“Account Based Marketing is the application of demand generation and messaging on an account-by-account basis.”
In this post, we are trying too little bit of information on Account-Based Marketing (ABM) and look at various approaches marketers take for it. Account Based Marketing also well known as key accounts marketing, has grown since mid 1990’s as a demonstration of the trend away from mass marketing towards more targeted approaches. ABM is a practice through which B2B marketers can focus on the ACCOUNTS that in long run can become their customers. Their task lies in driving more revenue through their marketing and communication efforts.
Why should you think about including ABM in your marketing mix?
It’s a historically proven fact that – cost of customer retention is always lower than acquiring new customers. Also, one of the key aspects of for long term business sustainment is incremental /repeat business from key customers (Accounts). In this environment of cost pressures and constant needs for delivering the best quality to end customers every single time; B2B businesses expect service providers to understand their business closely and provide timely and useful solutions to improve overall business results. This would be only possible if both buyers and providers engage in continuous dialogue to understand business needs and make informed decisions. Such dialogue is possible through ABM approach.
Related Topics :-
We see Account Based Marketing broadly in two categories:
1. Existing Account Mining:-
It is necessary to build good rapport with your strategic customers to offer best and timely solutions to their problems by considering their pain points and business requirements. Additionally, it helps if you provide timely updates, analyze market developments, and work on a joint future roadmap through constant two way communication. This creates a Win-Win situation for both – you and your customer
Account mining involves not only sales & marketing but also operations/delivery, account management, involvement of your top management, as well as key people from your customer’s side
How can you do Account Mining? Here are some ways to it;
- Communication – You can create customized newsletters for specific accounts and provide them with timely updates on projects, value addition, market updates, etc. Nurture campaigns/engage in dialogues – communicate value propositions, future market scenario, what and how to stay ahead, etc.
- Expand communication/dialogue to other functions/departments, locations within the account. Create a project snapshot with accurate facts – and present to other related stakeholders within the account.
- For relationship building and showing results you can build your Champions or Endorsers within the account.
Approches you can take:
- Cross-sale/ Up-sale/ venture into new solution
- Need analysis and demand creation – analyze any gap or improvement parameters and proactively pass on to customer. This could be one effective way of creating more demand for your solutions in that account.
- Building partnership approach – position as strategic partner and not just a vendor/service provider
2. Named Account Marketing:-
Here you focus on a niche group of companies as your best-fit target market,
- You can directly address common pain points and play to your strengths.
- You can accurately define buyer personas from past experiences and based on company and job profiles. Decide if they are likely to buy from you? Or in other words do your offerings fit into their kitty. This helps in contextual targeting of prospect universe and qualification of leads
- You can do focused campaigns aided by relevant Sales & Marketing Collateral, Case Studies, White Papers, Fact Sheets, etc. All this to ensure you communicate your value propositions properly and cash-in your past success stories and solution/business models
- You can choose appropriate marketing channels – is your identified/named targets likely to attend a particular tradeshow or look for solutions online! you can allocate marketing dollars and efforts accordingly
Three types dataset/ information you would need for effective ABM and why?
- Company level data matching your existing customer base or best organizational fit
- Contact level data to identify and engage relevant buyers or influencers within target accounts
- Timely and accurate prospect/named account intelligence: like industry happenings/ trends, organizational development, trigger events, etc.
- Likely to provide better and meaningful dialogue and qualification of potential buyers, as it takes into consideration ‘best-fit’ organizational buying scenario of your prospect universe; apart from demographic/role-based qualification and engagement patterns.
- You can also prioritize your named accounts based on your chosen criteria