The term “Account based marketing” (ABM) has been around for a while, but it’s only recently that the strategy has been getting attention as a way to improve revenue.
ABM is a targeted approach to marketing, in which businesses customize their marketing efforts to specific accounts rather than broad segments of prospects. The goal is to generate more leads and close more business with fewer customers.
There are many benefits of ABM, including improved ROI, higher quality leads, and increased sales productivity. In fact, companies that have implemented ABM strategies have seen an average increase in deal size of 32%.
If you’re thinking about implementing an ABM strategy at your company, there are a few things you should keep in mind. In this blog post, we’ll discuss some best practices for account-based marketing so you can generate the best results for your business.
Benefits of Account-Based Marketing
Account-based marketing can be an extremely effective way to improve your company’s revenue. When done correctly, account-based marketing allows you to focus your resources on your most important accounts, and create targeted campaigns specifically designed to address their needs.
This can result in increased sales and a stronger relationship with your key accounts. Here are some of the specific benefits of account-based marketing:
1. Increased Sales:
One of the most obvious benefits of account-based marketing is that it can lead to increased sales. By targeting your most important accounts and designing campaigns specifically for them, you can generate more interest and ultimately close more deals.
2. Stronger Relationships:
Another benefit of account-based marketing is that it can help you build stronger relationships with your key accounts. By taking the time to understand their specific needs and pain points, you can create targeted solutions that show them how much you value their business. This can lead to a deeper level of trust and loyalty, which can further increase sales down the road.
3. More Efficient Use of Resources:
Finally, account-based marketing can help you make better use of your resources by focusing on your most important accounts. Rather than spreading yourself thin trying to reach everyone, you can focus your efforts where they’ll have the biggest impact. This leads to improved results overall, as well as a more efficient use of your time and money.
Here are 7 account based marketing strategies:
Strategy 1: Targeted Advertising
- There are a number of different account based marketing strategies that businesses can use to improve revenue, but one of the most effective is targeted advertising.
- By specifically targeting ads to the accounts that are most likely to convert, businesses can make the most out of their advertising budget and see a significant increase in sales.
- To effectively target ads, businesses need to have a good understanding of who their ideal customer is and what they are looking for.
- Once this has been established, businesses can then create targeted ad campaigns that are designed to appeal to these customers.
- It is also important to track the results of each ad campaign so that businesses can see which ones are performing well and adjust their strategy accordingly.
- By constantly testing and tweaking their approach, businesses can ensure that they are getting the most out of their account based marketing efforts.
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Strategy 2: Personalized Content
Personalized content is one of the most effective account based marketing strategies to improve revenue. By creating content that is tailored to the specific needs and interests of your target account, you are more likely to engage them in a meaningful way that leads to conversions.
Some ways to personalize your content include:
- Identify the key decision makers within the account and create content that speaks directly to their needs.
- Research the buying journey of your target account and create content that aligns with each stage.
- Use data from previous interactions with the account to customize your message and approach.
- Create a mix of content types (e.g., blog posts, eBooks, infographics, etc.) that will appeal to different personalities within the account.
- Pay attention to detail when customizing your content, including using the right industry jargon and making sure all company names are spelled correctly.
By taking the time to personalize your content, you can show your target accounts that you understand their unique needs and are invested in helping them achieve their goals. This type of approach can be highly effective in winning new business and driving revenue growth.
Strategy 3: Lead Nurturing
- Lead nurturing is the process of developing relationships with buyers at each stage of the sales funnel, from first contact to closing.
- By providing relevant and personalized content, you can nurture leads and build trust, leading to higher conversion rates.
- To start, you need to segment your leads based on their position in the sales funnel. This will help you tailor your content to their needs.
- For example, if you have a lead who is just starting their research, you would want to provide them with educational content such as blog posts and eBooks.
- On the other hand, if you have a lead who is ready to buy, you would want to provide them with product information and case studies.
- Once you have segmented your leads, it’s time to start creating content. To do this effectively, you need to understand what kinds of content your audience wants and needs.
- The best way to do this is to create buyer personas – fictional characters that represent your ideal customer.
- Once you know who your buyer persona is, you can create targeted content that will speak directly to them.
Strategy 4: Social Media Engagement
- As the use of social media has become more widespread, so has its use as a tool for marketing.
- By engaging with potential customers on social media platforms, businesses can build relationships and trust, ultimately leading to increased sales.
- When using social media (Facebook, Twitter, Instagram etc.) for ABM, it’s important to focus on quality over quantity.
- Rather than trying to reach as many people as possible, it’s more effective to target specific accounts and create tailored content that will resonate with them.
- Engaging with potential customers on social media requires an active and ongoing presence.
- In order to be successful, businesses must be responsive to comments and questions and regularly post fresh content.
- By taking the time to nurture these relationships, businesses can turn potential customers into lifelong fans.
Strategy 5: Account Based Selling
- The fifth strategy to improve revenue through account based marketing is account based selling. This approach involves targeting specific accounts and selling to them directly.
- This can be done through a number of channels, including face-to-face meetings, phone calls, emails, and direct mail.
- To be successful with this strategy, it’s important to know who your ideal target customer is and what their needs are.
- Once you’ve identified these factors, you can create a customized sales pitch that resonates with the decision-makers at your target account.
- You should also have a solid understanding of your competition and how you can position yourself as the best option for the account.
- With account based selling, it’s also important to build relationships with the key decision-makers at your target accounts.
- This can be done by providing valuable information and insights, being responsive to their inquiries, and staying top of mind when they’re ready to make a purchase.
Strategy 6: Customer Retention
In order to improve revenue, it is important to focus on customer retention and continually work to keep your customers happy. There are a few key things you can do to help with this:
- Make sure you have a good product or service that meets their needs
- Ensure they have a good experience when interacting with your company, whether it’s online or in person
- Keep them updated on new products, services, or features that might interest them
- Make it easy for them to do business with you and resolve any issues quickly
- Say thank you and show your appreciation for their business
Strategy 7: Cross Selling and Upselling
- The most effective account based marketing strategies include cross selling and upselling to existing customers.
- By expanding the products and services that your customers purchase from you, you can increase customer lifetime value and grow revenue.
- To successfully cross sell and upsell, it’s important to focus on meeting the needs of your individual customers.
- Start by segmenting your customer base and identifying which groups are most likely to benefit from additional products or services. Then, create targeted offers tailored to each group’s specific needs.
- Finally, make sure you have a robust sales process in place to close the deal. Train your sales team on how to identify opportunities for cross selling and upselling, and give them the tools they need to successfully close deals.
Account based marketing can be an invaluable tool for businesses looking to improve their revenue. By utilizing the strategies outlined in this article, you can better target and reach your desired customer base.
From crafting personalized campaigns to leveraging data and analytics, these 7 account-based marketing strategies are sure to help get your business noticed and drive success. With the right approach, you’ll be able to maximize your ROI while boosting engagement with customers across all channels.
SOJY is a Growth Marketing Strategist with proven expertise in Marketing Psychology, Performance marketing and SEO with over 7 years of experience in the industry. With a passion for helping businesses grow, he has a track record of success in developing and executing innovative marketing strategies that drive growth and ROI.