Account Based Marketing Ideas – We distribute generic messages in the hope that they will resonate with a small percentage of an audience who will eventually make a purchase and become customers.
We even personalize our communications, but the vast majority of us still use the spray-and-pray marketing approach.
Account Based Marketing Ideas
When you sell your product or service to a customer who isn’t your match, it doesn’t take long for them to realize this and walk away. So why would you invest sales and marketing resources to sell a product to a customer who is about to leave?
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Instead, your efforts should be focused on attracting, nurturing and selling top prospects who are compatible with your products. And by “focused” I mean
Account-based marketing (ABM) is a strategic approach to sales and marketing that uses highly targeted and personalized communications to win new business from a specific company (or account).
Rather than launching a broad marketing campaign that attracts thousands to nurture only the few who show an interest, ABM targets specific companies to connect with key decision makers and then build on that relationship to drive new sales opportunities that the opening future (also known as “ground”. and expanding”).
Although account-based marketing has been used as a strategy for over 15 years (the concept was developed by ITSMA in 2004), companies are only now beginning to see the potential to deliver highly personalized and relevant campaigns to their target audience.
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This explains why, in a study by SiriusDecisons, 92% of B2B marketers cite ABM as extremely important to their overall marketing efforts.
In fact, account-based marketing is so important that developing an ABM strategy is the second highest priority for B2B technology marketers, right behind video marketing.
Every time you consider investing in a new marketing strategy, you (or someone higher up) needs to be convinced that it’s right for your business. But even if you do, you still need to sell the idea internally.
At ABM, one in five marketers say their biggest challenge is getting support from top management.
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Based on the account-based marketing statistics I researched, I found that companies that successfully implement an ABM strategy enjoy closer alignment between sales and marketing, greater return on marketing investments, and higher revenue.
Companies that align their sales and marketing activities generate higher sales, increase brand awareness and increase average deal size.
For decades, marketing teams have created marketing campaigns to attract new leads for sales reps to sift through the noise only to find a handful of leads who can actually buy.
With ABM, the goal is to close a single account, which means both teams stay focused and work toward the same business goal.
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When a new lead comes in from your target account, it’s the same lead that both teams are chasing. As a result, sales reps spend more time nurturing a qualified, targeted lead—rather than wasting time following up on unqualified leads.
In fact, it’s so effective that 80% of marketers with an ABM program say they’re “a little too narrowly focused” on sales.
Tracking return on investment (ROI) is important for every part of your business, but even more so for the marketing department, which is typically considered a cost center.
The CFO), the good news is that the number one marketing channel for driving positive ROI is account-based marketing.
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ITSMA research found that 87% of marketers who measure ROI say ABM outperforms any other marketing investment!
ITSMA has also found that the investment you make in ABM will yield either the same ROI, slightly higher, or significantly higher returns compared to other marketing initiatives – making it a zero-waste strategy!
When sales and marketing teams are aligned and focused on the same target customer, they devote more resources to interacting with a B2B buyer and less to activities that don’t move the buyer from one stage to the next.
Instead of spending $100,000 on a generic branding campaign across multiple markets, create smaller, more specific campaigns for a single account and its key decision makers.
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Because you target fewer people, you end up spending less. But every dollar of the marketing campaign budget is spent on getting your brand in front of the right people in the right account.
Ask any CMO: “What is the goal of your new marketing initiative?” and they will answer that it is about increasing income.
In fact, according to a study by Demand Gen Report and LeadData, 54% of marketers cite influencer pipeline as their primary ABM metric.
Not only does ABM help align sales and marketing teams and drive positive ROI, it’s also proven to increase sales.
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Incredibly, 60% of companies using ABM saw at least a 10% increase in sales within 12 months, while 1 in 5 companies saw a 30% or more increase in sales.
In a study by SiriusDecisions, 91% of companies using ABM increased their average deal size, with 25% of respondents saying the increase was more than 50% or more!
This is also supported by the ABM Leadership Alliance, which conducted its own research and found that B2B marketers saw a 171% increase in average annual contract value after implementing their ABM strategy.
By using a CRM, remove the smaller (micro)customers you recently won and learn more about the customers with a high average transaction size. Take what you learned from selling to them, then find similar companies to target. Given your past success, these types of companies are more likely to do business with you, increasing your average deal size over time.
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But despite being cited as a top marketing priority, 30% of marketers today aren’t using account-based marketing. So let’s see how to get started and launch your first ABM campaign.
Account-based marketing is all about tailoring campaigns to specific accounts. The first thing you need to do as part of your campaign is to identify a list of key accounts.
Well, this is the first hurdle many B2B marketers face, as targeting ideal accounts is cited as one of the top 3 ABM challenges.
The easiest way to target ideal customers is to ask your sales teams which customers they would like to close. But it’s mostly guesswork and not very data-driven.
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Finding companies that align with your ideal target customer will help narrow your focus on what type of company will do business with you in the future.
Once you have a list of companies (it doesn’t have to be an exhaustive list), you can use the same social selling strategies you currently use on LinkedIn to search for their profile pages and then find “similar companies” as shown below .
LinkedIn’s algorithm recommends similar companies based on company size, industry, company type and specializations. This allows you to identify companies that
Well, there may be some companies on LinkedIn that don’t match your ideal customer profile, so the next step is to search for each of the “similar” accounts you find.
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In most cases, this information is publicly available and can be found on the company’s website, in press releases or in annual reports.
One of the most important aspects during the research phase is to identify and gain access to key decision makers. But it is also the biggest challenge for sales teams!
The sooner you can identify key decision makers and share their contact information with sales, the more successful your ABM campaign will be.
Buying power used to be a team of 1 (or maximum 2), but today the number of people involved in a decision is growing. For example, Gartner research found that in a typical company with 100-500 employees, an average of 7-8 people are involved in purchasing decisions.
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A Demand Gen Report survey found that 95% of B2B buyers choose a solution provider that “provides them with rich content to help them navigate through each stage of the buying process.”
The more personal and relevant the content, the more likely a buyer will engage with you.
For example, the most common approach in ABM for B2B marketers is to create content tailored to a specific industry, but you can also tailor content to specific roles or accounts.
Catalog blog posts, case studies, white papers and ebooks and think about how they might be relevant to your ideal target customer. Then categorize them by stages in the sales funnel (as shown below) to get a complete overview of all the content in place.
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This way, you’ll know exactly what type of content to send based on where the buyer is in the funnel.
If your ideal target customer is a medium-sized IT company with 50 employees, browse your website to see how many case studies you have that fit that profile. Ask yourself, are these case studies still relevant? And how can you help IT companies find this content more easily?
Another example could be checking your CRM for IT companies to see how many went into a sales process that started its journey with a
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