Increasing your visibility and sales by targeting the right accounts and engaging with key decision-makers sounds good, right? This guide will take you step-by-step through how to create and adhere to an ABM Marketing Strategy for your business.
When Rick Ross released the song “Everyday I’m Hustlin'” in 2006, I am pretty sure he wasn’t talking about marketing.
For B2B marketers, though, it can definitely feel like every day is a hustle.
You might be struggling to find enough leads, sorting through stacks of them to find any that are high quality, and then, well, you’ve got to do the work to attract those prospects and convince them to buy.
Hustlin’ ain’t easy—but it doesn’t have to be quite so painful, either.
That is why I want to talk about account-based marketing (ABM).
What is Account-Based Marketing?
Account-based marketing is a strategy that targets specific companies with personalized campaigns rather than targeting large groups as a whole. It flips the traditional method of inbound marketing on its head.
How is Account-Based Marketing Different from Lead Generation?
In traditional inbound marketing, you might develop content for financial companies as a whole and wait for them to come to you for more information. You might even promote your content specifically to people who work at the big four banks in the United States.
This approach has several drawbacks—you don’t know who might be responsible for making decisions, and you have no way of knowing if your content or ads are useful to your prospects.
With ABM, instead of targeting people who work at financial institutions as a whole, you start by focusing on companies that are your ideal customers. For example, you might track who visits your website or research prospects, and then develop content and marketing campaigns specifically targeted to that institution.
Benefits of Account-Based Marketing
According to research conducted by SiriusDecisions, nearly 92 percent of B2B companies said that ABM was “extremely” or “very” important to their marketing efforts. Here’s why:
- Higher ROI: ABM delivers a higher ROI for 87 percent of marketers.
- Efficiency: Target specific accounts rather than broad key terms.
- Shorter Sales Cycles: The majority of companies that use ABM have sales cycles shorter than 60 days.
- Builds Trust: Shows prospects you actually understand what they need.
- Quality Over Quantity: Sales reps get a higher average contract value and better deal sizes.
- Brand Trust: Increases the retention of existing customers and boosts the sales process.
Is Account-Based Marketing Only for Enterprise Customers?
No, ABM isn’t just for enterprise customers. While enterprise accounts often have a longer lifetime value, ABM techniques can be tailored for small businesses too. If you sell highly customized products or require multiple purchases over time, ABM can be successful with smaller clients as well.
How to Start Your Account-Based Marketing Strategy
Now that you understand ABM and its benefits, let’s dive into how to implement this process.
Step 1: Build the Data by Identifying Companies You Want to Target
Before you begin to develop a strategy, your first step should be to identify your target companies. Start by using a visitor identifying tool to see who is visiting your website, indicating a level of interest in your solution. Then, look at tools you already use for marketing, such as your email list and CRM for possible prospects.
For example, CloudTalk, a company that provides smart call center software, used Leadfeeder to identify and target 1000 new prospects a month who visited their site but didn’t sign up for a trial. As a result, they were able to sign up 20 additional companies per month for their free trial.
Step 2: Tier the Data
Now that you have a list of prospects, start tiering them. Use LinkedIn and the company website to locate contact points. LinkedIn’s Sales Navigator can be useful here, but even without fancy tools, you can search manually.
Step 3: Rank Your Prospects
Rank your prospects based on their engagement and fit. Focus on those who have shown significant interest or activity, such as visiting your site multiple times or engaging with your content on social media.
Step 4: Create Content for Prospects
Create personalized content to address the specific struggles of your target companies. This content may be in the form of blog posts, emails, ads, white papers, etc.
Step 5: Connect Content + Message to Persona and Account
Deliver the personalized content to the right people using tier-specific and persona-specific campaigns. Use marketing channels like LinkedIn advertising, email marketing, direct mail, or targeted PPC ads based on where your audience is.
Step 6: Watch the Cash Roll In
ABM is an incredibly effective way to attract and target leads. One study found that companies using ABM generate 200 percent more revenue than those that do not.
Final Thoughts on Implementing Account-Based Marketing
When it comes to ABM, one thing often gets lost: you’re still dealing with people. Whether your target audience is a B2B employee or a retail consumer, we’re all people selling to other people. ABM is about creating personal relationships with key stakeholders and decision-makers.
As you move forward with your ABM program, remember that people are your ultimate targets, not companies or metrics. Focus on the individuals who influence the purchase decision and create a holistic view of each person on your target accounts list. By connecting the dots and building authentic relationships, your efforts will be more effective and successful.
