Account-based marketing refers to a B2B marketing strategy that pays more attention to each individual accounts and targets each as a market with higher efficiency of personalized 1-1 experience and content.
Account-based marketing enables your marketing team and resources to focus on a specific number of higher value target accounts. In this modern marketing approach, ABM covers about 28 % of total user marketing budgets, and 77% of account-based marketing users gain 10% or even greater ROI. With the best and suitably available tools, team, and procedure in place and on time, any B2B company can develop a successful and effective ABM strategy.
Sales and marketing teams face quite similar challenges on a daily basis. Let’s look at some of the examples of typical challenges faced by the teams and how ABM helps solve them.
As a critical aspect of account-based marketing, its feature of focusing on a restricted number of high-value customers, an ABM strategy streamlined the metrics and goals for which the sales and marketing teams are responsible. Time when both teams are on the edge of reporting revenue and ROI, poor communication cannot be tolerated.
To overcome this challenge, ABM relies on its centralized view. It has the ability to bring teams together under a single view of the customers, gain the full benefit of intent data and interpret when and how to involve a buying committee.
These days B2B buyers expect highly personalized experiences. As per the data, about 82% of customers believe that a single extraordinary experience raises their expectations of other companies (state of connected customers).
Sales and marketing resources by focusing on a specific group of customers, ABM enables you to deliver the best possible hyper-personalized, 1-1 experience that will engage the whole buying committee and, in turn, result in conversions.
Every marketing strategy well understands the fact that data is the key to personalization. Still, if the same data is overloaded, it can adversely affect your efforts if you are unaware of where to begin. By restricting your focus to the key accounts, Account-Based Marketing will enable sales and marketing to quickly identify and share the data they need to construct experiences that will align with buyers’ needs and timing.
The 1-1 experience with high personalization is the heart of ABM, which builds the confidence and trust of buyers. This will result in forming a long-lasting relationship and also enhance the lifetime value of your customers. This works for both potential and existing customers as well. The enhanced services and personalized engagements form the core of ABM, and it will help widen the door for new revenue opportunities.
Account-based marketing helps to maximize marketing budgets, enhances customer retention, and produces ROI easier for tracking. Brand awareness, engagement, and lead quality metrics are also crucial for demonstrating the effectiveness of your ABM strategy, apart from revenue and ROI.
It is pretty clear that with the help of Account-Based Marketing, you can overcome the most significant challenges faced by the sales and marketing team.
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