Account-based marketing (ABM) is a strategic approach that focuses on identifying and prioritizing the individual buyer, rather than the entire market or a segment of it. It also aligns sales and marketing operations to target these specific buyers with relevant products, services, and experiences. With ABM, your target customers are organized into separate accounts. Each account is assigned a score based on its potential value as well as the ease of selling to that customer again. This way, you can focus on growing those accounts that bring in the most revenue and have the highest potential for future value. Each account is also assigned a unique ID number so that every interaction you have with each one can be tracked easily.
What is ABM?
ABM is a strategic approach that focuses on identifying and prioritizing the individual buyer, rather than the entire market or segment. It also aligns sales and marketing operations with targeting these specific buyers with relevant products, services, and experiences. With ABM, your target customers are organized into separate accounts. Each account is assigned a score based on its potential value as well as the ease of selling to that customer again. This way, you can focus on growing those accounts that bring in the most revenue and have the highest potential for future value. Each account is also assigned a unique ID number so that every interaction you have with each one can be tracked easily.
Why Does Your Company Need Account-Based Marketing?
From one-on-one communication to account-level segmentation, ABM works towards better targeting of leads based on the specific behaviours and needs of each individual. In other words, your marketing and sales teams will be focusing their efforts on the customers that are the most likely to buy from you again. This ensures that you’re engaging and retaining the best customers as well as that you’re making sales from the customers who are most likely to buy from you in the first place. By implementing ABM, your company can increase its revenue by up to 30% because you’re focusing on each individual customer’s needs more effectively. You’re also likely to retain your best customers, which will lead to an increase in your customer lifetime value too.
When Should You Start Account-Based Marketing?
You should start account-based marketing when your sales and marketing teams have had the time and training to understand the best practices for account-based marketing. Many companies start implementing ABM once their sales and marketing teams have been collaborating for a few months and understand their strengths and weaknesses. It’s important to note that account-based marketing requires a long-term strategy. You can’t just start targeting accounts and expect immediate benefits. Your sales and marketing teams should start with a pilot account-based marketing campaign and then work towards scaling it up over time.
Which Behaviour Drives Account Based Marketing?
Behaviours that drive account based marketing are those that are most relevant to your business. For example, if your company sells a software solution, the behaviours might include downloading PDFs, filling out contact forms, and attending webinars. By tracking these actions and recording the customers who perform them, you can organize your leads into cohesive accounts. For example, leads that download PDFs regarding your product might be grouped into the same account as leads that fill out contact forms regarding your product. This way, you’re able to see which specific customers are interested in your product, how many of them there are, and where they are in the sales funnel.
Which Tools Are Currently Best For Account-Based Marketing?
While there aren’t any specific tools that are best for account-based marketing, there are certain tools that are commonly used for account-based marketing. For example, if your company uses Salesforce, you can use the Salesforce account-based marketing tool. You can also use marketing automation software to track leads and organize them into accounts. You can also use social media management tools like Hootsuite to organize your leads into accounts. Additionally, you can use tools like Google Analytics to track your leads and organize them into accounts. Finally, you can also use CRMs like Hubspot and Salesforce to implement account-based marketing campaigns.
Summary
In summary, account-based marketing is a strategic approach that focuses on identifying and prioritizing the individual buyer, rather than the entire market or a segment of it. It also aligns sales and marketing operations with targeting these specific buyers with relevant products, services, and experiences. By implementing account-based marketing, your company can increase its revenue by up to 30% because you’re focusing on each individual customer’s needs more effectively.
Cluezilla offeres consulting services in the area of Account-based marketing (ABM) that improves client engagement and customer lifetime value (CLV)