Account-based marketing (ABM) has quickly become one of the most valuable and lasting trends to enter the lead generation sphere.
Rather than trying to capture a large audience and then filter low quality leads out, ABM goes straight for the kill: identifying high-value customers from the very beginning and creating personalised campaigns designed to convert them.
Optimised, targeted, and effective, it’s easy to see why marketing managers are turning to this approach to get ahead of the competition.
So what exactly makes ABM so effective?
If creating your ideal client avatar is like looking through binoculars, ABM is like using a microscope.
The marketing industry is more saturated than ever. People are bombarded with a thousand different messages every day.
The secret to successful account based marketing is creating something niche that reads as though it’s been crafted specifically for your audience’s needs.
Doing that across an audience of hundreds of thousands, however, is where the difficulties lie: personalising for a crowd sometimes seems impossible.
Single that crowd down to just one person? Suddenly it’s not so daunting.
With huge budgets often used to fund a year’s worth of campaigns, businesses want to know that their marketing is effective.
Unfortunately, due to the very nature and diverse application of marketing activities, it can be hard to figure out exact figures on ROI.
After all, how do you put a monetary value on brand awareness? On goodwill? On social clout?
Account based marketing makes it easier. By targeting a single person or business at a time, marketers no longer need to focus on the usual metrics like click-through-rates and impressions.
Demonstrating ROI on an ABM campaign is much more straightforward.
Did the contact engage with the content? Did they get in touch with the company? Did they end up spending money? If so, how much? If not, why?
Hard to track for a crowd, far easier for just a single point of contact.
Shorter sales cycle
Previously, the marketing team would be in charge of lead generation. Then, the sales team would spend hours separating the good prospects from the bad. It’s time consuming and inefficient.
ABM does away with those inefficiencies by removing the sorting process entirely.
Any ABM-based contact the sales team receives has already been pre-defined as a solid prospect, allowing the sales team to spend more time doing what they’re really here to do – selling.
Unification at last
There’s an age old argument between sales and marketing departments.
The sales team says they don’t close deals because the marketing team hasn’t given them good leads. The marketing team says the leads are great but the best ones are being ignored or mishandled.
The thing is, sales and marketing working together in harmony can have stupendous results.
Accounts based marketing ensures everybody is on the same page: one contact, already determined as high quality, with everybody working towards closing that one, single deal. Everybody is focused, and everybody is working in the same direction.
Don’t take our word for it
There’ve been a number of studies performed that show the efficacy of account-based marketing.
Here’s what major research groups and marketing companies have to say:
About 85% of marketers said ABM provided significant benefits to retaining and expanding existing client relationships.
97% of marketers surveyed said ABM had higher ROI than other marketing activities.
More than 90% of marketers believe that ABM is essential to B2B marketing.
More than 60% of companies plan to implement an ABM program within the next year.
And that’s just a handful of the findings from the big leagues – there are plenty more instances of small SMEs supplementing their existing marketing strategies and completely turning their businesses around.
Account-based marketing has proven it isn’t just another trendy way to think about your customers, it offers a brand new system of operating that turns the brand funnel on its head – with tangible results for those who adopt it.
For more information about account-based marketing and how it can supplement your current marketing strategies, get in touch with the team at Pounce today.