Account-based marketing (ABM) is a hot topic that has been gaining a lot of attention — specifically in the B2B industry. And as a B2B marketing agency, we know all about this “new” technique. However, besides the name, the idea behind it is anything but new. This marketing approach has been around for some time, and as it turns out, you might already be doing it.
If you think about it, ABM is basically the opposite of traditional “mass marketing.” It is the process of individually targeting prospects and creating a tailored marketing strategy for each one. This may sound familiar because most B2B marketers are already doing some form of this.
Compared to B2C, B2B usually targets significantly fewer buyers. That is, it focuses on the quality of the prospects versus quantity. And as a result, an account-based marketing strategy is a byproduct of smart marketing. It is only recently that someone decided to brand an already proven process.
5 Benefits of Account-Based Marketing
I’m not knocking mass marketing. It can be a great approach to marketing. But if ABM is something that you’re not familiar with, you should definitely try to add it to your repertoire. Whether you’re a part of a small B2B marketing agency or a conglomerate, there are many benefits to account-based marketing.
1.) Waste Fewer Resources
U.S. merchant and pioneer of advertising, John Wanamaker, once said, “Half the money I spend on advertising is wasted; the trouble is, I don’t know which half.” This statement is the epitome of mass marketing. Mass marketing can use expensive tactics on an audience of thousands, with no effective tracking system available. With account-based marketing, on the other hand, you know who you are sending your messages to, and none of your efforts are wasted on non-targets.
2.) Marketing and Sales Collaboration
ABM allows sales and marketing to align, which is great for any company. Instead of chasing unknown, unqualified leads, the sales department is working in tandem with the marketing team to appeal to cultivated, highly targeted prospects. Working together, your sales team and a B2B marketing agency will improve the overall conversion and success rate of your marketing efforts.
3.) Personalized Messages
Account-based marketing delivers individually tailored messages through traditional media like direct mail and eblasts. These materials speak directly to the prospect and communicate your solutions to their specific pain points. This method is much more effective than the general messages used in mass marketing.
In fact, even the most segmented mass marketing messaging still may not be relevant to the recipient. ABM requires some additional research, but your prospect will be more likely to listen to you. They can see value if you can solve their problems — as opposed to a “one size fits all” message.
4.) Prospect Fit
Account-based marketing allows you to handpick the prospects who you want to work with. Yes, you could do this before, but the additional research that comes with ABM will give you insight into prospects who are a good fit for your organization. That could be their proximity, values or product/service. Identifying high potential prospects significantly increases your chances of long-term success.
5.) Visible ROI
One feature ABM offers that many other tactics don’t is a clear and measurable ROI. You know how much of your marketing budget you spent and whether or not you sold your product or service. Seems easy, right? And if you combine the visibility of ABM with simple marketing automation, you will be able to track your success rate for each individual tactic. Your overall marketing becomes more efficient and you become a smarter B2B marketer.
You may have been doing account-based marketing before it was cool, or maybe not. Nevertheless, it is a great technique for companies whose clientele base is not overly expansive. If there aren’t many opportunities for you to close a sale, account-based marketing could help improve your success rate. It is all about marketing smarter, not harder.
All marketing tactics should be thought of as part of a larger whole, rather than separate pieces. By strategically integrating all tactics, the programs become more effective and cost efficient. An Integrated marketing communication plan helps you meet real business objectives – generate leads, grow revenues, gain market share, and become the leading brand.
Mitch Mathern is a public relations executive at Schubert b2b. Mitch graduated from Rutgers University with a B.A. in Marketing. When not at the office, Mitch enjoys spending time at the beach with his surfboard, or binging on the latest season of Vampire Diaries.