In account-based marketing, the notion is to think about and treat each account as a distinct market. This means that you define your ideal customer profile for each account and then craft targeted marketing programs and messages specifically for that account. The benefits of this approach are numerous but come at a cost. In this article, we'll explore some of the key costs associated with account-based marketing.
Investment in Technology
One of the most significant costs of account-based marketing is the increased investment in technology. In order to successfully execute an account-based marketing strategy, you need to have a robust marketing automation platform in place. This platform will allow you to track and manage your interactions with each account and ensure that your marketing efforts are properly coordinated. The cost of a good marketing automation platform can range from a few thousand dollars per year to tens of thousands of dollars per year, depending on the features and functionality you require.If you want to invest in technology that is easy to use and proven to work, Lumavate may be the best option for you. You can create digital experiences to enhance your ABM strategy quickly without having to invest in costly software or hardware.
Human Resources
Another cost associated with account-based marketing is the increased investment in human resources. In order to effectively execute an account-based marketing strategy, you need to have a dedicated team in place that is responsible for managing and coordinating the efforts. This team will need to have a good understanding of both marketing and sales, in order to be effective. The cost of hiring and training this team can be significant, depending on the size of your organization.
Marketing Programs and Materials
An often underrated cost associated with account-based marketing is the increased investment in marketing programs and materials. In order to effectively execute an account-based marketing strategy, you need to develop targeted marketing programs and materials specifically for each account. This can be a significant investment, depending on the number of accounts you are targeting.Lumavate is a marketing platform that can help you reach your ABM goals without being super expensive. Here at Lumavate, we strive to provide you with an easy way to create digital experiences for cheap, which you can even try out for free.
Brand Awareness and Competition
It's important to consider the cost of brand awareness and competition when implementing an account-based marketing strategy. When you focus your efforts on a specific set of accounts, you may inadvertently ignore or alienate other potential customers. Additionally, your competitors may also be targeting the same set of accounts, which can make it more difficult to win business. These are just some of the key costs associated with account-based marketing. As you can see, there is a significant investment required in order to successfully execute this type of marketing strategy. However, the account-based marketing benefits can be well worth the investment if it is done correctly.
Target Accounts
The cost of targeting specific accounts is perhaps the most significant cost associated with account-based marketing. When you focus your efforts on a specific set of accounts, you may inadvertently ignore or alienate other potential customers. Additionally, your competitors may also be targeting the same set of accounts, which can make it more difficult to win business.
How much do ABM programs normally cost?
The answer to this question can vary greatly depending on the size of your organization and the number of accounts you are targeting. Generally speaking, you can expect to spend anywhere from a few thousand dollars to tens of thousands of dollars per year on an account-based marketing program.Of course, the cost is not just limited to money – there is also the opportunity cost associated with account-based marketing. When you focus your efforts on a specific set of accounts, you may inadvertently ignore or alienate other potential customers. Additionally, your competitors may also be targeting the same set of accounts, which can make it more difficult to win business.Thus, it is important to carefully consider the costs and benefits of account-based marketing before making a decision. If done correctly, account-based marketing can be a very effective way to win business and generate new leads. However, it is important to keep in mind the potential risks and costs associated with this type of marketing strategy.
Why is it important to look at cost in your ABM strategy?
As with any marketing strategy, it is important to consider the cost of implementing an account-based marketing strategy. This is because the costs can vary greatly depending on the size of your organization and the number of accounts you are targeting. Generally speaking, you can expect to spend anywhere from a few thousand dollars to tens of thousands of dollars per year on an account-based marketing program. If you need help planning a cost effective strategy check out our comprehensive guide to account-based marketing.Of course, the cost is not just limited to money – there is also the opportunity cost associated with account-based marketing. When you focus your efforts on a specific set of accounts, you may inadvertently ignore or alienate other potential customers. Additionally, your competitors may also be targeting the same set of accounts, which can make it more difficult to win business.
Lumavate: Cost Effective
Once again, Lumavate is a digital experience platform that can take your ABM strategy to the next level, despite your budget. Lumavate creates experiences for accounts stored in your current Martech stack, so using something like Salesforce data combined with Lumavate to create personalized digital experiences for each account would be extremely beneficial. Lumavate also offers a no-code platform, so anyone on your team can easily create these experiences without relying on IT.
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