Account-based marketing (ABM) is a growth strategy to create personalized experiences for high-value target accounts with the marketing and sales team’s collaboration. Instead of going all out, shooting in the blind, ABM helps segment the audience into high-value accounts resulting in a successful conversion.
According to a HubSpot report, 67% of brands have adopted the ABM approach as a part of their marketing plan. The strategy is the need of the hour as consumers expect personalized marketing content from organizations. Personalization is no longer a luxury but a necessity to acquire and retain customers.
What is account-based marketing in Current Times?
The global pandemic has forced organizations to take stock of their objectives and the marketing approaches they follow.
The traditional marketing strategies are not flexible to adapt to the changing requirement of customers and the marketplace.
In the post-pandemic scenario, ABM is gaining relevance as personalization marketing is the core of this approach. The leads it generates are quality leads that have a higher probability of conversion. It focuses on fostering collaboration among different departments, boosting customer engagement, improving customer experience, and generating revenue from high-value accounts.
How can ABM Help Your Organisation?
- Account-based marketing helps your organization concentrate its effort on high-value accounts. You save on time, money, and cost as your actions are focused on optimizing and executing campaigns tailored to high-value accounts.
- As seen above, personalization is a critical factor for conversion. ABM strategies are customized according to buyer personas, depending on the different purchase stages.
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As the audience is already interested in your offering, this approach encourages audience engagement.
- Measuring ROI with account-based marketing is comparatively more straightforward. You are investing your resources into select high-value accounts. You can measure ROI by evaluating the performance of those individual accounts.
- Collaboration among teams is beneficial for the growth of any organization. Successful execution of ABM campaigns requires your marketing and sales team to be in sync.
- ABM can help your organization grow with quality partnerships built on trust, confidence, and consistent customer experience. You can implement the strategy to keep identifying high-value accounts, improving customer experience and your organization’s bottom line.
How is an ABM Campaign Run?
Now that you have an idea of what is account based marketing?’. Let’s now see how it can help your organization, look at the three approaches to running an ABM campaign.
- One-to-One: As the name implies, this ABM approach is personalized and targeted at the lowest individual accounts level.
- One-to-Few: Using this approach, you can target accounts that fall under one category. For example, deliver personalized content for accounts belonging to one industry type.
- One-to-Many: This is the largest scope of the ABM approach, where the campaign is scaled to reach a large number of accounts. According to ITSMA’s benchmark report, this number stands at 900 accounts.
Due to the pandemic, organizations have realized that the one size fits all approach does not hold in a dynamic environment. The interest around what is account-based marketing and how it can help organizations overcome challenges is rising. Leverage the flexibility offered by ABM to differentiate your organization from its peers.