Account Based Marketing Software – We spread generic messages in the hope that they will resonate with a small percentage of the audience who will eventually make a purchase and become a customer.
We also personalize our communications, but most of us still use a spray-and-pray marketing approach.
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If you sell your product or service to the wrong customer, it won’t be long before they realize it and leave. So why invest sales and marketing resources to sell a product to a customer who will immediately leave?
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Instead, your efforts should be focused on attracting, nurturing and selling the right prospects for your products. And I mean “focused”
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 only to feed the few who express interest, ABM targets specific businesses to connect with key decision makers and then build that relationship to open up new sales opportunities . future (also known as “dock and expand”).
Although account-based marketing has been used as a strategy for more than 15 years (a concept introduced by ITSMA in 2004), companies are only now beginning to realize the power of delivering highly personalized and relevant campaigns to their target audiences. .
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This explains why, in a SiriusDecisons study, 92% of B2B marketers say ABM is very 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, after video marketing.
Whenever you’re considering investing in a new marketing strategy, you (or someone in a higher position) must believe it’s the right one for your business. But still, you have to sell the idea from the inside.
With ABM, 1 in 5 marketers say their biggest challenge is getting buy-in 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 have closer alignment between sales and marketing, higher return on marketing investment, and higher revenue.
Companies that align their sales and marketing activities generate higher revenue, improve brand awareness and increase average deal size.
For decades, marketing teams have been creating marketing campaigns to attract new leads so that sales reps can sift through the noise to find the few leads who can actually buy.
With ABM, the goal is to close a single account, which means both teams are focused and working toward the same business goal.
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When a new lead comes from your target account, it’s the same lead that both teams are looking for. As a result, sales reps spend more time nurturing qualified targeted leads instead of wasting time chasing unqualified leads.
In fact, it’s so effective that 80% of marketers who have an ABM program in place say they’re seeing “somewhat close” to sales.
Tracking your return on investment (ROI) is important for all parts of your business, but it’s even more important for your marketing department, which is typically thought of as a cost center.
CFOs), the good news is that the number one marketing channel for generating positive ROI is account-based marketing.
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An ITSMA survey found that 87% of marketers who measure ROI say ABM beats all other marketing investments!
ITSMA has also found that your investment in ABM yields the same, higher or significantly higher ROI compared to other marketing initiatives – making it a zero-waste strategy!
When sales and marketing teams are aligned and focused on the same target account, they spend more resources engaging with the B2B buyer and less on activities that don’t move the buyer from one stage to another.
Instead of spending $100,000 on a generic brand campaign across multiple markets, create smaller, more specific campaigns that target a single account and key decision makers.
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The fewer people you target, the less you spend. But every dollar in your marketing campaign budget is spent getting your brand in front of the right people on the right account.
Ask any CMO, “What is the goal of your new marketing initiative?” and they will answer that it is to increase income.
In fact, a study by Demand Gen Report and LeadData found that 54% of marketers cite “influence pipeline” as their top ABM metric.
Not only does ABM help align sales and marketing teams and generate a positive ROI, it’s proven to increase revenue.
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Incredibly, 60% of companies using ABM increased their revenue by at least 10% in 12 months, while 1 in 5 companies increased their revenue by 30% or more.
In a study conducted by SiriusDecisions, 91% of companies using ABM were able to increase their average business volume, with 25% of respondents reporting an increase of 50% or more!
This is supported by the ABM Leadership Alliance, whose research found that B2B marketers increased their average annual contract value by 171% after implementing an ABM strategy.
Using CRM, weed out the smallest (micro) leads you’ve recently acquired and get to know the leads with a large average business volume. Take what you learned from selling to them and find similar businesses to target. Based on their past success, these types of companies are more likely to do business with you, increasing your average business volume over time.
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But despite being listed as a top marketing priority, 30% of marketers today aren’t using account-based marketing. So let’s see how you can get your first ABM campaign up and running.
Account-based marketing is all about tailoring campaigns to specific accounts, so the first thing you should do as part of your campaign is to define a list of key accounts.
Well, this is the first hurdle many B2B marketers run into, with targeting ideal accounts cited as one of the top three ABM challenges.
The easiest way to target ideal accounts is to ask your sales teams which accounts they want to close. However, this is mostly guesswork and not based on data.
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Finding companies that match your ideal target customer helps you narrow down the type of business that 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 use on LinkedIn to find their profile pages and then search for “similar companies”. below
LinkedIn’s algorithm recommends similar companies based on company size, industry, type of company and specialties. Thanks to this, you will be able to recognize companies
There may be companies on LinkedIn that don’t match your ideal customer profile, so the next step is to research every “similar” account you can find.
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In most cases, this information will be publicly available and can be found on the company’s website, press releases or annual reports.
One of the most important aspects of the research phase is identifying and recruiting key decision makers. But this is also the biggest challenge for sales teams!
The sooner you identify key decision makers and provide their contact information to sales, the more successful your ABM campaign will be.
The first purchasing power was group 1 (or at most 2), but today the number of people involved in decision-making is increasing. For example, Gartner research found that in a typical company of 100-500 employees, an average of 7-8 people are involved in purchasing decisions.
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Research by Demand Gen Report found that 95% of B2B buyers choose a solution provider that “provides comprehensive content that helps them navigate every stage of the buying process.”
The more personal and relevant your content is, the more likely a buyer will engage with you.
For example, the most common form of 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 e-books and consider how they might be relevant to your ideal target customer. Then sort them into a sales funnel (as shown below) to get a comprehensive overview of all existing content.
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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 account is a mid-sized IT company with 50 employees, browse your website and 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 entered the sales process that started with a trip.
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