But before digging deeper, let's get started by understanding this term- Account-Based Marketing.
Well, Account Based Marketing is not a new marketing plan; it has been around for quite some time but has gained popularity only in recent years.
Account Based Marketing aims to target the accounts using customized campaigns. ABM focuses on a specific section of customers rather the whole society of customers which not only helps in saving the marketing resources but also makes it cost effective which in turn enhances the sales process.
Account Based Marketing can also be referred as key account marketing B2B strategy which works similar to inbound marketing. Unlike the traditional marketing method where in order to attract a customer an email or a cold call is made to them irrelevant of their interest, ABM has a very different approach.
ABM concentrates on a customized marketing strategy which aims at identifying your potential accounts (customers), engaging them with helpful content and establishing an enduring and profitable relationship.
ABM has proved to be the most effective tool in B2B marketing. According to ABM adoption benchmark report, about 96% of B2B companies believe that ABM has contributed to their marketing success.
Manufactures, in particular, have had a lot of profit leads after practicing ABM. They have majorly had long sales cycles and also high-value products and services along with speeding up pipeline velocity which helps in closing the deals faster.
Account Based Marketing approach can be considered as a blessing for manufacturers. It has proved to be one of the most beneficial strategies in the past and will continue to do so in future due to the following reasons:
ABM adopts a selective methodology in picking up its customers, it targets only the set of stakeholders who are inquisitive about buying various products or services which are offered by a manufacturer and this indeed helps in closing the deal faster and also swifts your unit in reaching the sales goals.
ABM is a customized approach to marketing through which the manufacturers can know the changing demands of the customers and indeed re-organize, re-tool and re-consider the various production strategies.
It also helps in gathering customer data. By knowing the customer's needs through customer data, the manufacturing units can target customers who have similar preferences through a single source of information.
While ABM may seem to be a rigorous strategy, it can help you attain high profits as it targets only restricted companies which can help you accurately use all your resources and also contribute in increasing the company’s revenues. It also helps in making a long-lasting lucrative relationship with the company.
Account Based Marketing is not based on “one-size fits all” approach rather it has various tactics involved in it. You can choose the tactics based on the numbers of accounts to be targeted and CRM. Let us now look at the types of tactics.
There are basically 4 types of ABM tactics-1:1 ABM, ABM Lite, Programmatic ABM and Bolt-on ABM.
The figure depicts the 4 different ABM tactics. Let us have a closer look at them.
It majorly targets an audience size of about 1-10 accounts. It focuses on enterprise accounts and has a deal size slightly larger than the average deals. Although it includes a long and complex sales process it provides a highly personalized content to specific accounts. It has a low scalability.
It focuses on an audience size of around 10-100 accounts. It targets majorly on an enterprise or mid-market accounts. The deal size of ABM Lite is same as 1:1 ABM and both have a similar sales process; however, ABM Lite provides strategic personalization and adapting content depending on the target accountant needs. It has a medium scalability.
It targets an audience size of about 100-1000 accounts. It involves a sales cycle including multiple decision-makers and has an average deal size. It provides automated personalization during the early stages of the sales cycle and starts to provide highly personal sales conversation in the later stages. It is highly scalable.
It is not restricted to any audience size. It can have any number of accounts. Its sale cycle depends on multiple decision makers and provides highly personalized sales conversation in the later stages of buyer's journey. It has a medium scalability.
After choosing the right tactics you can jot down the ideal ABM strategy.
Here are a few points you should keep in mind while intriguing your ABM plan.
Once you have these pointers ready you are good to go with your ABM plan. Also after your plan is in action, keep reviewing it time to time.
Account-based Management has always proved to accredit the manufacturing units with more engaging and profitable long terms with industrial companies. Although the data maintenance in ABM is higher to digest for the manufacturing units the end results are more profitable as the right message is communicated to the right customers.
So shift to ABM marketing with just a little change in your marketing strategies and enjoy higher revenues in a shorter amount of time.