No matter how great your ad campaigns are, the reality is that most of the eyeballs they capture and leads they generate will not become sales. For businesses looking to see the greatest return on investment (ROI), account-based marketing (ABM) offers a way to focus sales and marketing efforts on high-value accounts right from the beginning of the sales cycle. ABM stands out as a strategic approach that allows businesses to align their sales and marketing teams to target and engage specific high-value accounts. This technique takes a step away from traditional lead-based marketing and focuses on a more personalized, efficient, and targeted method.
Account-based marketing is a deliberate strategy for B2B marketing that zeroes in on identifying, targeting, and engaging with specific accounts. This approach considers the specific needs and goals of key accounts by blending sales and marketing efforts, delivering more personalized and relevant communications to prospective customers. ABM does not merely generate interest but turns that interest into tangible business success. Let’s dig deeper into what ABM is and how it can potentially boost your ROI.
Pinpoint Target Accounts
Any ABM strategy commences with the critical step of identifying the accounts you wish to target. Identifying the right target accounts can vastly enhance your marketing efforts by focusing on those who are a perfect fit for your product or service. Not only should you ensure that your product aligns well with the potential customer’s requirements, but it’s also vital to determine if that customer is a suitable fit for your business. This careful selection process includes evaluating wholesale business opportunities and understanding the alignment of core values and business models.
Pinpointing the right accounts is crucial because it sets the stage for the entire campaign. Think of it as laying a strong foundation; a well-chosen target base can drive the entire campaign to meet its goals effectively. For instance, if your business sees great potential in a particular region or sector, concentrate your efforts on that region for optimal results. It’s about being selective rather than overly broad. Additionally, focusing on smaller, regional partners initially could pave the way for more prominent opportunities as your business scales—a strategy employed by successful brands like Aloha and Ridge. By targeting accounts that closely align with your brand’s mission and vision, you can enhance the likelihood of forming fruitful, long-lasting business relationships.
Recognize When Your Account is Prepared to Purchase
Timing is of the essence in any successful ABM strategy. Recognizing when your account is ready to make a purchase can significantly enhance the chances of closing the deal. Just because a target account finds your product appealing doesn’t mean they’re ready to buy immediately. Alignment with their buying schedules and shelf space availability is crucial. Your marketing strategy will need to revolve around their calendar and their buying cycle.
Understanding the buying schedules is particularly crucial in retail industries, where bigger retailers often have set review cycles for different product categories. This awareness allows you to prepare and plan your strategy accordingly. For example, a company selling beans needs to be aware of the grocery store’s category review cycle to pitch their products at the right time. Outside this window, pitching products might not yield results, even if the product itself is a perfect fit for the retailer. The knowledge of buying schedules allows for strategic planning, ensuring new offerings are ready in time. In some cases, you may need to launch a public relations campaign ahead of the buying cycle to build awareness and generate interest among high-value prospects.
Investigate Key Individuals
Once you have identified target accounts and understood their buying cycles, the next logical step is to investigate key individuals within those accounts. This involves pinpointing decision-makers and other stakeholders who have a say in the purchasing decision. The process could include checking the account’s website for staff bios, searching LinkedIn for potential stakeholders, and even asking current customers for industry referrals.
Knowing who the decision-makers and influencers are within your target accounts is invaluable. Marketing and sales teams should work together to formulate a strategy focused on building long-term, authentic relationships with these key players. Establishing a connection could be as simple as getting an introductory meeting through a referral, sending personalized samples of your products, or following up to gather feedback. This information can then be used to fine-tune your marketing messages, ensuring they speak directly to the stakeholders’ needs and preferences. A well-planned strategy that includes relationship-building with key players can significantly increase your chances of converting high-value accounts into loyal customers.
Outline Content and Customize Messaging
With ABM, you have a unique opportunity to communicate directly with your target accounts, explaining why they should choose your product over competing options. The key to success here lies in thoroughly researching your target accounts’ needs and pain points, which allows you to create marketing materials highlighting how your product can solve their specific problems. High-quality, relevant content is the foundation of an effective ABM campaign.
This stage requires careful planning, as your accounts will likely consider multiple options, so staying updated on what your competitors are doing is essential. For instance, marketing to grocery stores involves understanding everything else they stock and being able to clearly articulate why your product offers something new and better. A detailed understanding of your competitive landscape will enable you to argue convincingly why your product deserves a spot on the shelves. Customizing your messaging to address the target accounts’ pain points and needs ensures that your content resonates more strongly, increasing the probability of favorable outcomes.
Implement Targeted Campaigns
Once the content has been outlined and customized, the next step involves figuring out the best ways to reach your targeted accounts through focused campaigns. Various methods can be used to execute these campaigns effectively, including paid advertisements on platforms like Facebook and LinkedIn, custom landing pages tailored for specific customers, webinars that address high-quality buyers’ needs, and in-person events where stakeholders can meet face-to-face.
For instance, digital platforms allow for highly granular targeting, ensuring your ads reach the right people. Custom landing pages can provide targeted accounts with a more personalized experience, increasing engagement rates. Webinars offer an excellent opportunity to nurture relationships, demonstrating how your product or service can meet the specific needs of your target accounts. Additionally, face-to-face interactions through events can help cement relationships with key stakeholders, offering a tangible connection that digital methods may lack. Moreover, personalizing email campaigns toward the end of the sales cycle can provide the final nudge needed to close deals, reinforcing messages from other channels like webinars or events.
Continue to Support Your Accounts
The journey doesn’t end once an account is won. Continuing to support your accounts is critical to maintaining a long-lasting relationship. Providing support can come in the form of marketing materials for wholesalers, announcing new features or product changes, and marketing your products directly to end-users. Ensuring a consistent customer experience is crucial for retaining high-value accounts.
Maintaining robust relationships requires ongoing effort, from scheduling regular check-ins with your accounts to understanding their evolving needs and pain points. If you sell physical products, keeping your wholesalers in the loop about new releases or packaging changes can help them stay informed and better serve their customers. Moreover, marketing directly to end users ensures continued demand for your products, which helps in maintaining shelf space in retail environments. By offering continual support and making sustained marketing efforts, you can keep your high-value accounts satisfied and engaged, ensuring long-term business success.
What is an example of account-based marketing?
An ecommerce skincare brand might use an ABM strategy to close a deal with Sephora. They could begin by analyzing the types of skincare products Sephora already offers, positioning their products as fulfilling unmet needs for Sephora’s customers. The brand would then identify and target multiple stakeholders within Sephora through product samples and personalized communication, aiming to build a compelling case for why their products should be on Sephora’s shelves.
Is account-based marketing B2B?
Yes, account-based marketing (ABM) is a B2B marketing strategy. It is a personalized approach that focuses on targeting a specific set of high-value accounts identified as potential prospects. Unlike traditional broad marketing methods, ABM is used to build individual relationships with specific accounts rather than marketing to a wide audience.
Why is account-based marketing better?
Account-based marketing (ABM) is considered a more effective B2B marketing strategy because it focuses on targeting specific accounts rather than individual leads. This approach allows marketers to tailor their message to meet the specific needs of each account, providing more relevant and engaging content that resonates with the target audience. By concentrating efforts on high-value prospects, businesses can achieve higher conversion rates and improved ROI.