In the marketing world, a big or a game-changer idea is welcomed by all. Currently, B2B Account Based Marketing is that thing.
It’s a comprehensive approach towards synthesizing the current marketing practices in B2B. Also, the effects of ABM for B2B are absorbed by other marketing departments in the process too. A large number of B2B marketers are now embracing Account Based Marketing or ABM to accentuate their overall and ongoing marketing efforts. ABM perfectly complements the conventional methods of generating leads in marketing with the focus and efforts to draw long term profits and growth.
What is Account Based Marketing (ABM)?
Let’s get you a bit familiar with ABM. It is a form of key account marketing that approaches strategically towards the goals set and specified for target accounts in B2B marketing.
ABM gives a “one-to-one” approach where the marketers or organizations can communicate with other target individual accounts on a one-on-one basis. Thus, it breaks the old school method of “one-to-many” communication method in marketing.
ABM is a method that judiciously helps engage the marketing resources to the specific target accounts.
The higher revenue generation through this method itself creates motivation in the organizations to adopt ABM for B2B. It has been recorded that 91% of companies using ABM are able to increase their average deal size. It helps to specifically customize messages and programs for the target accounts or the buying teams.
Core Principles Of Account Based Marketing Trends In B2B
Right when everything is being technology-driven, account-based marketing has been introduced in the marketing at the right time. ABM synthesizes the best marketing strategies and practices in B2B. Here are a few core principles of ABM in B2B marketing trends:
- Aligning the marketing and sales strategy
- Automation of marketing efforts and trends
- Major focus on high-value prospects, rather than the number of leads by marketers
- Artificial Intelligence in play
- Machine learning
- Marketing through multiple channels
- Following the buyer’s journey
- Lead quality over quantity
- Deep insight on customers to provide tailored and personalized marketing messages
- Strategic management and planning to improve revenue, reputation and relation altogether
Why Practice ABM For Your B2B Organization
Account based marketing is a more individualized approach that brings success to B2B organizations. Enlisted below are the reasons why you should implement ABM in your B2B:
1. Your Prospect Wants To Be Treated As A Person Not A Crowd
It has been proven that personalized marketing messages and strategies are more effective and impactful for the target prospects or potential customers. It is a much better experience for them to be addressed personally rather than addressed generally like ‘Dear Customer’.
Account Based Marketing has taken B2B marketing strategies to a whole new level. It personalizes the content according to the key decision-makers in a particular target account while going through the buyer’s journey. It engages fine-tuned research for the decision-makers to identify the interested or potential customers and harness it accordingly. ABM efficiently targets the contacts that are potential buyers and effectively collaborates sales and marketing to function simultaneously.
2. Sales And Marketing Efforts Are Aligned To Extract Better Returns
We have usually seen the marketing and sales team working on an individual basis. But, if you are planning to implement ABM in your B2B, then it is a must for the sales and marketing team to work together in order to attain the best results. Your B2B will achieve favorable results by implementing ABM as it aligns the sales and marketing efforts.
The outreach tactics, communication strategies for the potential buyers and target accounts are weaved only when both sales and marketing efforts are applied together. ABM also monitors the campaign’s progress and keep track of the buyers. In a survey from Bizible, it was found that around 40% of marketers adopting ABM have reported that their sales and marketing efforts are more aligned as compared to the marketers who are not doing ABM.
3. Marketing Resources Are Used Efficiently
Marketing is a manifold process. It is diversified into many categories and channeled in many directions. Your marketing efforts are structured and focused on target accounts by introducing ABM in B2B.
Your two most valuable resources, time and money, are optimized by account based marketing. The sales and marketing teams work closely to focus on achieving business targets and thereby developing content for the key buyer’s accounts.
ABM helps to maximize the usability of the marketing resources among your B2B accounts which furthermore helps in building communication channels aligned with marketing organization and sales.
4. Experience The Enhanced Tracking Of The Progress
It is a critical job to analyze and report whether a particular tactic is working in favor of contributing to ROI or not. This will help in the formulation of better strategies in the future more effectively.
ABM is beneficial for B2B as it helps to drive greater revenue and achieve the business targets more specifically, as compared to Inbound Marketing. Influencing revenue is not the ultimate goal of a business. In fact, it is essential to draw a considerable amount of revenue which will be a measurable contribution.
All thanks to the internet and the new ABM software platforms introduced in the market, you can enrich your target accounts and profiles. It’s easier now to track your personalized campaigns in real-time. Keeping track of different metrics will help you save your valuable time and money as well.
5. Expect Some Serious Higher Returns On Investments
The effectiveness of a marketing strategy is decided on the basis of the return of investments. In implementing ABM, it is a must to measure how your marketing efforts are performing and analyze the real return on investment.
In a study, it was found that among around 84% of organizations that were surveyed, the return of investments was considerably higher in ABM driven businesses than in businesses running on other marketing strategies. Although it is very critical to measure ROI for any marketing initiatives it is possible to measure it by a lot of the new software and tools introduced in the market.
Account based marketing in B2B keeps track of investments and also identifies the key areas where the organization needs to work. This helps in strategizing an effective business tactic in the future through ABM.
6. Focus On Relevant Companies
The first step in ABM is to identify potential B2B buyer companies. Therefore, your sales team won’t have to waste time and money on irrelevant or uninterested prospects. This further accelerates the process of achieving targets by your organization.
Hence, the inefficiency caused by unqualified prospects is reduced by adopting account based marketing for B2B.
To Sum Up…
It is quite clear that account based marketing (ABM) is a quicker, relevant, revenue-driving and smarter choice for B2B. The personalized campaigns and strategic alignment of sales and marketing help to collect ROI and achieve and increase the target sales. The ABM specifically targets the potential buyers rather than the spray and pray method where you wait to try and catch anyone in your marketing method. Therefore, consider implementing account based marketing in your business campaigns. It is the next big thing now and it is quite likely that in the coming future all the B2B will be done by ABM. So, shift to it now and harness its benefits.