As buyers around the globe have access to more information, develop increased expectations, and are exposed to numerous brands, capturing their attention can be a challenge! What’s even more of a challenge is attracting the best-fit buyers for your business.
In our last blog post, we mentioned that B2B companies are increasingly focusing on a smaller pool of customers. Ideally, brands would like to start the sales process by marketing directly to their most valuable accounts without wasting time with unqualified leads. So how do brands do this?
One way to account-based marketing! According to Hub Spot, account-based marketing (ABM) is “a focused growth strategy in which Marketing and Sales collaborate to create personalized buying experiences for a mutually-identified set of high-value accounts.” It takes a more holistic view of marketing by personalizing the buyer’s journey and crafting all communications, content, and campaigns for those specific accounts.
Looking at this statistic above from Neil Patel, the two largest B2B segments using ABM have revenue below $100 million or above $1 billion. An immense range exists in between these segments which reveals that companies use ABM to either scale their early growth or streamline their expansion beyond ten figures. This means that many operations could be running much more efficiently than they probably realize.
So what is the big deal? There are many benefits for B2B companies employing an ABM strategy over other approaches. Check out the list below:
- Keep Marketing and Sales aligned
- Maximize your business’s relevance among high-value accounts
- Deliver consistent customer experiences
- Measure your return on investment
- Shorten the sales cycle
- Eliminate wasted resources
Each account a brand targets may require different approaches depending on specific attributes or its relevant marketing channels. Below are a few examples of how B2B marketers can develop ABM programs:
- In-person events
- Customized webinars
- Direct mail
- Tailored email campaigns
- PPC and paid social media ads (LinkedIn ads)
- Custom web pages
Relying solely on traditional forms of inbound marketing will no longer suffice in today’s competitive market. Brands need to seek out, focus, and create long-lasting relationships with their highest-value accounts. Account-based marketing can be a great way to complement a company's global B2B branding and marketing strategy.