Account-Based Marketing in B2B: What It is and Why You Need It
If you are new to the world of B2B digital marketing, it can be tough to get a grasp on all of the different concepts and strategies at your disposal. There are multiple ways to go when planning your B2B digital marketing campaign. If you want to create a truly impactful campaign that resonates with purchasers, you must first understand key marketing concepts.
With this in mind, our experts have created this crash course on account-based marketing in B2B. Account-based marketing, or ABM, is an effective B2B strategy that has surged in popularity over the last 10 years. In fact, 92% of B2B marketers currently use an ABM program.
You can leverage this method to obtain new accounts and improve the ROI of your marketing campaigns. You can also hire an account-based marketing agency like Insights ABM to oversee this process on your behalf. These firms have unique expertise in the realm of ABM and can help ensure that your program performs above expectations.
What is B2B Account-Based Marketing?
Simply put, ABM is a highly focused approach to B2B sales. Instead of undertaking blanket campaigns aimed at a wide array of businesses, ABM directs its attention to target accounts. These target accounts are businesses that match well with your company’s products or services.
ABM relies on building synergy between your marketing and sales teams. It removes organizations that have low value early on. This allows your marketing and sales staff to focus their energies on high-reward accounts that are likely to purchase your services.
While you may understand the importance of standing out from the crowd, it is also essential that business owners leverage the latest data to make informed decisions.
If 92% of B2B marketers are using an ABM program, then it must be pretty effective right? The popularity of ABM is not the only reason you should consider it, though. There are many other benefits to this popular marketing approach, such as:
Interacting with All Decision-Makers
The average B2B purchasing team consists of anywhere from 7 to 20 people. This results in the sales cycle becoming much longer. The more decision-makers that are involved in the process, the longer it takes to close the deal.
The increase in the size of purchasing committees has made single-lead marketing obsolete. This old-school method is slow and ineffective when you need to connect with so many decision-makers.
ABM allows you to single out a high-priority account. Your marketing and sales staff can then direct all of their attention at the purchasing committee for that account. They can create tailor-made marketing messages that are designed to appeal to that specific audience.
Instead of casting a wide net in hopes of attracting small businesses, large corporations, and everyone in between, ABM allows you to cherry-pick accounts. You can identify B2B targets that have a clear need for your product and the budget to actually buy it.
Is ABM Right for Your Business?
Are you in the business of B2B sales? If so, then ABM can be a great asset to your company. When used properly, account-based marketing campaigns can improve your return on investment and lead the way to long-term B2B clients.
However, implementing a high-performing ABM campaign is not as easy as it sounds. It requires a clearly outlined strategy and ongoing optimization and experimentation with your media mix.
When you’re implementing your ABM campaign, expect to encounter a few hurdles along the way. Or, you can always contact an experienced account-based marketing agency and make life a whole lot easier.