What Is Account-Based Marketing (ABM)?
A complete guide to Account Based Marketing
Last Updated: Aug 8, 2022
Account-based marketing (ABM) is a strategy that targets key accounts with personalized campaigns instead of targeting a larger group of prospects.
ABM is often used by B2B companies that sell to large organizations with complex sales cycles. It’s a more targeted and personalized approach than traditional marketing, and it can be very effective in generating leads and closing deals.
ABM can be a useful strategy for companies that are trying to break into new markets or expand their business with existing customers. It can also be helpful for companies that sell products or services that require a high level of customization.
The rest of this page will take an in-depth look at account-based marketing, including how it works, its benefits, and some tips for getting started. So if you ever get confused, just think of account-based marketing and remember that all it means is that you are marketing to accounts specifically instead of the general population.
How Does Account-Based Marketing Work?
ABM involves identifying and targeting key accounts with personalized campaigns. The goal is to generate leads and close deals by providing a more customized and targeted approach than traditional marketing.
ABM typically starts with identifying a list of target accounts. To do this, you’ll need to gather data about your ideal customer, such as their industry, size, location, and so on. Once you have a list of target accounts, you can begin developing personalized campaigns specifically for them.
By creating personalized campaigns for each target account, you can more effectively address their specific needs and pain points. This, in turn, leads to a higher likelihood of generating leads and closing deals.
What Are the Benefits of Account-Based Marketing?
Now that we've discussed account-based marketing and how it works, let's dive into some of the benefits you can expect when using ABM.
Efficiency in the Sales Conversion Cycle
ABM can be very effective in generating leads and closing deals. This turns the sales conversion cycle into a more efficient process overall.
Improved Quality of Leads
ABM leads are of a higher quality than leads generated through other marketing strategies. This is because ABM is more targeted and personalized, so you’re only targeting leads that are a good fit for your products or services.
ABM can lead to increased revenue for your company. This is because ABM is more efficient in generating leads and closing deals, and it also results in higher-quality leads.
Improved Customer Relationships
ABM can improve customer relationships by helping you create personalized campaigns that address the specific needs of each target account. This leads to a better overall experience for the customer, which can result in improved customer retention rates.
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What Are Some Tips for Getting Started with Account-Based Marketing?
Now that we've gone over the basics of account-based marketing, let's take a look at some tips for getting started.
Define Your Target Accounts
The first step is to define your target accounts. To do this, you’ll need to gather data about your ideal customer, such as their industry, size, location, and so on. Once you have a list of target accounts, you can begin developing personalized campaigns specifically for them.
Develop Personalized Campaigns
Once you have a list of target accounts, you can begin developing personalized campaigns specifically for them. By creating personalized campaigns for each target account, you can more effectively address their specific needs and pain points.
Track Your Progress
It’s important to track your progress when using ABM. This will help you optimize your campaigns and ensure that you’re on track to achieving your goals.
What are some examples of ABM Platforms?
ABM can also be helpful for companies that are trying to break into new markets or expand their business with existing customers. By targeting key accounts, companies can more effectively reach their target market and generate leads.
There are many ABM platforms available, such as Terminus, Engagio, and Lumavate. Each platform offers different features and benefits, so it’s important to choose the one that’s right for your company.
Terminus is an account-based marketing platform that helps companies target their ideal customers and generate leads. This works by identifying the companies that are the best fit for your products or services. It then creates personalized campaigns specifically for those companies.
Engagio is an account-based marketing platform that helps companies automate their marketing and sales processes. This includes features such as lead generation, lead scoring, and email automation.
Lumavate is different from the other account-based marketing platforms on this list. Lumavate is a digital experience platform (DXP) that helps companies create personalized campaigns for their target accounts. The best part about Lumavate is that you can create the front-end to incredible digital experiences, whether that is a mobile app or a landing page, and still reap the benefits of account-based marketing. If you want to get started with Account Based Marketing you can use Lumavate's ABM template today for free!
How Should I Choose an Account-Based Marketing Platform?
There are many factors that you should consider when choosing the right platform to begin account-based marketing. With all the options out there you need to narrow your search criteria to include the things that are most important to you. Here is a list of some of the things we find most relevant when deciding on an ABM platform. Use some of the items on this list to guide you in your search.
