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What is Account-Based Marketing?

Account-Based Marketing
May 4, 2021

What is Account-Based Marketing?

May 04, 2021
Devyani Paliwal
Devyani is an ACJ graduate with a bachelors in English Literature. A voracious reader since her school days, cinema aficionado and music enthusiast, she has been doing content writing for some time now.

Imagine this, an ideal scenario where you get to sell directly to those accounts that hold the highest value for you. Won’t that be efficient and convenient? Account-based marketing has made this ideal scenario a reality. In this article, we’ll be discussing this concept and understand how it functions. 

What is Meant by Account-Based Marketing?

Account-based marketing (ABM) refers to the business strategy with the help of which resources are allocated to specific accounts within a particular industry. By using personalized campaigns, this form of marketing concentrates on boosting revenue by targeting specific accounts. 

Taking into consideration the needs and preferences of each account, content or the marketing message is created to enhance engagement and ultimately lead to more effective sales. It goes beyond simple lead generation.   

Issues Fixed by Account-Based Marketing 

The following issues are fixed with the help of ABM:

  • As account-based marketing's primary goal is to land high-value accounts, the resources they use are utilized in a much more effective manner so that all marketing programs are carried out only after being optimized for the target accounts. It saves time, staff as well as budget. 

  • As we've mentioned earlier, it is focused on making the whole process as personalized as possible to keep the target customers invested and make sure that they engage with the content. Thus, it helps in fixing engagement issues. 

  • Account-based marketing is very focused on improving ROI (Return on Investment) and getting the best results possible. If compared to other forms of marketing, it has been proven to be the one that generates the highest ROI among all B2B marketing strategies or tactics, according to a survey. Thus, it improves ROI.

  • As you're only targeting a particular set of accounts, the pool of things you have to monitor and track becomes smaller. To get an idea about the progress of the campaign, just monitor the effectiveness of the content across channels such as emails, ads, etc. Thus, it solves the issue of having to track too many things at once. 

Steps Involved in Tactfully Handling ABM 

To carry out an effective account-based marketing strategy, keep the following steps in mind:

1. Do proper research to set up strategic accounts

Instead of focusing on specific people, as marketers are used to, ABM focuses on entire organizations. This is a vital point of difference that sets account-based marketing apart from the others.

You can start by deciding the basic foundation of the organizations based on their MRR (monthly recurring revenue) at your organization. This means that work on determining that in the long-term, how much profit they can bring in for you. Those that bring in the highest are the ones you need to go after. 

The research will be extensive, qualitative, and qualitative as well. So you need to make sure that you take each and every aspect into consideration. After you have understood the type of organizations you’ll be going for, dig deeper.

Figure out how they make their decisions, who makes the decisions, and what factors do they consider. Take the help of CRM, social media platforms such as LinkedIn and Facebook, and even your employees that have any insights into these organizations, and learn all that you can.

2. Work on personalization of content

As this form of marketing is highly specialized, personalization becomes even more vital. After gathering all that information, you need to work on creating content that speaks directly to the authoritative figures of those organizations.

This personalization is what makes ABM worth it. Therefore, this is the most important part of the process. Make sure that you come up with the right messages.

3. Select the channels that will suit you best

That research will also guide you to which exact platforms you should be targeting. This is because you’ll need to promote your campaigns and launch them on the platforms where the stakeholders and others spend their time. Otherwise, what’s the use?

Facebook and LinkedIn are especially powerful platforms in this regard. You can target the stakeholders using these platforms and benefit greatly from the campaigns. 

4. Launch your campaigns

After all those hours of research and content creation, you are ready to launch your carefully designed campaign. As this is a target-specific approach to marketing, make sure to not bombard your prospects with messages.

Also, since you’re targeting the whole organization and not just specific individuals, your channels shouldn't just be restricted to them. But a balance has to be maintained, don’t overwhelm them. 

5. Monitor the campaign and optimize 

After your campaign has been active for 30-60 days, you need to evaluate your progress. Find the answers to questions such as whether the content is engaging enough, are the targeted organizations engaging with your brand, and how can you improve going forward. 

If due to some issues your campaign is not turning out the way you had expected it would, don’t get disheartened. Learn from your mistakes and optimize your content. 

Conclusion 

In such fast-paced times, there are several approaches to marketing that you can go for. However, if you want quality results that are bound to get you the boost in revenue and brand value that you’re actively seeking, account-based marketing is the way to go. 

For more such marketing strategies, don’t forget to check out Digital Ready’s Blog section. Further, go over the various digital marketing courses that we offer and take your first step towards becoming a digital marketer. 

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