Account-Based Marketing – a Primer
Published: February 24, 2017
Author: Julian Hooks
Account-based marketing (ABM) is a bit different than regular marketing or social media marketing. It’s mainly targeted at individual companies – not individual people or collectives. The company that markets its products or services treats each target account as its own market.
By following these tips for ABM, you’ll make it easier to market your products or services with a higher success rate. Here’s what you need to know.
Identify Your Target Audience
Now, this section shouldn’t be confused with targeting an audience made up of individuals. We’re talking about companies here, so it’s important to take various details into account. You’ll need information from both marketing and sales if you want to have a successful marketing campaign. Things like market influence, expected profits, annual revenue, size, location, and various others, are all the things that you need to know to identify the best target companies.
Research Your Accounts and Identify Key Stakeholders
Even though you won’t be treating companies like individual people, it’s important to know the integral parties of each company you’re marketing to. You can use various internet sites and apps (e.g. ZoomInfo and Data.com) to check this out. Strive to get a better understanding of how the company works. Peruse LinkedIn profiles to discover good angles. Once you have this information, it’ll be easier for you to know the right messaging to market your products.
Choose Quality over Quantity When It Comes to Leads
Studies have shown that a large number of leads never get converted to sales (around 79%, which is staggering!). Instead of creating a large array of leads that might convert to sales, it’s much better to create high-quality leads that are far more likely to convert.
Plan Your Resources
The time and resources involved in targeting companies thoughtfully and strategically, one at a time, can be daunting. There’s little chance of success if you try to lump in ABM with traditional sales tactics and ask your team to try to handle everything at once. Review your current resources and determine whether they’re currently being used efficiently, whether some can be shifted, and whether you simply need to add more resources in order to pull off ABM campaigns.
Choose Correct Channels
Sometimes, everything that we’ve mentioned above won’t be enough to promote your business properly. You’ll need to make choices when it comes to channels, but once you’ve chosen the right ones, it’ll be much easier. Explore a bit about the channels people (and companies) like to use the most. It’s also important to know how these people consume the content that you create specifically for the channels you’ve chosen, and how to match content type to the stage of engagement you’re in. Consider investing in video, which has proven to increase open and click-through rates in email campaigns.
Execute and Measure Results
Once you’ve set everything up, you’ll be able to launch the campaign and execute your plan. It’s highly important that you constantly measure your results to see if everything is working as planned. Ask yourself the following questions:
– Is our list of already known individuals growing within the target accounts?
– Did the amount of revenue change thanks to these target accounts?
– Did the engagement change regarding these accounts?
Once you’ve answered all of these questions, you’ll be able to evaluate the results.