30 Jun Account Based Marketing (ABM)-The Strategic Approach Towards Business Marketing
Account Based Marketing (ABM)-The Strategic Approach towards Business Marketing
The traditional method of lead generation marketing though is no doubt an incredible technique wholly relied on capturing as many leads as possible and then converting them into sales leads at a later stage. This method though quite successful failed to convert nearly ¾th of the marketing leads into sales. On the contrary Account Based Marketing (ABM), a fairly new concept is garnering plenty of attention these days.
Understanding Account Based Marketing (ABM)
Account Based Marketing (ABM) is a key strategic approach that a business organization needs to resort if it wants to attain tremendous growth and profitability by targeting a specific group of key accounts.
Relation Between Lead Generation and Account Based Marketing
Lead generation concentrates on drawing in numbers while Account Based Marketing (ABM) identifies, directs and pursues those sales leads that are of value to the business even before the company markets to them.
In short, by reversing the conventional marketing process, a company can focus its campaigns to targeted consumer from the minute they enter the sales funnel. All this is possible using immediate personalized approach.
How does ABM work?
Account based marketing solutions basically involve using modern technology and account-based data to aid companies when undertaking marketing campaigns in attracting , engaging, converting and finally studying the exact progress against consumers and prospects.
This methodology of Account based marketing involving sales and marketing helps to take a key view of the business problems, target, tailor them to individual needs by immediately addressing the issues.
Though an ideal theoretical business strategy, in real practical situations, implementation of ABM calls for perfect coordination between the marketing and sales team along with greater effort and tech support for various functions such as selection of accounts, target of content, improved reporting etc.
Apparent Benefits of Account Based Marketing (ABM)
- Among all the B2B strategies or tactics involved, ABM offers the highest Return on Investment as it is not only precise but even accurate, targeted and personalized as compared to the routine inbound and outbound tactics.
- Reduction in wastage accompanied with lesser risk is another apparent benefit which marketers get when they resort to ABM strategies.
- ABM strategy is very popular with consumers due to its personalized offers. This is clearly revealed by the popularity of email marketing in comparison to other forms of outbound and inbound marketing.
- Setting targets and analytics become easier when a company decides to adopt the strategy of ABM.
- Drawing conclusions when analyzing the effectiveness of the campaigns undertaken becomes quite easier.
- Aligning of sales initiative between the marketing and sales team when identifying target accounts or while mapping them out becomes easier thus leading to effective and predictive marketing.
Identifying Right Tools to Achieve the Perfect Account Based Marketing Solution
Any organization aiming to adopt the perfect Account Based Marketing solution should look for the following features in it:
Result based solutions
Each and every Account Based Marketing solution can provide data in charts and metrics but are they really effective is the million dollar question. Without actionable solutions, each one of them is useless as they fall short when making actionable plans. Only those marketing programs that offer clear metrics that can, not only, be readily understood but even used effectively become successful.
Best management of lead along with automation of contact data
A good ABM solution always aims at reducing the time-consuming tasks so as to be able to concentrate on the segment that has been targeted. This is done by effectively managing the leads and other contact information by way of auto updates of the contact information or by mapping into the relevant appropriate accounts the information about the new contacts.
Apart from the above tools, offering reliable support and services, regular communications with the sales department are some of the features that an organization needs to look for before adopting the perfect Account Based Marketing Solution.