Account-based marketing (ABM) is a targeted and personalized approach to B2B marketing that focuses on a select group of high-value accounts rather than a broad target audience. ABM has gained popularity in recent years as B2B marketers look for ways to improve the efficiency and effectiveness of their marketing efforts. This article will explore the benefits of ABM for B2B businesses and provide insights into how to get started with an ABM strategy.
1. Numbers can’t lie - Data showcases the success of account-based marketing
The metrics below demonstrate the significant impacts an ABM strategy can help B2B companies:
Increased revenue: A study by Demand Metric found that ABM programs deliver an average of 10% higher lifetime value per account compared to other marketing strategies.
Higher win rates: In a study by Forrester Research, 63% of B2B marketers reported that ABM delivered higher win rates compared to other marketing strategies.
Shorter sales cycles: SiriusDecisions discovers that 59% of B2B marketers reported that ABM delivered shorter sales cycles compared to other marketing strategies.
Improved customer engagement: ABM has been shown to improve customer engagement for B2B companies. A study by Demand Metric found that 89% of B2B marketers reported that ABM delivered higher levels of customer engagement compared to other marketing strategies.
By targeting high-value accounts and using personalized and relevant content, these companies can generate more revenue, improve win rates, shorten sales cycles, and increase customer engagement.
2. Account-based marketing (ABM) benefits
B2B companies should use account-based marketing (ABM) because it offers a number of benefits that can help improve the efficiency and effectiveness of their marketing efforts. Some of the key reasons why B2B companies should use ABM include:
Increased ROI: ABM allows B2B marketers to focus their resources on the accounts that are most likely to generate revenue, rather than spreading their efforts too thin across a broader target audience. This increased focus on high-value accounts leads to a higher return on investment (ROI) and a better understanding of what drives results for the business.
Improved alignment between sales and marketing: ABM encourages close collaboration between sales and marketing teams. By working together, these teams can create targeted and personalized campaigns that engage high-value accounts in a meaningful way. This improves the overall effectiveness of the marketing and sales process and can lead to more successful outcomes.
Better data and insights: ABM requires a deep understanding of target accounts, including their needs, challenges, and buying process. This data can then be used to inform future marketing efforts and drive continuous improvement. With ABM, B2B marketers have the opportunity to gather rich data and insights that can inform their marketing strategies for years to come.
Increased engagement: ABM allows B2B marketers to create highly personalized and relevant content for their target accounts. This leads to increased engagement with these accounts and a better understanding of their needs and challenges. By engaging with high-value accounts in a meaningful way, B2B marketers can build stronger relationships and ultimately drive more revenue for their business.
Better use of technology: ABM leverages a wide range of marketing technologies, from marketing automation platforms and CRM systems to data analytics and attribution models. By using technology to target high-value accounts and measure the success of ABM efforts, B2B marketers can make better decisions and improve the efficiency and effectiveness of their marketing strategies.
3. Step-by-step to get started with Account-based marketing (ABM)
To get started with ABM, B2B marketers should follow these steps:
Define target accounts: Start by identifying the accounts that are most likely to generate revenue for your business. Consider factors such as industry, size, and geographic location when selecting target accounts.
Gather data and insights: Once you have identified your target accounts, gather as much data as possible about them. This may include information on their business needs, challenges, and buying process. This information will help you create highly personalized and relevant content for your ABM campaigns.
Align with sales: Work closely with your sales team to ensure that your ABM efforts are aligned with the goals of the business. This may involve setting common metrics for success and creating a process for sales and marketing to work together on ABM campaigns.
Create personalized content: Use the data and insights you have gathered about your target accounts to create highly personalized and relevant content for your ABM campaigns. This may include whitepapers, case studies, webinars, and email campaigns.
Leverage technology: ABM leverages a wide range of marketing technologies, including marketing automation platforms, CRM systems, data analytics, and attribution models. Consider using these technologies to help target your high-value accounts and measure the success of your ABM efforts.
Monitor and optimize: Continuously monitor and optimize your ABM campaigns to ensure they are achieving the desired results. This may involve using data analytics to track engagement, lead generation, and revenue, and making adjustments to your campaigns as needed.
4. Examples of companies that achieved success with account-based marketing
There are many examples of B2B companies that have achieved success with account-based marketing (ABM). Here are a few notable case studies:
Oracle: Oracle's ABM program focused on a select group of large enterprise accounts and helped to increase deal size, improve win rates, and shorten sales cycles. By using ABM to engage these high-value accounts, Oracle was able to generate more revenue and improve the efficiency of its sales and marketing processes.
Marketo: Marketo, a provider of marketing automation solutions, implemented an ABM program that targeted a select group of high-value accounts. The program helped to increase the number of qualified leads and improve conversion rates, leading to significant revenue growth for the company.
Engagio: Engagio, a provider of ABM solutions, implemented its own ABM program and saw impressive results. The program helped to increase deal size, shorten sales cycles, and generate more qualified leads, leading to significant revenue growth for the company.
Terminus: Terminus, a provider of ABM solutions, implemented its own ABM program and saw impressive results. The program helped to increase engagement with target accounts, improve lead generation, and increase revenue for the company.
These case studies demonstrate the significant benefits that can be achieved by B2B companies that implement an ABM strategy. By targeting high-value accounts and using personalized and relevant content, these companies were able to generate more revenue and improve the efficiency of their sales and marketing processes.
In conclusion, ABM provides a targeted and personalized approach to B2B marketing that offers a wide range of benefits, from increased ROI and improved alignment between sales and marketing to better data and insights and increased engagement with high-value accounts. By embracing ABM, B2B marketers can create more efficient and effective marketing strategies that drive results for their businesses.
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