Account Based Marketing
What is Account Based Marketing?
Buyers are more informed now than ever. Also, the number of stakeholders involved in decision making has increased with time. Reaching out to the right stakeholders is more challenging now for B2B companies. This holds true especially while targeting larger organisations.
In most companies sales and marketing teams work separately with little or no transparency. This is where Account Based Marketing comes into picture. In this approach, the sales and marketing teams work together hand in hand. The aim is to target a group of stakeholders rather than just an individual. With this approach, the sales and marketing teams can have more visibility of client’s needs and can hence develop more personalised marketing messaging.
Benefits of ABM:-
⦁ Joint efforts of sales and marketing teams
⦁ Shorter sales cycle
⦁ Increase in ROI
How is ABM different from Funnel Based Marketing?
Funnel based marketing focuses on what needs to be said, who to say it to and where to say it while ABM focuses on who you want to target. If multiple sales and marketing people are chasing different people in a large organisation, they can come together and strategically target the prospect.
In funnel based marketing, efforts are broader. The sales team is often loaded with leads that do not get converted. Thus, a lot of time of sales team gets wasted. ABM is more efficient as leads are grouped together based on accounts. And this leads to better conversions. Marketing messaging can be made more personalised based on customer understanding and can be sent at the right time. Thus, making the entire process more effective.
For B2B companies, account based marketing is of utmost importance. It is a complex strategic move but it yields high returns. It is a rather comprehensive approach that not only involves identifying right accounts but also developing good relations with prospects.