Account based marketing (ABM) is a new form of strategy that is gaining traction in recent years. This type of marketing is helpful to business-to-business or B2B types of businesses. The last few years have seen the rising numbers of B2B marketers that are embracing the ABM strategy. ABM Is usually partnered with other marketing plans.
ABM is perfect for long-term strategy while traditional marketing would be helpful in gaining clients in a short-term plan. Account based marketing is paired with another type of marketing called predictive marketing which is an essential part of this marketing track. Account based marketing is focused on personalizing and customizing offers to specific companies.
If you are interested in using ABM, you have to tailor a program that is specific and special to the target company you are aiming for. As previously mentioned above, ABM is closely linked to predictive marketing. What exactly does this marketing strategy mean?
This type of marketing refers to a strategy that utilizes data analytics in deciding which marketing plan and actions will have a higher possibility of returning an investment. It is prominent in the technology industry as it uses algorithms, analytics, and data in determining the right solutions to get into. Businesses that use the predictive strategy would have decisions based on data-driven results.
Predictive-type of promotions proceed by getting information from their current customer base. The information will be used to predict upcoming results and outcomes. The pattern involves extracting information, checking the data from the extracted results, and formulating a strategy from that analysis. Predictive marketing is important for ABM as it helps to empower this strategy.
Predictive analytics is about using data insights in targeting the right accounts that will be the best fit for your business. Since ABM is about finding target clients, it has to be noted that this task is a time-consuming and strenuous activity. In order to lessen the lost time and risk in investing in this strategy, using predictive insights will provide clearer analytics.
One of the benefits of involving a predictive strategy with account based marketing would be the ability it gives the marketers to identify what services or products do the targeted accounts needed to buy. The other benefit of a predictive strategy is to efficiently help marketers find to find new target accounts.
Who Uses Account Based Marketing?
Account-based marketing is used by companies who are looking to get high-value clients. ABM is a strategy that helps them have a focused marketing approach instead of having a broader promotional plan in working on their sales efforts.
Since ABM needs to adapt to every client and the amount of customization needed for each account, this type of marketing strategy is more expensive to pursue. The new marketing tools and applications made with technological advancement has made ABM more manageable.
What are the advantages your business can gain from utilizing ABM?
You Get A Clear Vision of the ROI
B2B marketers use different types of marketing tactics to get clients. Account based marketing is used on B2B which can be difficult to navigate but gives great returns. One of the major benefits of using ABM is its ability to provide the highest return of investment out of all the different marketing tactics in the B2B industry. Account-based marketing gives significant returns when it comes to getting new clients.
The reason why it is hyper-successful is due to its sniper-type approach to getting clients. It is precise, targeted, personalized, and concise. ABM determines the needs of a specific client and provides solutions for those needs.
Since the company already needed help in those areas, it will be easier to sell the customized service that your company is offering. If we compare ABM to the broader perspective of inbound marketing and outbound marketing, it’s a specialization on being laser-focused entices clients as they have already seen the right solutions for their needs.
ABM is a Marketing Strategy with Less Risk
When you start using ABM in your company, you do not need to hire or fire account managers if the accounts are not doing well. When an account based marketing strategy is used an account manager can work on marketing, converting, and creating an upsell to various targeted contacts. You can hire your next account manager once you have already established some of the accounts.
If one account leaves, still you already established a pipeline before hiring another account manager; you will have lesser problems in worrying about having no clients. Since the program is customized, the target is already committed to its involvement with your business. Instead of spending money on ad spend and hoping that someone will convert into a paying customer, ABM has already ensured that a client is in place.
Goals and Sales Visions are Easily Mapped Out
Considering you already have the target client’s profile; it would be simpler to draw out your goals. You already developed your plans for that target account which makes the goal-setting more elaborate. ABM account managers have to check with sales to specifically target clients, draw the plan, and align the initiatives needed to achieve the goals.