ABM, or account-based marketing, is a personalized approach that treats each account or target as a market of one rather than a broad audience. You identify target accounts, research the key decision-makers within those accounts, and create personalized marketing campaigns that speak directly to their specific needs and challenges. This means it’s best suited for client-acquisition businesses or B2B businesses, where a few partnerships are more valuable than trying to bring in large volumes of customers. This approach can increase the likelihood of turning each campaign into a sale or relationship, making it ideal for the luxury and B2B sectors.
How Can Account-Based Marketing Benefit Your Business?
There are many reasons to start using ABM as your primary marketing approach, but it can be daunting to get started. ABM marketing services and specialists can help you set up the right approach using the tools and strategies that improve revenue and ROI all at once. Once you have an effective ABM strategy and protocols in place, you can then start enjoying these top benefits:
- Boost Revenue
One of the primary benefits of account-based marketing is that it can bring a big boost in revenue. By targeting high-value accounts and creating personalized marketing campaigns, businesses can increase their chances of closing deals with those selected accounts. By narrowing the target and increasing the likelihood of closing the deal, you can increase the revenue coming in.
- Align Your Sales Teams
ABM can also lead to better alignment between marketing and sales teams. In traditional marketing procedures, marketing teams work to generate the lead and then hand over that opportunity to the sales team, who will then close the deal. With ABM, however, marketing and sales teams work together to target high-value accounts and create personalized campaigns that speak directly to their needs. This can lead to better communication and collaboration between the two teams, resulting in a more streamlined and effective sales process.
- Improve Your Customer Retention
ABM can also lead to improved customer retention. By creating personalized campaigns for specific, high-value accounts, businesses can show those accounts that they are valued and understood. This, like personalization, can increase loyalty and add that special touch necessary to acquire repeat business. Encouraging customer retention and boosting repeat business cuts costs overall. After all, it’ll always be more cost-effective to retarget existing customers than it will be to target new ones.
- More Efficient Marketing Spend
ABM can also help you save money overall by making your marketing spend more efficient. Traditional marketing approaches often involve targeting a broad audience, which can result in your budget being wasted on people who are not interested in the product or service being offered. However, with ABM, businesses target specific high-value accounts that aren’t just beneficial to your business but most likely to turn into a partnership or sale. By creating personalized campaigns instead of relying on a wide fishing net, you can increase your ROI.
- Increased Brand Awareness
ABM can also lead to increased brand awareness. By creating personalized campaigns for high-value accounts, businesses can demonstrate their expertise and understanding of the challenges those accounts face. This can lead to increased awareness of the business and its offerings, even among accounts that are not currently being targeted. Additionally, by creating personalized campaigns for high-value accounts, businesses can increase their chances of receiving referrals from those accounts, which can lead to increased brand awareness and revenue.