Account-Based Marketing: How to Create a Personalized Approach
Is your strategic marketing team striving to secure qualified leads from those elusive large companies you aspire to convert into loyal customers?
Imagine a strategy that not only helps you establish stronger connections with your target accounts but also elevates their engagement with your brand. While you've likely embraced the principles of Inbound Marketing to drive leads into your sales funnel, there is a new strategy called Account Based Marketing (ABM) that is reshaping the B2B landscape in 2023.
Let’s explore how ABM’s dynamic approach can empower the profitability and outcomes of your digital campaigns.
What is Account-Based Marketing (ABM)?
Hubspot defines Account-Based Marketing, or ABM, as a strategic approach that focuses on high-value accounts in a market or business. With ABM strategies you can focus on creating personalized buying experiences for better customer acquisition, relationship-building, and business growth.
Account-Based Marketing enables your business to treat high-value accounts as unique markets. By doing so, and by customizing the buyer's journey as well as all communications, content, and campaigns specifically for these accounts, you'll experience increased return on investment (ROI) and foster stronger customer loyalty.
97% of marketers say ABM delivers a higher return on investment (ROI) than other marketing strategies, and let’s explore why in simpler terms:
ABM is like inviting a select group of people to a dinner party instead of throwing a big event. You carefully choose the guests (your ideal customers), create a personalized menu (messages and offers), and make sure everyone has a great time (build relationships).
It's a focused and tailored approach to marketing that helps you win over the people or companies you really want as customers.
Account Based Marketing and Inbound Marketing
As we discussed in the introduction of this blog, Account-Based Marketing (ABM) and Inbound Marketing serve distinct purposes, yet they share common principles.
ABM enables the strategic engagement of high-value accounts, while Inbound Marketing draws in customers organically through valuable, SEO-optimized content. What unites them? Both demand a deep understanding of your target audience to shape content creation and delivery, enhancing discoverability among your desired audience.
According to Ryan Batter, HubSpot's ABM Product Marketer, 'Every growth journey begins with the foundational elements of inbound marketing—building quality content, formulating a publishing strategy, and optimizing search visibility for brand discovery and lead generation.'
ABM can leverage existing inbound content and channels, refining personalization. Both approaches prioritize exceptional customer experiences throughout the entire customer journey, with ABM complementing inbound once the foundational groundwork is laid.
Moreover, both strategies emphasize targeted, personalized content, with ABM excelling at catering to the unique challenges of specific customers— a crucial aspect of inbound marketing.
Benefits of Account-Based Marketing
ABM's tailored strategies offer several significant advantages that not only strengthen the synergy between marketing and sales teams but also elevate the overall customer experience.
- Maintaining Alignment Between Marketing and Sales Teams: ABM ensures that your marketing and sales teams work cohesively towards shared goals, stay within the agreed budget, and understand the specific roles of each internal stakeholder.
- Enhancing Relevance Among High-Value Accounts: ABM strategies elevate your business's relevance among high-value accounts, making your offerings more appealing to them.
- Consistent Customer Experiences: Customer experience plays a pivotal role in building customer loyalty and retention. ABM strategies prioritize maintaining long-term delight among accounts, aiming to make each account feel like they are your business's unique market. This is achieved by providing consistent and tailored customer experiences.
- Measuring ROI (Return on Investment): ABM simplifies the process of measuring ROI for each account where you invest your resources and time. It enables you to assess the suitability of specific accounts for your business, helping you make informed decisions.
Account-Based Marketing in Numbers
As we explore the realm of Account-Based Marketing (ABM), it's essential to grasp the statistical landscape that underpins this transformative strategy. The numbers don't lie, and they paint a compelling picture of ABM's impact and potential.
A) The global account-based marketing (ABM) sector is on a remarkable trajectory, with projections indicating it could reach a staggering $1.6 billion by 2027. Impressively, despite the challenges posed by the pandemic, the ABM market already stood at $749.4 million in 2020.
B) MarketingProfs research highlights a powerful correlation between aligned ABM strategies and revenue growth. Companies that have successfully aligned their marketing and sales teams to target the same accounts have witnessed a remarkable 208% growth in their marketing revenue. This statistic underscores the importance of cohesion between these teams for enhanced efficiency and results.
C) According to the Terminus State of ABM Report, 42% of ABM marketers consider lead generation as a top-three performance indicator for their programs. This data emphasizes the pivotal role lead generation plays in the success of an ABM strategy, with 9% of marketers also valuing new business generation, customer retention, and pipeline acceleration in their mature ABM marketing plans.
These statistics offer valuable insights into the potential and impact of ABM, reinforcing the importance of strategic alignment and the focus on lead generation within this dynamic marketing approach.
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Susana is a content creator with a passion for research. She has journalism and digital marketing as her professional background. Susana loves music, concerts, movies, and traveling. As a hobby, she collects vinyl records of all genres of music.
