ABM stands for Account-Based Marketing. Based on the full form, we can derive its meaning as well. Let me tell you how. From the term Account-based, It is clear that this platform targets specific types of accounts (we will discuss that later), and from the term Marketing, we understand selling and promoting. Now when we put the derivations together we end up with this definition.
Account-based marketing refers to a marketing approach wherein certain resources are set on target accounts within a market. In this article you will read and understand the following:
- What is an ABM platform?
- Why is it important?
- How can you implement it?
- Examples of implementation
- Which software platforms offer ABM support?
Alright, now that we have got a glimpse of what ABM is. Let’s get a deeper understanding.
What Is An ABM Platform?
ABM platform is a marketing and sales automation tool, which powers your account-based marketing programs and connects them to your entire sales funnel. It is a B2B approach in which marketing and sales teams work together to formulate personalized campaigns in a way that points towards specific attributes and needs of the accounts they wish to engage.
In addition, ABM encompasses more than just lead generation. To maximize the value of your biggest accounts, you need to market to existing customer accounts to encourage upselling and cross-selling. An ABM strategy instead of making marketing channels in an attempt to get leads focuses on identifying and targeting accounts that have the potential to bring large revenue to your business.
Benefits Of ABM Platform
Now that we have familiarized ourselves with the basics of the ABM platform, we can move on to the crucial topic which is its benefits.
1. Marketing approach tailored to individual needs
As stated earlier, ABM uses the approach of personalized texts rather than generic messages. Under this messages are tailored according to the needs of large accounts which they wish to target.
2. Calibrating Sales And Marketing
For account-based marketing to be successful, it is necessary for sales and marketing teams to work together, identify target accounts, creating custom messages and moving the individual accounts through pipelines.
3. Shorter Sales Cycle
KnowledgeTree reported that the average purchased committee ranges from 7-20 individuals and the sales cycles go on extending as more decision makers get involved. This is eliminated in ABM as prospects are nurtured simultaneously thereby shortening the sales cycles.
4. Clarified ROI
Account-based marketing is both precise and measurable. Furthermore, it is emphasized that ABM is the highest ROI growing tactic compared to others. To illustrate, almost 85% of marketers who use the ABM described method to estimate ROI has concluded that it is better than the rest tactics used.
5. Eliminates Wasting resources
The most likely accounts to close sales receive most of the time and resources. As a result, resources that would otherwise have been wasted are freed up.
How To Implement ABM In Your strategy
There are five steps to implementing account-based marketing.
Step-1: Identifying the target accounts
Since, these high profile accounts will result in better revenue it is essential to analyze and identify them.
Step-2: Evaluating the accounts
Conduct research on these accounts to figure out their needs as well as pain points. Furthermore, analyze where have they reached in the customer journey.
Step-3: Crafting campaigns
Once you have identified and evaluated your target accounts, you will then have to customize messages which discuss about their issue and how you are willing to solve them.
Step-4: Run the campaigns
Launch the campaign targeting those accounts.
Step-5: Analyze the campaigns
Keep track of how well your campaigns are performing and update accordingly.
Examples Of ABM implementation
To add the most value to your organization, choose target segments around which to build ABM programs. To demonstrate how account-based marketing can be used to build B2B marketing programs, here are some examples:
1. Webinars
Webinars are one of the most effective way to persuade the decision makers. You can arrange as well as customize it according to the specific target account. The webinar and follow-up could be arranged timely, furthermore the content of webinar could be unique for target accounts.
2. Direct mail
Nowadays, when everyone is bombarded with emails, direct mail is becoming a popular method of reaching prospects within a company. Gifts and marketing sent through direct mail can be more valuable since the revenue potential is much higher because ABM is more targeted.
3. Paid advertisement
Pay-per-click (PPC) and paid social media ads are common ways to reach out to target accounts online. By using technologies such as IP targeting and retargeting, you can tailor your display campaigns to focus on a small number of target accounts rather than casting a wide net across social media platforms like LinkedIn and Facebook.
4. Web customization
SEM and inbound marketing campaigns for ABM on the web are not the end of the road. In comparison to the generic website experience, website personalization technology can create a tailored experience for target prospects once they arrive on the website.
Which Software Platforms Offer Account-based Marketing?
If you want to reduce the workload and wonder if there are any platforms which can possibly reduce ease the process for you, then you are absolutely in luck because there are platforms that offer ABM supports. Let’s take a look at them!
1. HubSpot ABM software
Features:
- Customize ideal customer profile, or ICP
- Importing spreadsheet of the target accounts
- Helps in prospect identification
- Allows to use their marketing tools such as ads, web pages, and social media posts.
2. Terminus
Features:
- Easily manage email campaigns, retargeting, and automation
- Access to performance metrics
- Helps you to locate the target account
3. RollWorks
Features:
- Run digital ad campaigns
- Automate sales functions
- Analyzes your campaigns and provides key metrics
4. Triblio
Features:
- Analyzes account pipeline growth
- Analyze web behavior
- Access to various sales tools
- Offers an ABM guide (like a crash course perhaps)
5. Engagio (Now acquired by Demandbase)
Features:
- Personalized approach to accounts
- Access to sales tools
- Unification of data on single platform
Lastly,
The most effective account based marketing campaigns center around developing content and distributing it through multiple channels. These resources must be timely and relevant to clients, or they do not interest them.