It is of no surprise that according to prominent B2B marketers, Account-Based Marketing (ABM) delivers more than 95% higher ROI as compared to other types of marketing campaigns.
With ever-increasing competition, how can marketers keep up?
Account-Based Marketing has always been one of the most crucial and reliable strategies when it comes to B2B marketing. It not only helps you save time but also helps you focus only on high-value profiles.
This straightforward yet effective strategy is assured to be of high priority in 2023 and beyond.
One of the most effective methods to boost profitability is through Account-Based Marketing. It enables marketers to prioritize prospects that are most likely to enter the sales funnel and purchase the product or service.
Before we dive into the topic, let us understand what Account-Based Marketing really is.
What is Account-Based Marketing? (ABM)
Account-based Marketing is a marketing strategy that focuses on the amalgamation of Sales and Marketing strategies to develop highly personalized user purchasing experiences for high-value accounts.
Account-based Marketing helps you to quickly eliminate low-value accounts and ensures that marketing and sales are working in alignment to bring in the best results.
This results in allowing businesses to put their focus on high-value accounts through customized marketing strategies such as E-mail Newsletters, Social Media Marketing, Digital Marketing, Demand Generation, etc.
Essential Features of Account-based Marketing
One of the most highlighted characteristics of Account-based Marketing is its ability to target with precision. Marketers do not have to waste their efforts on dicey targets.
Account-based Marketing provides businesses to focus on certain specific accounts rather than indulging with multiple sources and hoping for the best. As a result, customizing campaigns and messages for prospects become much more seamless, leading to higher and more effective levels of personalization.
ABM also plays a key role in facilitating more richer and meaningful relationships between the business and the clients.
It allows businesses to build a sense of trust and credibility with their clients by joining forces with clients when making decisions regarding significant accounts and coordinating marketing campaigns and initiatives.
Therefore, this results in greater customer loyalty, repeated customers, and highly favorable word-of-mouth.
Account-based Marketing also enables businesses to precisely assess and analyze the ROI of their marketing campaigns effectively.
Businesses can observe and study in what ways certain accounts are affected by their campaigns and how it affects their conversion rates.
Moreover, it aids businesses in establishing data-powered marketing strategies and modifying them frequently to ensure optimal performance.
How can Account-Based Marketing be measured?
Buyers have multiple options to purchase from. As a result, it is crucial for every business to keep track of ABM success rates.
While most depend upon ROI, here are a few key metrics that you should keep in mind the next time you want to measure your ABM success rates.
The Engagement Rate
During ABM, your sales and marketing team would ideally be working together to provide personalized experiences to the prospects.
Due to such personalization, you could focus on your prospects’ Engagement rate. Keeping a track of this metric can help you get insights into whether or not your marketing efforts are working and the key areas your team might need to focus on.
Length of your Sales Cycle
ABM is a very detailed process. Therefore, your sales cycle in ABM might be longer compared to any other sales cycle.
As you are providing personalized solutions, the sales representative should listen to the prospect’s pain points thoroughly and talk them through them. This might take longer than usual but it is completely fine.
Win Rates
Your win rate directly describes whether or not your ABM efforts are working.
Keeping track of win rates helps you understand how many marketing leads have stepped into the sales funnel and how many of them convert into buyers.
Customer Acquisition Cost (CAC)
Most B2B marketers have a hard time understanding how much money is spent on ABM campaigns per customer.
If you are spending more capital as compared to the deal you have closed, then might need to re-evaluate your expenditure and come up with better solutions.
Why Account-based Marketing?
The answer is simple. According to a report by HubSpot, more than 65% of businesses leverage Account-based Marketing.
When it comes to B2B Marketing, ABM is equivalent to an obscured weapon that focuses on generating maximum profit.
Account-based Marketing empowers B2B marketers to interact with decision-makers by providing them with customized content. The marketing and sales personnel can easily determine their leads and offer them the tailored products or services they require due to this customized approach which leads to a better user experience.
Source:- SuperOffice
Through ABM, businesses can obtain highly valuable and optimized datasets. For businesses to guarantee high success rates, optimizing data is crucial which can prove to be highly beneficial. In the long term, these optimized datasets enable businesses in developing marketing and sales programs and training sales personnel for client interactions.
ABM helps you align your marketing and sales efforts by enabling you to eliminate unproductive leads and maintain focus on high-value targets. As a result, this helps businesses to facilitate communication with the decision-makers.
One of the main advantages of Account-based Marketing is that it enables businesses to utilize their marketing assets more efficiently. Companies can focus on particular prospects and decision-makers and personalize marketing campaigns to meet their expectations and touchpoints, rather than spending capital over a broad range of marketing efforts.
Source:- ClarityQuest
ABM prioritizes those prospects which are more probable to convert to buyers. As a result, it helps the sales department to have pre-determined objectives and keep a track of their goals.
Time and again, Account-based Marketing has proven to be one of the most effective strategies for gaining a complete return on investment (ROI). It enables businesses to generate leads, convert them into buyers, and maintain a strong bond with them which results in a higher ROI.
Tech is one of the best approaches to putting Account-based Marketing into practice.
The process of locating, interacting, and converting leads can be accelerated with the help of various ABM tools, making it more flexible and profitable for businesses of all sizes.
Personalize your marketing
According to a report by CEB, clients are 40% more likely to engage with businesses that provide personalized marketing strategies as compared to businesses that do not.
Through Account-based Marketing, businesses can personalize marketing engagements to yield optimal results in regard to high-value accounts.
This helps companies to empathize with the client’s pain points and provide them with effective solutions.
This strategy enables you to provide solutions that are truly useful for the prospects and make them feel valued.
Best ABM Strategies that will accelerate your sales pipeline
To reap the benefits of an Account-based marketing campaign, you must have a firm strategy planned.
Here are some of the best ABM strategies which will help to enhance your business.
Align your Sales and Marketing
In order for the lead to convert into a purchase, the client must have a great purchasing experience. This is where the alignment between the marketing and sales department is highly significant.
Study data thoroughly
A business should have an accurate analysis of the client data. This is to ensure that the right pain points are targeted.
This can be done by understanding various characteristics such as location, field/industry, demand, etc.
Provide a Personalized experience.
Every client is equally important. Make sure your client knows that.
Keeping a track of ongoing marketing trends and providing personalized experiences not only does the client know that they are valued, but will also continue to have a great bond with you.
With low-value clients eliminated you can focus on providing customized solutions to your client’s pain points.
Digital Marketing
It is no surprise that Digital Marketing is the future of marketing and advertising. Use it as an advantage.
Native advertising, blogs, social media posts and videos, and ebooks- it is an open field. Use the right approaches to target your audience.
Summing it Up
With the ever-increasing acceleration in technology, Account-based Marketing is set to become more and more precise and accurate when it comes to measurability as compared to traditional approaches.
Marketers are constantly in need of products and services that can accomplish more with fewer resources, and Account-based Marketing excels in just that.
Account-based Marketing will be a high priority for B2B marketers in 2023 due to its capability to be highly targeted, strengthen relationships with clients and monitor ROI.
Accelerate your growth with our Account-based Marketing services!
We, at The SalesBridge, focus on result-oriented solutions. With our vision and passion to provide a seamless experience and reliability to our valued customers, we believe in serving you with ever-growing curiosity and a strong sense of integrity.
As a leading B2B Marketing solutions provider, we believe our greatest strength lies in our ability to provide a seamless Account-based Marketing experience, serving clients from various sectors including Real Estate, Financial, and Educational institutions.
