ABM stands for accounts-based marketing. Designed for B2B marketing operations, ABM is a marketing style that means sales efforts are centered on a limited number of prospects or customer accounts. This is because there should be a more concentrated effort that, carried out correctly, ABM Marketting will lead to more substantial sales.
For ABM to work, prospects ought to be aggregated according to their various attributes. The highly targeted approach of ABM will be dedicated to strategic, often high-yielding accounts. Indeed, it can even involve the development of uniquely personalized campaigns tailored to individuals within chosen organizations. This personalized approach is designed to offer a greater return on investment with less time wasted on minor accounts.
How to build an ABM Strategy?
1. Identifying Your Strategic Accounts
To begin with, ABM will mean identifying which accounts are likely to be high-yielding and which are not. Although this increases the amount of activity required at the early stages of a sales pipeline, the idea is to remove accounts from the processes further down it, thereby reducing wasted effort and marketing expenditure.
The greater focus on a smaller number of target accounts enables personalized digital communication to be set up with the target audience. With web content, videoconferencing pitches, and other marketing material adapted to your leads' specific needs and profiles, you will be able to create messages that are more likely to find favor. Consequently, marketing should no longer be hidden among the multitude of such requests your target audience receives each day.
Of course, this personalized approach must rely on a thorough qualification process such that your sales leads are optimized. A variety of B2B processes can be used to improve internal qualifications whereby you will attempt to identify the right contacts within the business you are targeting.
2. Identify Key Contacts Within Each Company
Firstly, ABM is about targeting the right organizations first and foremost. Which sorts of businesses procure your products and services? Which ones buy the most or focus on the highest value items? Do you have prospects from your sales leads in such organizations? These are the sorts of questions you need to ask your sales team when adopting an ABM strategy.
In addition, targeting certain businesses will involve assessing your prospects according to certain criteria. These might be :
- The sector(s) they are most prominent in
- The turnover and expected profitability of the target account
- The geographical areas the business operates in
- The likelihood that the company could influence others in their industry
- Whether or not the firm is likely to make repeat purchases
3. ABM Marketing Tactics You Can Deploy
To be clear, content should engage individuals with ways they might improve their organizational efficiency, solve problems, or reduce unnecessary expenditure. The content will be something that they can use to help them build a case for turning to your business as a supplier, ideally by honing in on their firm's specific set of circumstances.
Individualized Communication Channels
Using the right channel of communications for such messaging is also important. Some targets will prefer blogs they signup to, while others will prefer video presentations they can share internally. Some might prefer a more traditional phone call, while others may want to chatover an instant messaging service. Whichever the preference may be, you should be prepared for it.
ABM campaigns should also mean having marketing materials that coordinate well together. Although one person in your target organization may prefer one communication method, his or her boss may want to receive information in another way. Therefore, all of your marketing must harmonize such that it creates consistent messages, all with the same degree of personalization.
4. Mesuring the results of your ABM Campaigns
Evaluating the success of any ABM campaign is essential if you are to improve with future ones and see a greater return on investment down the line. Key metrics you will want to understand fully are: whether you have a growing list of targets, how much revenue you have thus far generated from ABM activities, and whether the responses to your tailored marketing are more favorable than they once were.