ABM is here and changing the marketing game. Here is how and why you need to use it!
This is probably not the first article you’ve read about ABM (account based marketing), and it certainly won’t be the last. It’s a hot button topic that many marketing companies are going wild over. So knowing this, what is ABM?
Account based marketing can easily seem like just a buzzword phrase that means nothing, but in actuality, it’s a very successful system that has proven to give back higher ROI. Account based marketing is the tactic of tailoring your marketing approach to a single client. This is opposed to the opposite method of just marketing to as many people as possible. Account based marketing seeks to tackle a single client or company and set it up as a market of one. Every client is their own market.
So why is this better? Well, believe it or not, clients appreciate when you put in the effort into their business. The higher percentages of ROI comes from the fact that when you put in the time for a more personal approach, clients are more willing to work with you.
This is arguably going to be the best way to market for the future and the reason for this is simple. The market has become oversaturated with competitors and the only way to distinguish them is by price. Sometimes that is just not enough!
As time goes on, clients continue to diversify and it becomes less optimal to just blanket market to as many people as possible. Over time, you’ll start to get diminishing returns which one could say is less than ideal.
Now that’s not to say that social media, PR and other methods don’t work because they usually do. But they should only be used as tools to start to engage your audience or client. Account based marketing works to combine all of your departments together to form a cohesive package so that you can seal the deal with your client. The bottom line is that if you want your client to stay interested, you have to customize your approach to their needs. Price isn’t going to be the only factor that keeps them, but taking the time to understand the client and how their business runs as well as understanding who the key players are, is going to play a large part in securing them.
So what else is there to know about account based marketing? To put it simply, ABM is the natural progression of things. You used to market to the masses but now you probably use elements of account based marketing without even knowing it by reacting differently to certain clientele.
So to reiterate, here are the reasons to implement account based marketing into your marketing strategies.
Personalized marketing strategies have been proven to pull in customers. Developing content for the key players at the company you’re trying to sell to is crucial and will go a long way to help finishing the deal.
Account based marketing is efficient and helps you structure your resources on the key clients that matter the most to you instead of using it on something you might not need. This will maximize the efficiency of your marketing AND sales team.
Your ROI will be more defined with account based marketing and you’ll be able to make a better a inference on whether you are getting your returns since you are engaging in a more personal form of marketing and you can see if your client is interested or not.
After using account based marketing over time, you and your team will be able to figure what works and what doesn’t for you so that you can refine fine your marketing process for later clients. With this, you’’ be able to have an overall higher revenue when you know where to drop your resources.
And finally, account based marketing will tighten the alignment of your sales and marketing team. Having them work together, using resources efficiently is the only way that account based marketing will work successfully.
All in all these are the reasons why you need to implement account based marketing and why it is the future. Personalizing your market strategy towards specific clients is the ideal way to get more ROI and have a successful business.
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