Can you ever have a conversation about your tech stack without discussing price? Of course not, because at the end of the day the most important thing is your bottom line. So begin by setting a budget and then build your search framework around that budget. Remember that the key is to have a positive ROI, so find software that can drive conversions and make your company money. If it is just the right software for you, but a little out of your price range, go for it if you can justify your returns. On the other hand, you might find the perfect tool for you that is completely free! So as you consider price in your decision remember to set a budget, but don't be afraid to invest in products that will grow your business.
The functionality should be the engine behind your search for an ABM platform. You should be hunting for a product that offers the right functionality to help you succeed in your ABM initiatives. The most important thing here is that the platform integrates with your other software and drives conversions by optimizing your marketing and sales processes. Then once you find the platform with the right features you can look back at your budget and make sure it is the right fit.
Ease of Use
You need a platform that you feel comfortable using. After all, it will be a large part of your marketing and sales processes. You should find software that is easy to use and has a user-friendly interface. This will help you save time in training your employees and increase efficiency overall. It is also important to get a platform that meets the skill level of your employees where they are. If you have a team of marketers you probably shouldn't use a platform that is too complex for them to use. On the other hand, if you have a team of developers you should give them a more powerful platform that might require coding knowledge.
Check out what other companies are saying about the platforms you are considering. Read reviews from users, analysts, and experts in the industry. This will help you get an idea of what other companies think about the software and if it is the right fit for you.
How to Develop an ABM Strategy?
The most important part of implementing an ABM platform is having a strong strategy in place to maximize your investment, but what goes into planning an ABM strategy? Here we will go over important things to consider when developing an account-based marketing strategy.
Define your Ideal Customer Profile (ICP)
The first step is to identify your ideal customer profile. This will help you determine who you should be targeting with your ABM initiatives. You need to consider things like company size, location, industry, and more when determining who would make a good fit for your product or service. Once you have a good idea of who your ideal customer is you can move on to the next step.
Identify your Target Accounts
Now that you know who your ideal customer is, it's time to identify which companies make up your target accounts. This is where you will create a list of companies that match your ICP and that you want to target with your ABM efforts. To do this you can use account-based marketing software, which will help you identify companies that match your criteria. Once you have your list of target accounts you can move on to the next step.
Develop Your Engagement Plan
Now that you know who your ideal customer is and which companies make up your target accounts, it's time to develop your engagement plan. This is where you will determine how you are going to reach out to your target accounts and engage with them. There are a variety of ways to do this, but some common methods include events, direct mail, account-based advertising, and more. Once you have developed your engagement plan you can move on to the next step.
Create Targeted Content
Now that you have developed your engagement plan, it's time to create targeted content. This is content that is specifically designed for your target accounts. It should be relevant to their needs and interests and should help them see the value in your product or service. Once you have created your targeted content you can move on to the next step.
Measure, Test, and Optimize
The final step is to measure, test, and optimize your account-based marketing efforts. This is where you will track your progress and see what is working and what is not. You can use account-based marketing software to help you with this. Once you have measured, tested, and optimized your account-based marketing efforts you can then adjust your strategy as needed.
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How Do You Utilize Analytics with an ABM Strategy?
All of the steps above should be data-driven to ensure a positive ROI, but how can you analyze data to enhance your ABM strategy? The answer is account-based marketing software. This type of software will help you track, measure, and analyze your ABM efforts. It will also help you optimize your strategy based on the data you collect.
What Are the Benefits of Using Analytics with ABM?
There are many benefits to using analytics with your ABM strategy. First, it will help you track your progress and see what is working and what is not. Second, it will help you optimize your strategy based on the data you collect. Third, it will help you make better decisions about your account-based marketing efforts. fourth, it will help you save time and money by reducing the need for manual data entry. Finally, it will help you improve your overall ROI.
What's the Difference Between ABM and Traditional Marketing Strategies?
ABM is a type of marketing that focuses on key accounts rather than the mass market. This means that instead of trying to reach as many people as possible, you focus your efforts on a smaller group of accounts that are more likely to convert. Traditional marketing, on the other hand, is a mass-marketing approach that involves reaching out to as many people as possible in the hopes that some of them will convert. Here are some explanations of the main differences between the two:
ABM is more targeted. Since you are only targeting a small group of accounts, you can be more specific with your marketing efforts. This means that you can create targeted content and campaigns that are more likely to resonate with your target accounts.
