Account-based marketing (ABM) is a marketing strategy becoming increasingly popular among B2B marketers. Unlike traditional marketing strategies, which focus on reaching a wide audience, ABM is all about targeting specific high-value accounts and providing them with personalised content and experiences.
In this post, we'll cover the basics of account-based marketing, including its benefits and how to get started with an ABM strategy.
Whether you're new to ABM or looking to improve your existing approach, this beginner's guide will provide you with the information you need to succeed. So, let's dive in!
Understanding the ABM Approach
One of the main differences between ABM and traditional marketing strategies is the level of the personalisation involved. ABM involves creating customised content and experiences for each high-value account, taking into account their unique pain points and needs. This personalisation can help to build stronger relationships with potential customers, making it more likely that they will choose your product or service over your competitors.
Another key aspect of the ABM approach is the close collaboration between marketing and sales teams. In an ABM campaign, marketing and sales teams work together to identify key accounts and decision-makers, develop custom-fit content and experiences, and close deals. This collaboration is essential to the success of an ABM campaign, as it ensures that both teams are aligned and working towards the same goals.
Identifying Key Accounts and Decision Makers
One of the most important aspects of an ABM campaign is identifying key accounts and decision-makers. These are the accounts which are most likely to convert into customers, and the decision-makers who have the power to make purchasing decisions.
By identifying these accounts, you can tailor your marketing efforts to their specific needs and pain points, increasing the likelihood that they will choose your product or service over your competitors.
So, how do you identify key accounts and decision-makers? Here are some tips:
Research the company's pain points: Start by researching the company's pain points and challenges. What are they struggling with? What problems are they trying to solve? By understanding their pain points, you can create unique content and experiences that address their specific needs.
Understand their buying process: It's also important to understand the company's buying process. Who is involved in making purchasing decisions? What criteria do they use to evaluate products or services? By understanding the buying process, you can tailor your marketing efforts to the specific needs of each customer.
Use data to identify high-value accounts: Finally, use data to identify high-value accounts. Look at factors such as revenue potential, size of the company, and industry to determine which accounts are most likely to convert into customers.
Creating Personalised Content and Experiences
One of the key aspects of an ABM campaign is creating personalised content and experiences for each key account. This involves tailoring your marketing efforts to the specific needs and pain points of each account, to build stronger relationships and increase the likelihood of conversion.
So, what types of personalised content and experiences can be created for key accounts? Here are a few examples:
Landing pages: Create custom landing pages for each key account, tailored to their specific needs and problems. This should include messaging that speaks directly to their challenges and calls to action that are relevant to their buying process.
Targeted email campaigns: Develop targeted email campaigns for each key account, with messaging that is customised to their individual needs and interests. Use data to understand what types of content and messaging resonate with each account, and tailor your campaigns accordingly.
Personalised content: Create personalised content, such as case studies, whitepapers, and webinars, that speak directly to the challenges and pain points of each key account. Use data to understand what types of content are most likely to resonate with each account, and tailor your content accordingly.
By creating personalised content and experiences for each key account, you can build stronger relationships and increase the chance of conversion.
Aligning Marketing and Sales Teams
An ABM campaign involves a close collaboration between marketing and sales teams, with both teams working together to identify key accounts, create custom content, and ultimately drive conversions. Here are some tips on how to align your marketing and sales teams for a successful ABM campaign:
Have regular meetings: Schedule regular meetings between your marketing and sales teams to discuss progress, and share insights, and strategies on how to move key accounts through the sales cycle. This can help ensure that both teams are aligned on goals and priorities.
Set common goals: Ensure that both marketing and sales teams are working towards common goals, such as driving revenue from high-value accounts. This can help keep everyone focused on what's important and working towards the same outcome.
Share data and insights: Share data and insights between your marketing and sales teams, to help ensure that everyone has the information they need to make informed decisions. This can include data on key accounts, buying behaviour, and pain points.
Learn more about aligning your sales and marketing teams with our blog article here.
Developing an ABM Strategy
To develop an effective ABM strategy, you need to set clear goals and KPIs that align with your overall business objectives. Here are some tips on how to develop an ABM strategy:
Define your high-value accounts
Identify the accounts that are most valuable to your business, and segment them based on their characteristics and challenges. This will help you create personalised content that resonates with each account.
Set clear goals and KPIs
Define what success looks like for your ABM campaign, and set clear goals and KPIs to track progress. This could include metrics such as engagement rates, pipeline contribution, and revenue generated.
Create a content plan
Develop a content plan that aligns with your ABM strategy, and create unique content for each account. This could include targeted email campaigns, landing pages, and other types of content that address the pain points of each account.
Segment your accounts
Segment your high-value accounts based on their characteristics, pain points, and buying process. This will help you create more targeted and effective campaigns.
Measure and optimise
Continuously measure and optimise your ABM campaign to ensure that you're achieving your goals. Use data and insights to refine your approach and improve your results.
Measuring and Analysing Results
Measuring and analysing the results of your ABM campaign is crucial to its success. Here are some reasons why:
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Identify what's working and what's not: By measuring the results of your ABM campaign, you can identify which tactics are driving results and which ones need to be improved.
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Optimise your approach: Analysing the results of your ABM campaign can help you optimise your approach and make data-driven decisions. This could include refining your target account list, creating more targeted content, or adjusting your sales strategy.
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Show the value of your ABM campaign: Measuring the results of your ABM campaign can help you demonstrate its value to key stakeholders in your organisation, such as your sales team and executive leadership.
To measure the success of your ABM campaign, there are a number of metrics that you can use. Here are some examples:
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Sales cycle length: ABM campaigns are typically focused on high-value accounts, which often have longer sales cycles. By measuring the length of your sales cycle, you can determine if your ABM approach is helping to accelerate the buying process.
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Revenue generated: Ultimately, the success of your ABM campaign will be measured by the revenue it generates. By tracking revenue generated by your ABM campaign, you can determine its ROI and demonstrate its value to your organisation.
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Engagement rates: ABM campaigns often involve personalised content and experiences for each account. By measuring engagement rates with this content, you can determine if your approach is resonating with your target accounts.
Taking Action: Getting Started with ABM
Account-based marketing (ABM) can be an effective approach for B2B marketers to target high-value accounts and decision-makers with specific content and experiences. By aligning marketing and sales teams, segmenting accounts, and setting clear goals and KPIs, businesses can develop an effective ABM strategy that drives revenue and growth.
If you're new to ABM, we encourage you to get started with your strategy. Research your target accounts and decision makers, create personalised content and align your marketing and sales teams to work together towards common goals. By taking a strategic and focused approach, you can unlock the benefits of account-based marketing for your business.
Here at SpiderDigital, we specialise in helping businesses develop effective marketing strategies, including ABM campaigns. Contact us today to learn more about how we can help you grow your business with personalised, data-driven marketing approaches.
