Not just a word-for-word but a game-changer for leading retailers since the mid-2000s, account-based marketing (ABM) has become a key element in today’s marketing efforts to drive demand and increase ROI. According to Rollworks, "B2B organizations such as Bottomline Technologies, People.ai and OneNeck IT Solutions are relying on a mix of traditional demand-generating tactics with ABM strategies to care for their audiences and reassure top leadership. ".
ABM has gotten more steam lately as retailers, bloggers and market research firms are all pushing for a revival in the popularity of account-based marketing. In 2017, only 29% of traders had found ABM to be effective while by 2019, account-based marketing success reached 97% higher compared to other marketing tactics.
ABM's success lies strongly in the ability of marketing and sales to close their deals in a targeted and coordinated manner. Plus, personalizing your brand messages has never looked so good!
In this article, we will explore how you can adopt a winning account-based marketing strategy for your business with the help of the right tools, team alignment and process. Let's go!
What is Account Based Marketing?
Account-based marketing is a strategic and targeted marketing strategy, where key business accounts are traded directly. It is a focused approach to B2B marketing where marketing and sales representatives come together to target the best or highest quality accounts and turn them into customers. Top B2B executives say it is no longer an opportunity for merchants and sales officers to work separately. According to Alterra Group, traders achieved a 97% higher RRI including ABM initiatives in their marketing initiatives.
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Account Based Marketing Vs. Traditional marketing
Instead of throwing an extensive network of directions with big marketing campaigns, ABM tactics focus on high value accounts to feed, convert and maintain them over time.
Contrary to traditional marketing tactics, in account-based marketing, sales and marketing teams work hand in hand to create a hyper-personalized experience for each target account. Account-based marketing is more apt to follow large companies that have longer sales cycles and complex sales needs. On the other hand, traditional B2B sales are more suitable for small and medium businesses that tend to be cheaper to buy and faster to buy.