Over the last 12 months we have seen a significant reduction in the availability and diversity of marketing channels. The option of face-to-face activity, events, exhibitions, and even meetings was pretty much removed overnight in March last year. This has inevitably made organisations re-think their marketing and Go-To-Market strategies, and highlighted the importance of Account Based Marketing.
It is a process that we have always supported and promoted because of the results it delivers; improved marketing efficiencies, reduced costs, measurable ROI and a streamlined sales process. But what does it really mean? How does it work, and why does it deliver improved success? In this blog, Jessica Hayward our Marketing Director uncovers the detail.
Account based marketing (ABM) focuses on building relationships with key target and high value accounts using personalised marketing messaging and content. These accounts might be existing ones that you want to grow but could equally be new prospects you have identified as potentially valuable business opportunities. The emphasis with ABM is on quality not quantity – nurturing high value accounts using strategic marketing activities tailored to their individual organisational needs.
In order to identify key customers and prospects it is important to be able to define the qualities and attributes these target accounts all possess, such as geographical location, sector and company size, to build an ideal company profile (ICP). A company that shares these characteristics is then likely to be an optimum fit for your solution and you can focus your marketing efforts accordingly. By identifying potential targets with a similar profile, you are less likely to waste valuable time and resources on unqualified leads that don’t fit your ICP.
Once your target accounts have been selected you need to research the companies to gather relevant information and identify the key decision makers. Data and insight on target accounts and stakeholders is vital to create engaging content and align your proposition to their specific needs. Understanding the challenges and opportunities they face will enable you to create unique messaging to demonstrate how your solution can help them achieve their strategic business goals.
Replicating the same information across the same platforms just does not work for every prospect and the key to ABM is personalisation. This doesn’t only refer to creating targeted marketing messaging and content, but also ensuring it is delivered via the most appropriate platforms and channels for each stakeholder. This personalised approach is proven to attract and engage prospects as you are delivering bespoke messaging tailored to their specific needs and demonstrating how your solution can benefit their business.
Communicating meaningful, consistent, and customised content means your relevance among high-value target accounts is maximised, allowing you to nurture prospects, build trust and create successful relationships. In the long term these relationships can offer significant advantages, such as creating brand loyalty and retaining your most valuable accounts; the opportunity to grow accounts by up-selling and cross-selling; and expanding your business via recommendations and testimonials from existing accounts to reach their network of customers, suppliers and partners.
Our bespoke ABM Services encompass a range of activities specifically developed to assist your business in achieving its targets. Our unique methodology born out of our consultancy practice provides real-world insight and account intelligence, to help craft, promote and adapt your bespoke ABM strategy.
We’ve already helped a range of clients with ABM, so for further information on how we can support you please contact firstname.lastname@example.org or call +44 (0) 1223 843903
by Jessica Hayward, CBG Marketing Director
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