Not all digital marketing techniques generate the same results when it comes to qualifying leads. To channel efforts, why not select leads that have strong potential upstream? This is the challenge of Account Based Marketing (ABM). In this article, we propose to understand how ABM works and benefits for your business.
What is Account Based Marketing?
Account Based Marketing (ABM) is a marketing strategy designed for B2B. It consists of concentrating prospecting efforts on a small list of companies that have the ideal customer profile for your business. It is essentially a targeted approach and digital marketing campaigns are particularly personalized.
This technique is commonly commercial enterprises to attract multiple potential buyers. Nearly 67% of B2B companies invest in ABM.
Context and operation of Account Based Marketing
Compared to traditional marketing which consists of reaching the maximum number of qualified prospects by sending messages designed according to the target. Account Based Marketing is channeled to a limited number of target accounts. In figures, 57 % of companies practicing ABM focus on 1000 accounts and 13% only on 100 target accounts. Success is based on the implementation of high value-added content with a good user experience. Concretely, in an ABM strategy you create personalized content for your target accounts. It is therefore a question of trading with partners by offering them the solution to their problems.
Faced with the evolution of digital marketing and the web, the B2B world is adapting by highlighting the technique of targeting. One of the characteristics of Account Based Marketing is to interact with each of the actors who make up an organization. In B2B, the decision-making process is complex. As a general rule, decision-making authority is not assigned to a single person. There are on average seven stakeholders in a B2B purchasing process (here are some examples: HRD, CIO, CSR, etc.). In each organization the targets are at least four people to succeed in creating enough visibility or « Brand Awareness ». Initially, the ABM targets the company likely to be interested. Then, in a second step, it is a question of identifying the decision-making contacts within the latter. By operating methodically, you will optimize your resources and time.
Account Based Marketing is not totally new since it is the evolution of KAM (Key Account Manager). However, it remains innovative in the sense that it uses content marketing, social selling, CRM, and automated marketing for its realization.
What are the benefits of Account Based Marketing?
ABM focuses on a limited number of targets, resulting in a significant return on investment. Tracking is indeed easier for the marketer. Advanced qualification improves the approach which becomes more personalized. The alignment of the marketing and sales department optimizes the organization of work. 86% of companies that apply Account Based Marketing see an improvement in their conversion rates.
How to set up Account Based Marketing?
The implementation of ABM can be summarized in six key steps.
This is the essential component of your marketing strategy. Determining an audience is the key to success. It is important to note that this step is not the same as the creation of buyer personas when it comes to the B2B system. Target identification as part of Account Based Marketing is a collaboration between your marketing and sales teams. He needs the expertise and data of these two services. This data is the information related to the company’s profile: sector of activity, size, geographical location, influence of the market, turnover, potential frequency of purchase, expected profit margin.
The study of accounts receivable
The objective in this phase is to process the information collected, in order to find the angle of attack to present your products or services. Knowing the structure of the company as well as its key stakeholders allows you to frame your approach. Research on social networks or social selling like Linkedln will help provide you with more information.
This step demonstrates the synergy between Account Based Marketing and Inboud Marketing. The content must add value. It is not a question of highlighting your product, but of responding to the problems of your target company. Content should offer solutions to the company’s difficulties, and should target the deals to be concluded. Good content ensures the engagement of your strategic accounts.
The choice of communication channels
Good content is not an end in itself. It is still necessary to use the right promotional tools. Channels are used to present content. They are the supports of your strategy. This is why it is important to choose them according to the context, according to the privileged lines of your targets and their behaviors on your site.
The launch of the campaign
The concordance and consistency of your messages on the different channels is essential. In B2B, the number of targets is limited, which is why the message must be concise. This phase should be treated with care, because it synthesizes the work done upstream.
Evaluation of results
The evaluation of a campaign is important and must be systematic. For an Account Based Marketing campaign, you need to know: the change in behavior of a strategic account with your brand and the revenue that the account has generated.
Account Based Marketing is recognized as the current B2B trend. By following the steps listed above, you will be able to get started with Account Based Marketing as long as it is adapted to your context. If it’s better for your business to focus efforts on companies with high buying potential, then ABM is your solution.