ABM is more personalized. With account-based marketing, you can get to know your customers better. This allows you to create more personalized marketing efforts that are more likely to convert.
Account-based marketing can be a more cost-effective way to reach out to potential customers. Because you are only targeting a small group of accounts, you don't need to spend as much money on your advertising activities. This makes account-based marketing a more cost-effective choice for businesses.
What Are the Costs of Account-Based Marketing?
The costs of account-based marketing can vary depending on the size of your business and the scope of your account-based marketing efforts. However, some common costs associated with account-based marketing include software costs, advertising costs, and event costs.
One of the main costs associated with account-based marketing is software costs. If you want to be successful with account-based marketing, you will need to invest in account-based marketing software. This software will help you automate your account-based marketing efforts and make it easier for you to track your progress.
Another cost associated with account-based marketing is advertising costs. If you want to reach your target accounts, you will need to invest in account-based advertising. This can be done through a variety of channels, such as LinkedIn, Google, Facebook, and more.
Finally, you may also need to consider event costs. If you want to host events for your target accounts, you will need to factor in the cost of hosting the event. This can include the cost of renting a venue, hiring staff, and more. This has become less relevant with the emergence of webinars, but if you can do events properly they can still be effective marketing tools with an ABM strategy.
Do I Need an Account-Based Marketing Platform?
While there are many benefits to using an account-based marketing platform, it is not a requirement. If you have the budget, an account-based marketing platform can be a valuable tool. However, if you don't have the budget for a platform, you can still be successful with your account-based marketing efforts.
To be successful with account-based marketing, you need to focus your efforts on a small group of accounts that are more likely to convert. This means that you need to be more targeted and personalized with your marketing efforts. Additionally, you need to be cost-effective with your marketing spend. An account-based marketing platform can help you with all of these things. But what are the things you should consider when debating to partner with an ABM platform?
The first thing you need to consider is your budget. If you have a limited budget, you may want to consider a free or low-cost account-based marketing platform. There are many platforms out there that offer free trials or free plans. This can be a good way to get started with account-based marketing without breaking the bank.
Integration with Existing Sales Process
Another thing to consider is whether or not the account-based marketing platform you are considering integrates with your existing sales processes and tools. This integration is important because it will make it easier for you to track your progress and results. Additionally, it will make it easier for you to manage your account-based marketing efforts.
Size of your company
The size of your company is another important factor to consider. If you have a small team, you will want to consider a platform that is easy to use and doesn't require a lot of training. On the other hand, if you have a large team, you will want to consider a platform that offers more features and is scalable.
Size of your market
The size of your market is also an important factor to consider. If you are targeting a large market, you will want to consider a platform that offers more features and is scalable. However, if you are targeting a small market, you may be able to get by with a less feature-rich platform.
How Can You Use Lumavate's DXP as Your Account-Based Marketing Platform?
Lumavate is different from other ABM platforms. This is because Lumavate is a digital experience platform (DXP). What this means is that Lumavate allows you to build, manage, and optimize your website, mobile app, or any other digital experience.
Lumavate's DXP offers many features that make it an ideal platform for account-based marketing. First, Lumavate offers a wide range of templates that you can use to build your website or mobile app. This means that you can create a personalized experience for your target accounts without having to start from scratch. Lumavate has an Account-Based Marketing template that you can start using today! Additionally, Lumavate's platform is easy to use and doesn't require a lot of training.
Another benefit of using Lumavate as your account-based marketing platform is that it integrates with your existing sales processes and tools. Lumavate's platform integrates with Salesforce and over 40 other software tools. This integration makes it easy for you to track your progress and results.
Finally, Lumavate's platform is optimized to create personalized experiences for every buying persona in your ICP. This increases your conversions by giving your audiences exactly what they are looking for.
To learn more about how Lumavate's DXP can help you with your account-based marketing efforts, book a demo or sign up for a free trial today!
What Are Examples of Companies That Have Been Improved by Lumavate's ABM Capabilities?
One example of a company that was able to use Lumavate for their ABM needs is Herff Jones. Using Lumavate, Herff Jones created over 600 unique digital experiences for their clients. How long did this take them? Less than a week.
That is the power of Lumavate's DXP as an ABM tool, a task that could have taken years and was completed by a small team in less than a week.
If you think that this is something that could help your company, reach out to Lumavate today!
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