Passionate about all things related to marketing and sales, Sai nurtures a strong interest in digital MarTech, evolving customer expectations, and fraud mitigation. He is adept at spotting fake ads and e-commerce frauds within minutes. During the weekends, Sai can be found hitting the gym, running 5Ks, or listening to marketing-related podcasts.
Picture yourself in a scenario where you can kickstart selling immediately to the accounts that ensure high returns—yes, no more time spent persuading uninterested prospects who won’t return to do business with you. Instead, you can zipline right into the stage where you get to delight and retain your primary accounts. A marketer’s dream, isn’t it?
Well, this is made possible with the help of account-based marketing. No more pandering to uninterested leads and avenues that don’t generate high ROIs! Through this strategy, you get to maintain a razor-sharp focus to offer the best customer experiences by working in tandem with the organization’s sales team.
Interested? In this blog, we will walk you through the basics of account-based marketing:
What is account-based marketing?
Account-based marketing (ABM) brings the two worlds of marketing and sales together. It is a targeted growth strategy to ensure that high-value customers and lucrative prospects get the attention and personalization they deserve, thus resulting in increased profitability.
As noticed at several digital marketing conferences, sales and marketing teams often work as separate entities with an evident lack of alignment, even though the goals of these departments are intricately linked. However, time and again, it has been proven that a collaborative approach leads to:
- Increased customer satisfaction
- Better retention
- Shorter buying and sales cycles
- High-quality leads
- Better financial performance of the organization
This is why account-based marketing works wonders. In addition to uniting the two critical teams, it helps to market and promote one’s solutions before key accounts, where each account is approached as a market of one. Thus, all campaigns and communications are primarily targeted to those few accounts. The benefits of doing this include:
- No time wasted on junk leads
With ABM, instead of focusing on bringing the highest amount of leads, the marketing and sales teams will direct their time and efforts to attract hot leads to the business — the ones most likely to be interested in the organization’s solutions.
- Best use of your marketing budget
It is important to remember that more than 57% of the buyer’s journey is already wrapped up by the time they are in contact with an organization’s sales team. That is why it is even more important for a centralized approach to initiating communication with new prospects.
choosing-colors-better-brand-recall-quick-guideWith ABM, both teams can influence the buyer’s journey at different stages to ensure that they choose the organization as their service provider. Ultimately, it makes the most efficient use of your marketing budget as your campaigns and content are not directed to superfluous leads, but to active buyers. Based on this, you will also be able to easily determine the level of presence you will need on various online channels and platforms.
- Personalization becomes simpler
Given that teams have more time to focus on single accounts, they can offer a higher level of personalization. From personalized offers, discounts, to enhanced communication, ABM helps to serve your customers better. The marketing team can also offer better content that answers the questions of customers and helps them gain more information about the organization’s solutions. Ultimately, it leads to amicable business partnerships that are based on trust and loyalty. This is why so many B2Bs love account-based marketing.
This is just the tip of the iceberg. Should you wish to explore new marketing strategies and approaches, do attend marketing conventions of 2022, such as the Marketing 2.0 Conference.