Account-based marketing is a strategic B2B marketing approach where in the marketing and sales resources are focused on specific high value accounts known as target accounts, rather than on particular individuals.
Although this approach isn’t a new one, yet it hasn’t been utilized in the past due to the lack of optimal resources for its success. But with the emergence of technologies like predictive analytics, CRM & Marketing automation, the major tasks of mining potential customer data and personalizing messages for better engagement have been simplified thus, facilitating greater possible adoption of ABM.
” Don’t count the people you reach, reach the people who count ” – David Ogilvy
ABM mainly concentrates on identifying & addressing buyer problems rather than promoting products & services.
Tightly sales and marketing teams help in better prospecting and nurturing of target accounts.
Account based marketing focuses greatly on providing a rich customer experience thus building lasting relationships.
Personalized campaigns not only add to customer experience & enhance customer retention but also help build unparalleled brand loyalty.
Although ABM has been around for quite some time, it is increasingly being adopted in recent times as B2B marketers realize its benefits in building long term business relationships thereby ensuring a steady inflow of revenue.
B2B companies have begun utilizing targeted account strategies, as 86 percent of marketing and sales professionals stated (LeanData).
84% of marketers said that ABM had significant benefits to retaining and expanding existing client relationships (Alterra Group).
Almost 85 percent of marketers who measure ROI describe ABM as delivering higher returns than any other marketing approach; half of those marketers cite significantly higher returns (ITSMA).
Designing and driving personalized marketing campaigns for individual accounts
Designing and executing lightly customized marketing strategies focused on the target accounts with similar requirements and pain points.
Technologies such as CRM & Marketing Automation are utilized to tailor marketing campaigns for specific target accounts with related issues.
Lately, Account Based Marketing (ABM) is a word that has been doing the rounds in the B2B community with greater frequency. ABM also known as key account targeting, is a strategic approach to B2B marketing that targets specific high-value accounts.
This approach combines B2B lead management and relationship management to grow the life time value of specific target accounts by engaging specific accounts and individuals across various stages of the buyer journey.