and what's not and help you make necessary adjustments. Use metrics such as pipeline, revenue, and customer engagement to measure the success of your pilot.
6. Review And Adjust
After the pilot is complete, review the results and make any necessary adjustments. Then, use the insights you have gained to refine your targeting and to message and consider scaling your ABM efforts to include more target accounts.
Best Account Based Marketing Tools
There are a variety of Account Based Marketing (ABM) tools available, and the best one for you will depend on your specific needs and use cases. Some popular ABM tools include:
It is a platform that allows you to engage with decision-makers through personalized advertising and engagement. It delivers sustainable growth in B2B companies.
A platform that helps you align your sales and marketing teams by connecting and enriching your CRM data. It improves revenue and the buyer's experience.
An all-in-one ABM platform that helps you plan, execute and measure your ABM campaigns. It provides advertising, sales intelligence, and Account Based Marketing. With the use of its solutions, users may find and measure audiences for B2B businesses.
A B2B marketing automation platform that helps you deliver personalized experiences across multiple channels. Whether it's dynamic content or an email, this platform will provide you with everything.
A platform that helps you to identify and target specific accounts, engage with decision-makers, and measure the impact of your ABM campaigns. Marketo helps calculate engagement scores and has an exceptional tool known as lead-to-account mapping functionality.
With Hubspot, you can make your B2B ABM strategy easily. It allows you to create buying experience for accounts that have a high value. You can also collaborate with teams with its ABM tool.
It is recommended to have a free trial or request a demo from these vendors to know which one fits your specific business needs.
Account Based Marketing is like a secret weapon for B2B businesses that focus on specific accounts and generate more profits. It allows businesses to make smart decisions and streamline their marketing strategy.
Imagine being able to track the success of your campaigns in real-time and adjust them accordingly, it's like having a crystal ball for your marketing efforts! Well, now you can do this with a good B2B Account Based Marketing strategy.
Try Revnew's proven Account Based Marketing approach to help you identify and target the right accounts. Sign up for a free consultation today and discover how we can help you achieve your sales goals.