Seth Godin stated marketing is no longer about the stuff that you make, it’s about the stories that you tell. The purpose of new age marketing is to amplify the understanding of your product and how it is of use for the consumer. The target audience needs to be educated about your offerings for better understanding. That is where target specific marketing comes in the picture.
What is account based marketing? And why is it important?
Imagine you have a message for someone in specific and that particular person is standing in the middle of a crowd. In such a scenario, wouldn’t it be more appropriate and productive if you just make space and reach out to the individual in person rather than shouting over the crowd? That is exactly how Account Based Marketing works. It directs all the marketing channels to one particular target account in specific.
In marketing, the general practice is to reach out to the mass for as many results as we can. Out of every 100 people that marketing professionals target, chances of people converting to leads could be 80 or even 8. This uncertainty is waved off through account-based marketing. More specific leads are targetted while selling your product/service. When a company decides to be more specific about who they target, they make better and filtered leads.
Brands with specific product or service requirement need specific individuals to qualify as leads. The idea is not to persuade someone to buy your offering, it is to understand who needs your offering. The idea of Account Based Marketing works in the opposite direction of traditional marketing. While traditional marketing works well by mass and cold targeting, Account-Based Marketing is target specific. The leads are specified and targeted in a well planned and strategic manner.
What are the benefits of Account Based Marketing?
1. Clear ROI
Constructive ABM drives direct results for a business. The 2014 ITSMA Account-Based Marketing Survey found “Account-Based Marketing has the highest ROI of any B2B marketing strategy or tactic.”
2. Reduced Resource Waste
As much as we may love traditional marketing, it is a matter of fact that the amount of man-hours it consumes is way higher because of generalized targeting. Account Based Marketing requires a minimum investment of time and gives very specific outcomes.
3. Personal and Optimized
Account Based Marketing strategies entail personalizing your communications to specific individuals so that your campaigns directly cater to them. Targeted customers are more likely to engage with your offering that is specifically directed to them, and is relevant to their business and stage in the buyer journey.
4. Tracking Goals
Traditional marketing may have it’s own metrics to follow for targetting. The tracking of goals or estimated numbers gets difficult sometimes due to the bulk outreach. Since Account Based Marketing is personalized, the tracking of these efforts and leads is very organized.
5. Clear Measurement
While traditional marketing aims at a larger number of audience, Account Based Marketing is individual specific. This helps to count the measurement of investment and returns clearly. Not only monetary inputs but even human inputs can be clearly measured.
What is the future with Account Marketing?
It is not only our phones getting smarter, along with them, it is also the marketing advancements. Considering the number of trends that marketing covers, it is the only time that every marketer will go for the smart option. Targetting accounts individually not only gives a personalized effect but is also more effective. The professionals are eventually heading towards Account Based Marketing. That is where the future lies.