In recent years, there has been a notable increase in the availability of Marketing Automation tools that supports Account Based Marketing (ABM) strategies. As ABM strategy becomes more logistically feasible, a rising number of B2B organisations are using ABM to rethink how they approach client relations and marketing strategies. According to the report, “The State of Account-Based Marketing in 2016”, last year alone saw a 21 percent* increase in the number of companies developing ABM programmes.
In essence, ABM is a strategic business marketing technique that treats a singular customer account as if it were a singular market. This approach allows your organisation to concentrate on the needs of each individual account instead of attempting to sell to a broad, diverse audience.
Over 70 percent* of B2B companies have dedicated staff to moving ABM-centred programmes forward, proving that ABM is much more than just a trending-topic in the business marketing world.
As ABM plants itself firmly at the heart of shifting ideas surrounding marketing strategies within B2B organisations, it is important to consider what ABM can do for you. Here are four ways ABM is changing the way B2B companies develop their marketing strategies.
1. Creating a stronger alignment between marketing and sales departments
The distance between sales and marketing departments can cause a disconnect when it comes to forward-looking goals. When forming ABM strategies, however, these two teams need to be in complete agreement when it comes to which accounts to target. This requires a common vision, which in turn means that both departments will be creating, and working towards, the same end-goals.
ABM gives your team the opportunity to construct a greater sales-marketing alignment, something that has been missing from many B2B companies. This kind of collaboration will make your team more efficient, coordinated, and successful when it comes to meeting their goals.
2. Addressing the needs of all stakeholders within an account
By developing your marketing strategy on an account-by-account basis, your team has the ability to create something that meets the needs of all stakeholders. This is particularly significant for B2B organisations accustomed to working with five or more stakeholders in any given sale.
When your team successfully identifies the key players, stakeholders, and influencers in your target account, you will obtain a unique perspective of the needs of the account. Instead of focusing on a single vision, you obtain a holistic view of the problems your company can solve, now or in the future.
3. Enhancing the effectiveness of inbound marketing
Where ABM emphasises the needs of individual prospects or existing accounts, inbound marketing focuses on attracting prospects through creating quality content. Some may say that these two strategies are opposed, but they complement each other in a way that can prove highly advantageous for your business.
ABM amplifies what inbound marketing can do. Your content can be used to draw in those accounts your team is interested in targeting. By using both approaches, you will have the opportunity to create a meaningful experience for current and prospective accounts.
4. Prioritising high quality content with a personalised message
ABM makes you take a microscope to your relationship with different accounts and to how you have approached previous marketing strategies. The result of this careful process of examination is a more profound understanding of the needs, direction, and message of the client. This allows your team to deliver meaningful, high-quality content.
The focus is placed on enhancing relationships with both current and future clients. The quality over quantity focus is starting to take hold on an industry moving towards marketing content that adds value, rather than pushing products on consumers.
ABM strategies show the capacity for real staying power in the industry, and B2B organisations are taking notice. By using these strategies, your team will have the tools needed to work more efficiently with a concrete, account-based goal in mind. With a more intimate knowledge of the needs of the client and their stakeholders, your team can produce a message that speaks directly to the account’s unique profile.
*Source: SiriusDecisiones – 2016 State of Account-Based Marketing (ABM) Study