Account-based marketing lasers your focus and is an excellent way to increase your business’s revenue. But how are you supposed to go about it?
Although tempting, sending out the same marketing campaign to all of your prospects is a waste of time.
Do you want to up your marketing strategy? Look into using account-based marketing.
With significant effort put into it, ABM increases your business’s revenue exponentially. However, it is not easy to go about it alone. Keep reading for more information on ABM, why it’s essential, and how to implement it.
Account-Based Marketing Is Changing the Game
ABM has been around since 2004 when ITMSA coined its ABM certification. The basic concept, however, has been around longer than that.
Account-based marketing narrows in on a single client. Instead of spending your efforts on the same content for various viewers, who may or may not be interested, you hone in on one prospect. By doing so, you’re able to put forth a concentrated effort instead of wasting it going in multiple, fruitless directions.
But if you’re looking into ABM, you’re headed in the right direction.
Pros of ABM Marketing
It’s been shown time and time again that ABM will give you more bang for your buck. An ABM approach funnels down to what is necessary, letting you customize everything you do to the client.
There are many pros to ABM marketing, but here are a few:
Meets Current Needs
If you are in sales, you know it’s vital to stay relevant. Keeping up with the times means implementing the latest proven marketing strategies.
Content is king in today’s age, and people’s interest wanes quickly. How do you keep their attention? It’s simple — by tailoring your content to their specific needs, you’re much more likely to see the result you want.
Provides Clearer ROI
By giving precise and measurable outcomes, ABM is excellent for B2B businesses. Monitoring how you’re doing is essential for any company for a couple of reasons. You want to see what you’re doing well and what you need to improve, and you also need to be able to take results to the big bosses.
Using ABM will show you quantifiable success, giving you the information you need to excel your business to further heights.
Aligns Marketing and Sales
Having a smooth pipeline between your marketing and sales departments is crucial, even if they often don’t communicate as much as they should.
ABM encourages marketing and sales to join forces. They need to decide on target accounts and customize campaigns together, allowing for great communication and a smoother process.
Betters Lead Engagement
Individualized content has proved to be the most successful way to get a potential client engaged. People don’t want to just see a generalized sales ad — they want to see something built for them.
By narrowing your focus, you’re committing the time necessary to one prospect to give them a truly unique experience. It will be appreciated and is much more likely to generate you a lead.
Increases Deal Size
Implemented correctly, ABM won’t just help you build stronger connections and waste less time. It can also mean bigger deals.
A reported 91% of companies that used ABM increased their average deal size — 25% reported an increase of over 50%. If you want to make money, start using ABM.
How to Increase Your Revenue with ABM
If you want to start using ABM to increase your revenue, you’ll need to follow a few steps. Here are the basics:
1. Identify Target Accounts
Quite possibly the most crucial step is you must choose the right target. When identifying target accounts, you can try out a few options:
- Ask your sales agents for tips: Although this strategy is mostly guess-work driven, it can be effective. Reach out to your sales team to see who they think is a likely fit.
- Use existing customer data: Look at your current customers – who is high-profile and likely to buy? Pulling from your existing resources is easier than going out looking for new ones.
- Compare yourself to the competition: Also, take a look at your competitors. Who is their target market? What clients are they reaching? This can help you pick out a target client of your own.
Either way, ensure you are working with accurate data and use what you have to narrow down the list.
2. Research Your Target Accounts
Researching each of your potential target accounts is vital. Knowing what they like, what they do, how they act, and what they care about is the first step towards understanding what product is right for them.
Go in-depth, look at their needs and pain points, and you’ll be able to see where your client is on their purchasing journey.
3. Create Customized Content
An all-essential step, you must individualize your content to the consumer. If your message is too broad, it won’t be received.
Use what you know about your client to find what you can offer that matches their needs. Doing so will give you a much higher chance of being heard — maybe even bought from.
4. Distribute Your Campaigns
It is time to get the word out. After tailoring your message to the client, get ready to send it.
Email is still the most effective way of distributing content and is a medium you should heavily consider for ABM. Even unsolicited emails can see great success when they are sent to the right target audience.
5. Measure Your Success
You’ve got to be able to take your results to the boss. You also want the opportunity to grow continuously.
ABM gives you easy ways to measure your success with real, hard numbers. Use them.
Knowing what you’re doing badly allows you to change, and knowing what you’re doing well gives you the chance to capitalize. Don’t waste the opportunity by not keeping an eye on how you’re doing.
Increased Revenue Is Possible With ABM
It is entirely possible to boost your sales significantly with properly-used ABM. You just have to know how to do it.
A not-entirely-new phenomenon in the marketing world, ABM gives B2B businesses a new perspective. For too long, we have spent our energy on mass-media campaigns when the real opportunity for success was with one client the whole time.
Harness your newfound power of ABM now, and your business’s revenue will soar.
Grow your revenue with data-driven ABM. Learn more about how Televerde guides businesses in implementing this strategy.