Account-based marketing (ABM), or strategic account marketing, is a powerful strategy for accelerating business growth. It involves focusing on prospects with high conversion potential.
Account-based marketing ensures you reach your core target audience every time! Instead of wasting time and money on prospects who are unlikely to make a purchase, this approach allows you to convert qualified leads into customers and build loyalty with your strategic accounts.
Today, a wide variety of ABM tools allow you to automate and execute ABM strategies. They are generally used for B2B data enrichment , predictive analytics and AI-based recommendations, interaction management (digital advertising, direct mail, websites, events and sales awareness), etc.
3 essential categories of data
To enrich B2B data , these platforms work with 3 essential categories of data.
Technographic data
They identify the hardware and software systems used by customers to manage their businesses.
Firmographic data
They provide quantitative business information, including vertical market, company size and number of sites, number of employees, annual revenue and growth.
Intent data
They identify the actions or signals from the company that indicate whether an account is "in the market" for a solution or not.
Features and key elements of ABM tools
Let's now look at all the features and key elements to consider when choosing an ABM tool.
Data enrichment
An effective ABM strategy begins with solid and accurate account data. Most B2B companies have some data, but there are often gaps. These gaps can negatively impact efforts to personalize content and offers to target accounts. Some data providers offer very specific types of business data, as well as general business data. This can provide important insights into purchase intent.
Marketing targeting of strategic accounts
Account-based marketing (ABM) programs can target key accounts at different levels. The precision and strategies required for targeting depend on the size and scope of the ABM effort. SMEs, for example, may need a one-to-many approach due to the number of contacts or influencers within their target accounts. Conversely, many large enterprises find that one-to-one targeting allows for the personalization needed to successfully nurture a key account. In all cases, most vendors use AI to enable more than one level of targeting account.
Personalization and/or predictive recommendations
In 2023, B2B buyers expect personalized messages and offers. Some ABM tools allow you to create and execute highly personalized campaigns and programs. The most advanced tools even integrate third-party personalization tools or CRM that manage these types of personalized programs. Magileads, for example, gives you access to a PRM where you can manage your prospect database and feed data into your CRM.
Interaction Management/Orchestration
In 2023, more than ever, B2B marketers need to engage target accounts across multiple channels . This requires highly personalized and consistent ABM programs. These programs encompass both offline channels (direct mail, events, presentation tours, and in-person or telephone sales contacts) and online channels (email, websites, virtual events , webinars, and paid/organic search, display ads, and social media). The best ABM tools enable you to select and combine the most effective channels to prospect the right leads at the right time and in the right places .
Strategic Account Marketing Reporting
Measuring and reporting on the success of your ABM program is essential for securing ongoing management support and sales team buy-in. The best ABM tools integrate to AI technology deliver faster, deeper, and more visual analytics. The goal is to highlight trends and performance patterns (such as top-performing geographic locations or company characteristics). This, in turn, enables you to effectively adjust your strategic account marketing campaign
