Account-based marketing (ABM), is the new way of talking about ‘focused or personalized’ B2B marketing. ABM is nothing new. This marketing technique has been around for quite some time now, just that we hadn’t put a name to it, but I am sure that you have all heard of your sales team talking about specific accounts that they want to target.
Account-based marketing consists in both the marketing and sales team working together to identify these key accounts and then, targeting them. Two things have changed here:
The first is that it is important to understand that a successful ABM strategy requires collaboration. Get really specific about the attributes of the companies you’re trying to sell to. Focus on attracting, engaging, converting and measuring those accounts that are most likely to buy. The good news is that ABM by its very nature brings the two marketing and sales teams together — as long as both sales and marketing can agree to work together. Create a smarketing environment within your company.
The second change is the way that we can now employ technology to help us do this at scale. I can see you raise your arms to your heads and ask, ‘at scale, with ABM?’ Well that’s the fun part! We can now target thousands of specific contacts, the right contacts, in a personalized manner, specific to each vertical/silo/industry type, rather than just aiming frantically for the sky… and… hoping to hit.
In summary, in ABM, we identify our best fit prospects, according to a fixed set of criteria, then, focus our effort on engaging these, on their terms rather than on our own, we go back to the days when we put our customer first. We are interested in engaging and targeting those specific prospects that have a higher probability of buying from us, rather than, well frankly, anyone. And then we adapt our business profile and content to their specific needs and experience.
To know what accounts to target you must understand that any successful account-based marketing strategy requires collaboration. Companies with strong Sales and Marketing alignment achieve 20% greater annual revenue growth. So, work on open communication, teamwork and alignment between sales and marketing to understand what your current sales cycle looks like and which clients give you what type of revenue and why.