Demandbase claims that “over the past year, there’s been a 21% increase in the number of companies that have a full account-based marketing program in place.” Lately, hoary marketing mediums like print media, flyers, billboards, newsletters etc. have taken a turn for the better and paved way for many modern marketing methods. Account-based marketing is one of the latest ones on the list and if you are a current B2B marketer, you may be already in the account-based marketing circle, without even knowing it!
With the industry growing so massively every single day, the data contained in it is growing at a huge pace too. To club together such huge amounts of data in a synchronized manner, B2B marketers vouch for account-based marketing. The filtration of data in this way is helpful in case of “whale” clients or clients who provide data in bulk. However, in this case, a lot of trial-and-error is required to make things work if you do not implement ABM in the process; not forgetting that account based marketing strategies also require a lot of attention to detail; consume a considerable amount of time and are risky.
Megan Heuer, Vice President at SiriusDecisions recently spoke about ABM, where this data was highlighted:
Utilization of ABM by companies –
45% less than $100 million
18% between $101 million and $1 billion
36% more than $1.1 billion
Thus, it was clear that companies who were doing extremely well and those who were still growing used ABM. However, the mid-range companies (grossing out between $101 million and $1 billion) did not use ABM. It was clear that they underestimated its reach or simply choose to avoid this method, due to various reasons. To grow ABM, it is thus important to enlighten these companies about the trends for account-based marketing, its reach and show them how this particular type of marketing can really make a difference.
These 6 steps for account-based marketing are efficient and can work wonders if used correctly:
Identify your target audience: Research and select the audience you wish to target. This step is crucial as it will help prepare and deliver ABM practices with ease. Target audience also helps you prepare best practices for account-based marketing.
Research about your accounts: Once you select your target audience, do your research. Good research is the backbone of effective marketing since it helps one understand the loopholes and challenges that may arise.
Create amazing content: Content is the very first thing that clients notice once you start marketing – make it superlative.
Choose relevant channels to publish your product/service: Again, research, study and then use the best channels to push your content forward.
Run multiple campaigns to check which works best: Once your marketing plan and channels are decided upon, push forth different campaigns to understand which one gets the best response through which channel. Email & SMS marketing are very common.
Measure results conversion rate: ABM helps modern B2B marketing companies to measure results for their campaigns as well as conversion rate, both of which can be used for growth in the future.
So why account-based marketing? Because apart from making marketing easy for you, account-based marketing 2018 will help improve customer acquisition process, cost efficiency, give better ROI, create trust-based relationships, track & optimize results and prevent wastage of resources.