What is Account-Based Marketing? Here are Six Key Steps to Account-Based Marketing

    Account-Based Marketing

    Studies state that account-based digital marketing was turning out to be the go-to solution for most industries in their marketing efforts. The study concluded that 70% of the B2B marketers were opting for account-based marketing. This showed a clear trend-bending towards account-based marketing. Let’s find out what exactly account-based marketing is.

    What is account-based marketing?

    B2B marketers often try to connect to a wide audience in hopes of engaging as many companies as possible. Account-based marketing (ABM) is an alternative marketing strategy that focuses on the sales and marketing efforts of a certain targeted set within the market. Essentially, marketers identify and target high-value prospects and key stakeholders in the industry, and then they devise and implement marketing strategies.

    Marketers also refer to account-based marketing as personalized marketing. By implementing this strategy, companies prioritize certain accounts that match their buyer personas

    Six Key Steps to Account-Based Marketing

    We shall define certain guidelines for each tactic to assist us while we get to know the process of ABM. The following are the six basic yet crucial steps for ABM.

    Step 1: Identify your high-value accounts

    Utilize the firmographic data and business intelligence tools available to help you identify your high-value accounts. Consider the revenue collection potential as well as other factors like their standing in the market, the probability of the customer purchasing from you again, or a potential for a profit margin higher than average.

    Step 2: Study the market and identify your key players

    Identify the structure of your target accounts; find out how the decisions are made and who the decision-makers are. Your CRM tool can be of help with this. Once you know who the decision-makers are and how the decisions are made, you will get a guideline on whom to target and how.

    Step 3: Design your content and personalized

    An effective ABM strategy uses crisp and precise content that addresses the business challenges that the target account faces. Consider what and how your content can address your prospect’s business challenge. With ABM, you get the leverage of targeting a specific issue while designing your content and campaigns.

    Step4: Identify your optimal channels

    Reach out to your audience on all the channels they leverage, those that seem most effective to you considering the particular industry in your industry. These channels include web, mobile, and email.

    Step 5: Implement and execute targeted and coordinated campaigns

    It’s crucial to coordinate your campaigns across various mediums and align the efforts of your marketing and sales teams for maximum impact. With advancements in technology and newer tools coming up, marketers are now able to coordinate and execute ABM Campaigns more efficiently than before.

    Step6: Analyze, calculate and optimize

    Test, measure, and optimize your campaigns from time to time to ensure the efficiency of your efforts and strategies for your next campaigns to improve your results over time. Study the results of individual campaigns as well as map the trends, if any, at the account level in the aggregate as well to get a clearer picture.

    Before jumping right into it, figure out if you need to implement ABM for the kind of marketing your industry needs. Although ABM seems to be a big step, it has the capabilities to be a huge leap for your business if implemented properly. Study before making a decision.