01 Apr Is it Your Time for Account-based Marketing?
In the early 2000s, customers were starving for information. Traditional marketing, public relations, and an emerging thing called blogs worked well in disseminating consistent and accurate information, and attracting leads. Out of all those leads, however, only a few true customers could be found. Connecting with and capturing the attention of your buyers is completely different today. Is it time to start an account-based marketing program?
Now, we’re in an age of information abundance. Some might even say information overload. The marketing channels, technologies and strategies used to reach high-value prospects have changed. These changes mean it’s more challenging than ever for brands to reach buyers and meet – or exceed – their expectations.
Top sales reps have always known that every customer is different. Successful sales people customize their approach, using account-based selling to close high-value prospects. Today, top marketers are using account-based marketing (ABM) to reach targeted prospects.
“When sales and marketing are tightly aligned, marketing-generated revenue increases 208%. Why? Because organizations see margin expansion, customer retention and higher win rates as deals close faster and at a higher rate.”Wheelhouse Advisors, London, UK
What is Account-based Marketing?
Account-based marketing is when B2B sales and marketing teams work together to target accounts and turn prospects into customers. Integrating strategies among marketing and sales teams combines their expertise toward the same goals. Engaging both fronts this way closes deals faster among the customers that matter most to the business.
Focusing on the Goal
The goal of ABM is to find and develop high-quality prospects rather than generating a large volume of leads. Your focus changes from lots of low-quality leads with a few good ones mixed in to highly targeted accounts that are the best possible fit for your products or service.
Marketers using ABM need to work with sales to identify individual prospects and develop direct, one-on-one communication plans. You might refer to this at your organization as initiatives aimed at major or national accounts – a single account capable of generating a large volume of sales, usually at multiple locations or across regions. A successful ABM initiative customized for highly qualified and potentially lucrative leads can provide in-depth information that would be otherwise inaccessible. Taking time for the deep-dive in this way can close larger deals while reducing marketing spend.
Sales and marketing alignment is vital in ABM. Aligning strategy creates better prospect engagement, allows for relationship building and, eventually, higher sales results. Sales and marketing should be thought of as one team working together. The proper implementation of ABM can help generate and cultivate more qualified leads, improving marketing ROI and driving increased revenue.
A Compliment to Traditional Methods
Lastly, you don’t need to apply an account-based marketing approach to all prospecting efforts. Instead, reserve the ABM method for your the highest-value prospects with the greatest potential to generate sales growth. ABM doesn’t replace traditional marketing; it complements it.
If you found this interesting, you might also like our post on Personalized Marketing Do you need help with sales and marketing alignment or integrating account-based marketing? We can help. Contact Craig firstname.lastname@example.org.