B2B marketing is competitive and you need to deliver a targeted and relevant customer experience in order to cut through the clutter. With 86% of buyers willing to pay more for a better purchasing experience, a one-size-fits-all marketing strategy no longer cuts it.That's why more and more B2B marketers are using account-based marketing (ABM) strategies -- according to Marketo, 97% of them indicate that ABM has a higher ROI than other marketing initiatives.
What's Account-Based Marketing (ABM)?
B2B marketers that use ABM craft their strategies around one specific customer, essentially treating it as a market of one. They create campaigns, content, and events dedicated to audiences associated with that particular account, instead of a broad market segment or the industry as a whole.
ABM is particularly effective if you're selling to a company with multiple stakeholders involved in the purchasing process. It allows you to address the needs of the organization by appealing to all the decision-makers.
The Benefits of Account-Based Marketing
ABM strategies enable you to deliver a highly-personalized customer experience and focus your resources on campaigns that'll yield new business. They help accelerate the sales cycle and cultivate customer loyalty. Here are some key benefits of ABM:
- Alignment with sales: 80% of marketers using ABM say they're "somewhat tightly" aligned with sales.
- High ROI: 87% of marketers say that ABM outperforms every other marketing investment.
- Increased revenue: 60% of companies that use ABM saw a revenue increase of over 10% within 12 months and 20% experienced a revenue increase of more than 30%.
- Increased deal size: 91% of companies using ABM were able to increase their average deal size and achieve a 171% increase in average annual contract value.
How To Execute an Effective Account-Based Marketing Strategy
Here are some key steps to implementing an effective ABM campaign for your B2B business:
- Identify your target: this is the foundation of any ABM strategy and the key to delivering a highly personalized customer experience that'll increase conversion and ROI. You should understand the target account's industry, company size, location, and annual revenue. Also, evaluate strategic factors such as market influence, the likelihood of repeat purchase, and projected profit margin.
- Research the account: research the key decision-makers in the purchasing process to understand their challenges and desired outcomes. This will help you effectively position your products and services in your communications.
- Craft personalized communications: create highly-targeted content based on a deep understanding of your audience to generate awareness, cultivate relationships, build trust, and accelerate the sales cycle.
- Choose your distribution channels: increase engagement and conversion rates by sharing the right content, in the right place, at the right time, and with the right audience through the appropriate platforms (e.g., email, social media.)
- Track your results: identify KPIs and track the results of your campaigns to gain insights about your audience's preferences and behaviors so you can fine-tune your tactics and improve results over time.
Ready to implement an ABM strategy to boost B2B sales? Let's chat to see how you can get the most of your marketing dollars!