ABM, or Account Based Marketing, is a recent marketing strategy that has proven to be extremely effective.
If you want a higher return on investment (ROI), there are studies that show that ABM has in recent years often produced better results than other traditional marketing strategies.
Learn more about the strategy in this article!
The ABM strategy was created as a result of B2B buyers only looking for a relevant and appropriate message, and often ignoring everything else.
The ABM strategy acts as a tool for marketers, allowing them to avoid generic sales pitches and rather focus on the customer’s most important needs.
What is Account Based Marketing?
In short, Account Based Marketing is a marketing strategy where we focus on and market to a large number of potential or existing customers, often called “key accounts”. These are customers who are most likely to help strengthen the company’s bottom line.
The strategy helps to market more directly with a one-to-one approach, in contrast to the traditional one-to-many approach we normally use in marketing.
In order to market directly to these customers, a thorough survey of their needs is required. At the same time, marketing must be targeted at the corporate culture. This is how you can create a message that speaks to your customers on a personal level.
In other words, Account Based Marketing stands out from traditional marketing in that we do not market to a specific audience or geographical area, but rather to specific organizations and customers.
ABM is about delivering personalized programs and campaigns with messages and content aimed at selected potential and existing customers.
With this, you should be able to get them closer to your goal, whether it is a sale, cross-selling, renewing a contract or influencing a particular decision.
ABM is a highly effective marketing strategy for businesses operating with B2B. The reason is that marketing is based on a personal approach. The strategy also excludes irrelevant messages that are not useful or appropriate for potential or existing customers, making it easier to speak directly to customers.
Account Based Marketing has proven to help increase ROI on marketing campaigns. Without such a strategy, it is difficult to know which customers you are going to get, what the potential customers can offer and what this adds to the value of your business. This means that you risk loss on your investment.
With Account Based Marketing, on the other hand, you focus on your company’s efforts and increasing revenue with the right customers. These are customers who want good cooperation, are flexible, have the opportunity to buy more from you and that gives you a higher income effect.
What Are the Benefits of Account Based Marketing?
One of the best benefits of the ABM strategy is that it is targeted. Instead of having a few conversions, ABM aims to target a group of potential customers who are most likely to accept an offer.
Often, you will get in touch with key people of your selected customers who you can influence in your decisions, thus building closer customer relationships that lead to increased sales and increased revenue opportunities.
In other words, Account Based Marketing is not just about getting hold of large customers or so-called key accounts. The strategy is also about improving the customer experience.
A good customer experience keeps you engaged and helps them grow through, for example, cross-selling and additional sales as well as expanding existing customer relationships.
How to Use ABM
The process starts with analyzing and defining which customers give the company the highest monthly fixed income.
For instance: You should map out which industry they belong to, how big they are, where they are geographically, profits also continue. You do this to define which customers you want to find.
Once you have figured out who, what, where and when, it’s time to roll out your campaign.
Here, it is important that the content and marketing is not perceived as desperate. Yes, you should sell, but the campaign should also be appealing. It should be interesting and engaging, and the content should be of value to potential customers.
Who Can Use ABM?
Account Based Marketing is often used by larger companies, but there is nothing wrong with smaller companies adopting this marketing strategy.