In the world of B2B marketing, marketing departments often attempt to target as many companies as possible. This can be successful, but it takes a considerable amount of time and money for businesses to see results with this spray and pray approach. Account Based Marketing (ABM) is a strategy that starts with identifying a group of target accounts using highly personalized campaigns.
“80% of marketers measuring ROI say that ABM outperforms other marketing investments.” - Forbes
Can Your Company Benefit From ABM?
If your current B2B marketing approach has not been driving quality leads or ROI seems to be lacking, it may be time to consider account based marketing. Under most circumstances, a business can benefit from ABM marketing if they are:
- Targeting specific accounts
- Need to find a new way to personalize communication
- Want to cross-sell to current clients
- Need higher quality leads delivered to sales
- Need to accelerate pipeline velocity
If you think ABM is the right strategy for your business the next step is to outline a plan and set a budget. We have put together a few "getting started" tips below.
Researching Your Target Accounts
ABM campaigns require extensive research about target accounts. It is imperative that you understand the culture, history, and needs of each target, especially since you will be tasked with sending a highly-personalized message to each target account. Once the structure of your target accounts is identified, you can send personalized campaigns to the most influential decision makers of each target account.
“When ABM has been in use for at least a year, 60% of users reported a revenue increase of at least 10% & 19% reported a revenue impact of 30% or greater.” - Forbes
Choosing the Right Communication Channel
Today, marketing requires in-depth knowledge of multiple communication channels, including email, web, social media and direct mail. Some people prefer email while others prefer the phone or social media. It's is your job to leverage the right medium and connect with prospects everywhere they are researching their problem. Email, PPC, display ads and social media are just a few channels used in ABM to reach target accounts.
Taking Advantage of New Marketing Technology
Executing an ABM strategy can be intimidating especially due to overwhelming amount of new technology that allows B2B marketers to execute and measure their campaigns. There are literally thousands of applications built to handle different parts of ABM. At Rubis, we have narrowed down the specific applications to deliver the best ROI so you don't have to.
Common ABM Mistakes
ABM is not a cure-all for stagnate sales, and you must implement a successful strategy if you want to increase SQLs and drive revenue growth. ABM is not a tactic, it's a strategy. It is helpful to avoid making the following mistakes when executing your ABM strategy:
- Not learning from unsuccessful campaigns
- Lacking sales and marketing alignment
- Focus on MQLs (marketing qualified leads) not SQL (sales-qualified-leads)
- Not testing your messaging
- Not following up with prospects
All of the above can ruin your chances of revenue growth. If your company is having difficulty crafting an ABM strategy, reach out to Rubis for help.
The Importance of a Pilot Campaign
Learning is also an integral part of the ABM process. We highly recommend designing a pilot campaign before attempting to schedule full blown campaigns with target accounts. As always, be sure to carefully research each account and company before starting your pilot.
Your Next Move
A carefully planned ABM strategy drives demand generation and accelerates revenue growth. Personalized messaging for your B2B target accounts is a must. If you need help with your ABM strategy or implementation, contact Rubis today to learn more and discuss your growth initiatives.