Did you know that more than 60% of companies are planning to launch an account-based marketing campaign within the next year?
Having a successful account-based marketing campaign is aligned with the sales and marketing departments of your business.
How do you go about implementing account-based marketing into your company’s business strategy?
We’ve created a complete guide to help you understand account-based marketing and how you can completely transform your business strategy. Keep reading to learn more!
What Is Account-Based Marketing?
Account-based marketing is a business strategy in which the company’s marketing team acts as if an individual customer like they’re their own market.
These individual customers or accounts are marketed to directly, unlike the typical one-to-many approach that many businesses use.
During the development of account-based marketing, high-value prospects or accounts are identified.
The key stakeholders in the business are targeted and then marketing strategies are used through several channels to appeal to their unique needs.
How Does Account-Based Marketing Work?
When an account-based marketing campaign is successful, it aligns the relationship between customer success, sales, and marketing teams.
This marketing method uses digital targeting to reach best-fitting, specific companies (referred to as target accounts) that fit your company’s ideal customer profile.
Account-based marketing platforms can be used with marketing automation tools to run campaigns that target your target audience.
Not only does ABM allow you to target a specific company, but it also provides you with the opportunity to target key decision-makers at the companies you’re targeting.
Using account-based marketing provides companies with the ability to run multichannel campaigns by choosing ads across video, social, display, and mobile.
Advertising to your target audience allows you to give your leads a chance to engage on their terms.
As end result, this will give you the chance to see which message you’ve created resonates the most with your audience, as well as the data that you need to back up this campaign.
By engaging customers, companies who use account-based marketing see great success, because they don’t just rely on phone calls and emails to reach out to customers.
Instead, they use digital channels to not only engage the lead of the entire account, but other important people that are involved with an organization.
What Are the Benefits of Account-Based Marketing?
Account-based marketing is a very helpful marketing tool to use when your company is trying to connect with the largest accounts at one company.
If you’re not sure why you should consider implementing account-based marketing into your business strategy, here are several benefits of using account-based marketing:
Personalized Marketing to Your Specific Audience
An account-based marketing strategy is dedicated to all of the decision-makers that are located within the same company.
Using ABM provides your marketing campaigns with the ability to resonate with these specific individuals.
Developing a marketing campaign that caters to a large audience can make a viewer of your company feel like their personal needs or interests aren’t being met.
With account-based marketing, you won’t have as large of an audience to generate your leads from, but you’ll be able to completely customize your content to meet the interests of your target viewers.
Easier to See the Potential Return on Investments
One of the most common challenges that marketing departments run into when they’re developing a marketing campaign is being able to connect specific marketing campaigns with any new revenue that’s generated.
Many companies see that the biggest benefit that comes with account-based marketing is that companies are able to attribute their marketing campaigns to the revenue that it generated if they already have a relationship with the organization they’re marketing to.
At the end of an account-based marketing campaign, you’ll be able to know exactly where your marketing money is being spent, as well as how much you’ve gained at the end of a campaign.
Not only will this help provide your company with more confidence in the effort you’re making towards marketing your services.
Ultimately, this can aid your company in being more resourceful with your financial resources.
Spend Less Time on Marketing Campaigns
Not only does account-based marketing make it easier for you to monitor where your company’s marketing funds are going to, but it also helps to ensure you’re not spending too much time on a campaign that doesn’t have a clear value to your company.
Investing some of your company’s budget into account-based marketing and you’ll be able to provide your marketing and sales department with stability in case your organization has to worry about the seasonal decline or any other sort of unsteady market conditions.
Shorten the Sales Cycle
For most businesses that don’t utilize account-based marketing, they spend most of their time using lead generation to generate sales. One of the biggest faults in lead generation marketing is that your sales department won’t able to turn some leads into customers.
A sales team has to perform prospecting to eliminate these leads from their list if they don’t respond to their outreach, which wastes both time and resources.
Account-based marketing generates qualified leads by putting your sales department in contact with businesses who want to hear from you.
Implementing ABM into your business strategy allows your sales department to reduce the time they waste reaching out to leads that likely won’t become customers and spend time grooming leads that are likely to become customers.
As an end result, this allows your sales department to shorten the time they spend turning a lead into a customer.
Strengthen Your Current Client Relationships
Did you know that the average business in America loses 15% of its customers each year?
Retaining your company’s customers is essential to ensuring that your business continues to grow.
