Account-based marketing, also referred to as ABM, is a term that has really started to pick up traction in the world of B2B lead generation in 2016. It is a form of marketing in which a business engages with key target customer accounts and the individual prospects/contacts that can be considered stakeholders within various internal functions or departments. If executed correctly, it will communicate unique, personalized messages based on each stakeholder's personal use case. Unlike traditional marketing, it doesn't involve mass marketing techniques or strategies. Account-based marketing is a more methodical, laser-targeted approach. So, is account-based marketing right for your business?
Segmented Lists of Prospects and Customers
If your businesses uses segmented lists of prospects and/or customers, account-based marketing will almost certainly prove beneficial. Regardless of size, you can use these lists to customize your marketing approaching based on each of your B2B lead's day-to-day challanges, and how you can solve them.
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Customer Account Values
You can often tell if account-based marketing is right for your business by measuring the perceived lifetime “value” of your customers. If all customers are of equal value, then perhaps you should avoid this form of strategic marketing. On the other hand, if some customers are worth two or three times the value of other customers, you should use account-based marketing. Doing so will allow you to double-down on those high-dollar customer accounts.
Selling to "Users" vs. Selling to Businesses
Do you sell to individual users within a company? Or does your business revolve around getting alignment from multiple departments within an organization. If the latter resonates with you, then account-based marketing might be worth taking seriously. According to a survey conducted by the market research firm Sirius Decisions, 92% of B2B companies said account-based marketing was extremely or very important to their marketing efforts in 2015.
Measuring Customer Analytics
Businesses that are capable of measuring customers analytics will benefit from account-based marketing. Hopefully, you have a system in place to measure key performance indicators (KPIs) like average purchase amount per customer, how many purchases the customer has made, how many times a customer has engaged with your business, etc. Using this information, you can nurture sales leads through account-based marketing.
Nurturing Relationships with Prospects and Customers
Something else to consider when deciding whether to use account-based marketing is your business's current method of maintaining relationships with prospects and customers. Some businesses invest few-to-no resources into relationship management, focusing their efforts on new customers. But if your business emphasizes the importance of nurturing relationships with prospects and customers, you should use account-based marketing.
Account-based marketing isn't for all businesses; if your business relies on mass marketing while disregarding customer-specific data, it may offer little-to-no benefit. But if you said “yes” to the questions above, you can use account-based marketing to take your business to the next level. Hopefully, this gives you a better understanding of account-based marketing and how it works.