6 Signs You Need Account-Based Marketing
No one can deny that the current cultural trend is all about customization. From iPhones to Nike shoes to the personalization of millions of other products, tailoring design to fit an individual or small group is the new norm. Consumers want to know they matter and that they’re being heard, and it’s no different in the marketing strategy world.
Enter Account-Based Marketing (ABM). Although it’s definitely not a new marketing approach, it is personalized marketing and it’s revolutionizing the market with an up to 97% ROI, according to the Altera group.
In ABM, high-value accounts are identified, key players are targeted, and then strategies are implemented based on specific needs and pain points. The approach implemented is to focus on a few potential accounts that will add the most to your bottom line.
PS. Imagine that bonus check that comes in when you close that multi-million dollar client. How did you reach that account? Through highly targeted advertising with Analytive’s XABM account based marketing program.
While no one in the marketing world would argue that landing accounts and making money is always the end game, there are a few signs that you should shift to account-based marketing. The six signs are:
Conflict Between the Sales and Marketing Teams
An organization in which the sales and marketing teams work succinctly together is the most successful. If your teams aren’t working together on accounts, account-based marketing done well will solidify the partnership.
ABM does away with the traditional sales model, where marketing captures leads and sales converts to customers. Instead, ABM unites sales and marketing by using data and insights to identify big leads and then measuring sales results to ensure a common focus.
Account-based marketing gets everyone together from the start by identifying high-value opportunities, which then results in the highest ROI possible from campaigns and the greatest chance for long-term success.
The appeal of ABM is that it’s the most efficient way to align sales and marketing. The marketer operates with the mindset similar to sales – in terms of accounts and how best to target and generate revenue from them.
Account-based marketing works because it coordinates resources to focus on pursuing and converting specific accounts. In this model, the sales team only focuses on and talks to highly-qualified, ready-to-buy leads. This allows for limited yet extremely personalized campaigns with the greatest potential for ROI for the entire team.
You Know Your Customers, but They Don’t Know You
If you’re confident that you’ve done your due diligence in identifying potential customers and have compiled a list, you’re halfway there. Account-based marketing takes this knowledge and uses it to give you the assurance that your customers also know you.
Gathering information from employees who work on the front lines with prospects and customers is vital in ABM and you probably already have a lot of information and background. Where ABM takes it to the next level is that it connects you with these leads in a timely, relevant, and personal way.
Chances are the traditional marketing strategy you’re using now – a broad stroke to hit as many customers as possible – is lacking authenticity. Companies want customized messages that solve their most immediate problems. They want to know you know them, and they want proof that you’re the right fit.
Lots of Leads, but Few Customers
Does your company struggle with an abundance of leads that seem to look promising and then never materialize? Do you feel there is an entirely untapped market that you just can’t seem to reach? Account-based marketing is the solution to converting leads to customers.
At its core, ABM seeks engagement the best fit accounts for your company’s ideal customer profile (ICP). Instead of obsessing over the number of people you’re reaching out to, ABM recognizes the benefit of very specific marketing to key potential clients.
The beauty of ABM is that it does not require you to “find” new customers. Your current customers and their networks are already rich with prospects and best-fit leads for your company. Since you already have the trust of your current customers, the next step in account-based marketing is to capture their attention so they really get to know you and how you are their best marketing advocate.
Revenue Goals are not Being Met
Smart, forward-thinking companies set goals and projections for their sales and marketing teams. These often look great on paper, but traditional marketing strategies often don’t produce the intended financial results.
With account-based marketing, you have an opportunity to show just how valuable your services are because you are taking the time to get to know the needs and problems in each account. This can be increased revenue when the account project is finalized.
Another struggle within marketing is how to track leads and accounts so that goals can be assessed. ABM monitors each stage of the process and the impact it’s having on the account. In this way, the lead moves through its lifecycle while you adapt and modify your marketing message appropriately.
Your Large Content Library is not Getting Fully Used
The most successful firms have tried and true processes and metrics to ensure that the right content gets in the hands of the right people. A sales and marketing team is only as well prepared as the real content they have access to so that they can have relevant and useful conversations.
Instead of broad campaign advertising that blankets websites your prospects may not even be visiting, the effective way to market is targeted and applicable.
When switching to account-based marketing, a content audit is essential. Each content piece should be evaluated for its relevance to a certain client and need. The stage at which the content is delivered should also be carefully discerned and strategic.
Perhaps the single greatest step in ABM when it comes to your content library is to develop a process for updating your team when new content becomes available, who it targets, which issues are addressed, and how it can be used.
Remember, the beauty of account-based marketing is that it’s personalized. Therefore, your content needs to speak specifically to your target.
Analytics software is an ideal way to give you an account-based view of all projects and can measure content impact to each individual account. It is also imperative to sort content into categories. This will make searching as easy as possible.
Your Spending a Lot on Ads but Have Low Engagement
Traditional advertising, which is broad-based, is likely limiting your influence and potentially wasting money. Instead, a highly-targeted and proactive approach is needed.
Account-based marketing puts your ads right in front of the audience you are after. These ads, plus emails, direct mail, and one-to-one outreach produce the most return on investment.
Marketing to high-value clients can seem challenging. However, determining which organizations bring in the largest recurring revenue and directing your marketing toward them will bring better results over time.
Remember, your ads are useless if you’re not promoting in the places your stakeholders spend their time online, as well as what they’re looking for on social media. Targeted customers will engage with content geared toward them, their business, and their consumer journey.
Once you’ve identified these six signs in your organization, you can recognize the need for account-based marketing. This alternative strategy concentrates sales and marketing on a clearly defined set of accounts in personalized campaigns designed to resonate with each account.
Introducing XABM:
If you’re wanting to start moving into ABM, but are overwhelmed and confused by the technical terms, complex ideas, and automation required to get started, we’d love to help. Our XABM plan is designed to help B2B business grow their revenue massively.