While customer service is important at the forefront of your operation, account-based marketing helps your sales team and your marketing team to become an equal part of your company’s customer retention.
While using account-based marketing may not expand your business with a specific client, it does help your company to strengthen your relationship with a client.
By networking with several people across one company, you’ll increase your company’s chances of having that specific customer renew their services with you when it comes time for their contract to expire.
Align Your Marketing and Sales Team
Is your organization having trouble aligning your marketing team and sales team?
Account-based marketing aligns both your marketing team and your sales team, so that way your marketing department knows exactly what company they’re marketing to and your sales department will get the leads they want.
Improved Customer Experience
If not the most important point, using account-based marketing improves the relationship that you have with your customers.
Buyers aren’t looking to be harassed with a marketing email or a cold call to start off their research to buy a product or find a way to solve a particular problem.
Instead, they want to explore possible solutions on their own terms and only communicate with a vendor if they’re providing a relevant solution to their problem.
Using account-based marketing makes it easy to deliver this service to potential buyers so that your services are being recommended when they’re ready to find a solution.
Steps to Implement Account-Based Marketing
Understanding how to effectively implement account-based marketing into your business strategy can be a challenge, especially if you’re used to only targeting personas or demographics, instead of specific companies.
Here a few steps that you can implement into your business strategy if you’re interested in making sure that your company starts using account-based marketing effectively:
Find Strategic Accounts
The majority of markets are used to discovering personas.
When using account-based marketing in your business strategy, you’ll have to begin your efforts by taking a look at the organizations that bring the highest MRR (monthly recurring revenue) to your company.
To do this, you can define the industry, the company size, location, upsell opportunity, annual revenue, and profit margin for the accounts that have dedicated the highest long-term profits to your company.
To discover these accounts, you’ll have to look at both qualitative and quantitative data.
Connect with both your customer success team and your customer-facing employees to learn from their experiences with your customers, while also finding data to support the information you learn from your employees. Getting together with your front-line employees is essential, as they’re the ones who know your leads and your customers the best.
Connecting the data that you’ve gathered from this information will help to secure that you’re moving your organization in a profitable direction.
Once you’ve discovered the highest-generating organizations that your company is interested in pursuing, it’s time to discover who the key stakeholders of the organization are.
After you’ve discovered a handful of target companies, take time to learn more about how these target accounts make decisions and who the people that make key decisions are. Utilizing every piece of knowledge that you get your hands on gives all the more power when developing account-based marketing strategies.
Developing Personalized Content
After you’ve finished the investigative process, it’s time to use the knowledge you’ve gained to develop content that personally speaks the organizations and stakeholders you’re targeting.
Once you’ve decided that you’re ready to enter into this step, you should have a solid understanding of the specific pain points of these stakeholders and how your company can solve these pain points with imagery and messages.
While your company is working on developing this personalized content, it’s imperative that your teams keep in mind that the content that’s being developed needs to specifically speak to the stakeholders you’re targeting.
Use your design team and your sales team to ensure that the content you’re creating is not only visually engaging but also communicates unique messages to the stakeholders you’re marketing to.
Highlight the Best Channels for Campaigning
If you’re not making sure that your campaigns are being promoted in the right places, all of the time you’ve spent researching and creating content will be wasted.
Discovering where the stakeholders you’re targeting spend most of their time will ensure that you’re highlighting the best channels for your campaign.
You’ll have to sort your way through Google Ads, Instagram, Facebook, Pinterest, Linkedin, etc to discover the best channels to use for your unique campaigns.
Measuring Your Results
After your account-based marketing campaign has been running for at least 30 days, it’s time for you to evaluate how effective your campaign was. Some important questions you should ask yourself when measuring the results of your campaign are:
- Did your company move any of these targeted leads down the sales funnel? Did your content prove to be engaging? If it did, how did it prove to be so? Are the accounts/stakeholders that you targeted starting to become more engaged with your company? Are you adding more stakeholders to target within this company? Did your company generate any revenue from the account-based marketing campaign? What could you do to improve as you move forward?
If the results that you received aren’t as desirable as you were hoping for them to be, account-based marketing makes it easy to measure your results and see where you have the potential to improve.
Ready to Invest in Account-Based Marketing?
With the right account-based marketing campaigns implemented into your business strategy, ABM will help your company to balance your marketing strategies, retain more customers, and expand your revenue.