Account-based marketing (ABM) focuses on a single or niche group of clients and tailors your marketing efforts specifically for that client’s needs.
If this sounds like it takes a lot of effort, you’re right — it is. But the benefits of implementing an ABM strategy make the time and resources it requires well worth it.
Here are just a few of the benefits of ABM:
- Aligned sales and marketing teams.
- Larger average deal size.
- Higher customer satisfaction.
- Better retention rates.
By flipping the marketing funnel upside-down, ABM enhances a company’s ability to target and attract clients that best fit their products and services and allocate time and resources to areas where they’ll have the biggest ROI.
ABM can also be a driver of the early-mover advantage when it’s used to find a new type of client or enter a new market. Driven by effective data strategies and personalization, ABM can help you reach clients before the competition and gain a client- and market-level advantage by offering solutions first.
- ABM helps companies find the clients that best fit their solutions and are most likely to see results.
- Spotting buyer intent earlier can give companies an early mover advantage over competitors who wait for inbound marketing opportunities.
- Companies who use ABM strategies to think outside the box about how their solutions can work in new markets can create early mover opportunities.
- A personalized ABM strategy drives referrals, one of the most influential contributors to the client pipeline.
Identify Target Clients
No product is a fit for every buyer. Similarly, no client is a fit for every company.
The problem? Companies usually don’t think that way. Mass marketing and general messaging is one of the most common marketing strategies employed by companies, with the hope that by casting the widest net possible, more prospective clients will reach out and convert into sales.
This may have some merit, sure — the more prospects you reach, the more you’re likely to hear from. Except those prospects may not be right for your company, and when they’re not, you’re likely to spend time, money, and human resources trying to close deals that may not turn into very successful client relationships in the long run.
Companies don’t have to be right for every client and knowing who you are right for (or who you want to be right for) is your first step to ABM success.
So how can you identify the right clients for your company? Well, you can start with the ones you already have.
- Which clients are yielding the most results with our solutions?
- Which client relationships are working best?
- What trends exist (industries, company sizes, business models, etc.) that can predict better success for clients using our solutions?
Once you’re more informed about what’s already working, you can target companies that fit that criteria. When you’re reaching out directly to clients who you know fit your company and solution, you’re more likely to gain an early-mover advantage over competitors waiting for clients to come to them.
Spot Buyer Intent Earlier
Buyer intent often initiates during the research phase of the customer journey. Unfortunately, it’s not easy to spot it when it happens because prospective buyers may not be indicating interest beyond reading your website.
Using buyer intent data, companies can better understand how web users are searching and viewing their content and proactively reach out at the exact moment they begin to consider a purchase.
When used in ABM specifically, buyer intent data can help you better understand what pain points your clients are experiencing and what solutions they’re seeking, tailor your content to address them specifically, and be proactive about reaching out to prospects who fit your target client profile as soon as they start considering your solution.
Buyer intent data can be captured internally using tools like web tracking and marketing automation, or it can be enhanced with AI-powered tools that have more sophisticated tracking abilities and can expand reach beyond your website.
Tailoring Content so Buyers Can See the Benefits
You know your products and solutions better than anyone else. By showing prospective clients how your products can yield results for their companies before they think about it will give you an early-mover advantage over other potential solutions that exist.
When you’re thinking about target clients, don’t limit yourself to industries and criteria already covered in your current client portfolio. Thinking outside the box about how your solution can be valuable to different types of customers and identifying new market opportunities can set you up to be an early mover.
Then, you can tailor your content and approach specifically to the companies and industries you’re targeting.
About 80% of customers are more likely to make a purchase when their experience is personalized — talking about your solutions as they relate directly to a target company’s operations, strategies, and audiences helps prospective clients see the value in what you’re offering and increases the likelihood that they’ll make a purchase.
An effective ABM strategy not only gives you a potential early mover advantage into the markets you’re targeting, but it expands your reach into your client networks where you’re likely to find high-quality leads and potential clients.
When you offer clients a personalized experience from your first contact with them in the buying process, they’re more likely to become loyal customers, and over time, you’re building a stronger foundation for future relationships and opportunities.