The evolution of digital marketing strategy has come quite a long way from the age in which marketers would cast a wide net in hopes that they’d reel in a large variety of potential customers.
Now, with an increase in demands for market strategies that are more efficient, tactical, and measurable, businesses are looking to a proven marketing strategy that is gaining traction: account-based marketing (ABM).
ABM isn't new to the business world, but has risen quickly in popularity with recent technological advancements. What’s more, it’s establishing itself as the most valuable strategy among B2B companies.
Why? Because the companies that implement ABM tactics close on bigger deals by focusing on specific accounts, and that approach has boosted sales and profits.
If your business is looking into how to utilize ABM within a specific market, below are some tips on how to get started.
- Create a targeted account list
Your first step in ABM is identifying target accounts—ones that can truly benefit your business and generate significant profit. Make sure these accounts make sense both ways, then assess how your product or service benefits their businesses more than competitors products or services. Also include accounts you think could stand to grow from this tactic.
- Understand your target audience
Account-based marketing requires a thorough and conscious understanding of a targeted account. In order to go after an individual account in a way that is personalized and direct, you’ll have to conduct your own research on this audience by implementing campaign measurements and lead activities.
Research the key trends in the account you're targeting, its industry, its competitors, Its history, and its employees—especialy the ones you'll be working with.
Also, research their likes and dislikes on the internet, record calls to study them, and generally make them your top priority - as they should have been all along!
- Develop personalized campaigns
Having developed a list of potential accounts and grasped their mission and strategy, build a behavior-based campaign. The key is to build marketing programs that target the specific accounts on your list, then start guiding them through the funnel.
In targeting these accounts, create campaigns that include content and messaging that caters specifically to them, addressing an account's specific needs and challenges, and acknowledges their history.
- Combine sales and marketing
Align your sales and marketing strategy by making sure your sales and marketing teams have the same complex understanding of every account on your targeted list.
Also, make sure your sales and marketing teams are on the same wavelength. Brief each team on an account’s action plan and encourage them to stay in constant communication with each other.
This approach streamlines the customer experience and prevents hiccups in communications no matter who an account talks to on your team.
- Calculate Your Results
Measuring your results becomes a key component of building a consistently effective ABM strategy. So, no matter how large or small a campaign, make sure you always measure results.
Your calculations and understanding of the differing stages in your campaign will impact your adjustments in content and effort.
Also, you may find a need for adjusting lists and segments based on your analysis of results. Making these discoveries will be a huge help in the way you target future segments.
Last Word — Put Customers First
Account-Based Marketing can be the difference between keeping and losing key clients—the kind that can catapult your business to the next level.
ABM is also an organizational structure that ensures your customers and clients are your top priority as well as a new way of going back to basics.
But when all is said and done, what ABM really comes down to is putting each customer first and giving them the personalized attention they want.
Have you tried ABM? If so, let us know how it's working for you and what things you've done to make it successful.