What is ABM?
Account based marketing is a strategic marketing initiative jointly owned and run by sales and marketing. ABM allows you to focus your resources on key accounts/industries where you can generate high-value opportunities as effectively as possible.
In short, ABM allows you to:
· Identify your highest value/highest growth clients
· Assimilate insights from sales and marketing to enhance your messaging and outreach
· Generate bespoke content to initiate and elevate conversations
· Build awareness, secure meetings and build pipeline/deals
Why should you use it?
Account-based marketing joins and directs sales and marketing resources to engage a specific set of target accounts. It’s a much more strategic approach that elevates conversations beyond a typical product sell and allows you to tie your product/solution around individual account needs. The more you run this strategy, the more you learn about your buyer universe and your audiences’ personas, challenges and requirements, which allows you to refine your approach in a way that is more engaging and effective. Some of the tangible outcomes of ABM are:
· Building awareness
· Identifying and developing relationships
· Securing meetings and building pipeline and sales
· Improve your customer interactions and experience
· Developing bespoke ABM content
· Build insights that refine your marketing approach outside the ABM program
How to implement ABM
Firstly, you need to establish joint objectives for sales and marketing. It’s a joint approach that needs buy in and input from everyone to be ensure an effective program.
There is no one-size-fits-all solution. Every business will need to establish their own approach and shape to ABM.
Start small, pick a couple of your strategic accounts or a handful of clusters and start running an ABM pilot into them. Align your joint objectives and execute the program with an open mind, then test, learn and evaluate this before you start expanding this into some of your other accounts/segments. The more you build it, the more insights you get and it’ll start becoming apparent what messages are working well, what segments are performing best and you can then build this approach across your wider universe.
When is it beneficial?
In B2B, it’s very rare that you’ll find a business where an Account based marketing program won’t be beneficial to them. All businesses should at least start thinking about what ABM could bring to them and start building the mindset of ABM across their teams. It’s good practice to start thinking about your products and services in terms of how these fit within specific accounts/industries and allows you to have much more pragmatic conversations with prospects.