Account based Marketing (ABM) is essentially treating an individual account as a Market in their own right. Account based Marketing is a structured approach to implementing highly customized marketing strategies addressing issues with tailored content.
The 4Ps of Marketing are Product, Promotion, Price and Place. But today, the 5th P – Personalization also forms the crucial part of the Marketing model. Personalization today has become a large part of Marketing. And this is prompting Marketers to explore options that will help them make it possible. Account based Marketing being one of them.
Traditionally, Marketing used what was commonly known as ‘spray and pray’ approach. Wherein the efforts were designed to reach out to a broader audience and hope it would bring in business/accounts.
While ABM or Account based Marketing involves aligning sales and marketing teams around a very targeted set of accounts. The focus here is on personalizing campaigns and generating prospect-specific offers to connect with customers.
Why Are Businesses Moving to Account based Marketing?
The focused and personalized approach is the main reason ABM is getting more attention from the businesses, especially in the B2B segment. In fact, according to SiriusDecisions, 92% of business-to-business (B2B) marketers consider ABM important today.
The personalized messages hit close to home and resonate with the exact need of the customer, thereby there is a heightened level of customer satisfaction from the get-go. Therefore, it is not a surprise that in a survey – 84% of the marketers finds Account based Marketing approach reaping significant benefits in retaining and expanding their existing client relationships.
Many would say that account based Marketing is the new buzzword that is making the business rethink their Marketing strategy. I would rather say, it’s the new reality that is making the marketers consider Account based Marketing for their focus strategy.
Summarizing Account based Marketing
- Focus your marketing on the accounts that are most profitable for you, and return on investment (ROI) will shoot up
- Personalizing messages helps increase customer satisfaction, hence retention
- With targeted strategies, marketers and sellers are in a better position to assess the effectiveness of each campaign
- Because Account based Marketing is focused it is easy to draw hypothesis and prediction of how an account would behave with the changes in the offer or product
More importantly, Account based Marketing puts your sales and marketing teams on the same page and aligns their efforts according to the same basic metric, i.e., the account.
Have you implemented Account based Marketing strategy in your Marketing? What has worked for you as a part of ABM? Would love to know about it from you.
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