What's Your Account-Based Marketing Strategy?
by Brian Cooney | Last Updated: Aug 6, 2022
by Brian Cooney | Last Updated: Aug 6, 2022
Your account-based marketing (ABM) strategy is the blueprint for your entire ABM program. It outlines your goals, target accounts, ideal customer profile, and go-to-market approach.
It's critical to have a clearly defined ABM strategy from the outset; without one, you risk scattered execution and poor results. In addition, your ABM strategy should be tailored to your specific business and market opportunity.
To help you get started, we've put together a guide that walks you through the process of creating an account-based marketing strategy step-by-step.
Account-based marketing (ABM) is a type of marketing that focuses on critical accounts or customers rather than on a broader target market. ABM aims to secure new business and grow existing relationships by tailoring campaigns and initiatives specific to each account.
ABM requires a more strategic and personalized approach than traditional marketing, as it involves understanding the specific needs of each account and crafting targeted messages that will resonate with decision-makers. It also demands greater coordination between sales and marketing teams, as they must work together closely to identify and pursue opportunities.
While ABM can be time-consuming and resource-intensive, it can effectively win new business and grow existing relationships. When done well, ABM can result in more efficient use of marketing resources, higher quality leads, and increased sales to name a few of the benefits. For a more comprehensive break down of account-based marketing benefits check out our full breakdown
The goals of an ABM program will vary depending on the organization's specific objectives. However, some common goals might include winning new business, growing existing relationships, and increasing brand awareness.
Organizations should develop key performance indicators (KPIs) that align with their specific goals to measure success. For example, if the goal is to win new business, a KPI could be the number of new accounts added within a specific time period. If the goal is to grow existing relationships, a KPI could be the percentage of funds that renew or expand their contracts.
Organizations should also track other metrics, such as website traffic from targeted accounts and engagement with ABM-specific content, to get a holistic view of the program's success.
When planning an ABM program, organizations should consider their specific goals and target audience. They should also develop a clear strategy for how they will execute the program and measure success.
Some best practices for implementing an ABM program include:
An organization's ideal customers will vary depending on its specific products or services. However, some common characteristics of an ideal customer might include being in a certain industry, having a certain number of employees, or being located in a certain geography.
Organizations can identify their ideal customers through market research and analysis. They can also use marketing tools, such as account-based marketing software, to help them identify and target potential customers.
There are many ways to reach and engage target accounts. Some standard methods include account-based advertising, website personalization, and direct mail.
Organizations should consider their specific goals and target audience when choosing the best method to reach and engage their accounts. They should also test different tactics to see what works best for their business.
Common challenges with ABM include difficulties with identifying target accounts, lack of alignment between sales and marketing, and difficulty measuring success.
To overcome these challenges, organizations should start by defining their goals for the program and who they want to target. They should also develop a clear strategy for how they will execute the program and measure success. Additionally, it's crucial to build a strong team that can work together effectively and creates targeted content that resonates with the target audience.
Organizations should also be prepared to test different tactics and campaigns to find what works best for their business. With a well-executed ABM program, organizations can achieve their desired results.
So as you see, knowing everything you can about account-based marketing before you put it into action is critical to its success. By following the best practices and being aware of the challenges, you can create a successful ABM program that achieves your desired results. If your looking for more details see our account based marketing strategy guide.
Now that you know everything there is to know about ABM, what are you waiting for? Put these tips into action and start seeing results for your business today!