updated - June 22, 2021 Tuesday EDT
It is essential that marketing strategies are constantly changing, evolving, and adapting, but the goal stays the same - to attract the attention of potential customers and to find a way to distinguish your business amongst all the others and make it more prominent.
Keeping up with the abundance of information and increasing buyer expectations at all times can be an overwhelming, almost impossible task. That is when account-based marketing comes into play.
In order to provide you with some suggestions to navigate this situation here are a few main ways to create a scalable ABM strategy.
First things first, let's establish what account-based marketing (ABM) actually is.
Basically, it is a focused approach to B2B marketing. The marketing and sales sectors of the company try to pinpoint the best-fits accounts that they can turn into customers.
Even though it is considerably different than marketing strategies in the past, ABM is not necessarily a completely new concept.
In the ever-changing streams of marketing strategies, it did experience numerous adaptations and different versions in order to keep up with the modern technology and business landscape.
Due to the comprehensive presence of technology, it is crucial that a marketing strategy can cover different channels, keeping them all connected and synced.
Not so long ago ABM was considered much too expensive and difficult to implement ABM because of the high level of personalization it requires. Today, it is a whole other story.
For that reason ABM is, without a doubt, quite rapidly becoming a strategy of choice for numerous marketers.
An adequately established ABM strategy could provide your business a much-needed leg up in a highly-competitive marketplace.
Now, let's turn our attention to the most effective ways to create an ABM strategy.
This is one of the first steps in the process of implementing an ABM. At the very beginning, it is paramount to group the already selected accounts into 2 or 3 tiers, primarily based on the importance.
The criteria for this selection can be somewhat arbitrary, however, the most common criteria are:
the likelihood of conversion
higher average selling prices (ASPs).
Once you have separated the chosen accounts into groups, you need to develop a marketing strategy for each tier.
Tier 1 is the top tier that requires your primary focus and attention, the largest general budget, and the highest levels of marketing investments. It is followed by tier 2 with lower resources and then tier 3.
After you have established the accounts for your target list with the help of the tiered approach, it is time to identify certain attributes for further targeting.
Here are some factors to consider when identifying suitable attributes:
customer base, etc.
After calculating these attributes you will be able to establish an ideal customer profile (ICP). As it refers to a company or an organization rather than an individual it is a crucial part of ABM.
By defining your ICP you can plan the precise trajectory of your marketing strategy without dispersing your focus and attention aimlessly.
In other words, it will be easier to develop adequate marketing campaigns based on those attributes, while minimizing the risk and unnecessary expenses.
A specific email with dynamic, persuasive, and personalized content can make all the difference in accomplishing direct communication (especially in tiers 2 and 3).
Generalized emails just won't do the trick anymore.
Whether it is another company or an individual it needs to go beyond just changing the beginning of the email (things like personal/company names). The rest of the content needs to be changed accordingly as well.
Other companies (don't forget, behind every business there is an individual reading the emails) will appreciate the personal touch, the effort, and the time you have spent learning about their service and/or products.
This type of email, rather than a generic template one, will be met with a much better response.
Unless it is a small tier list, this task requires a lot of work, too much to be done by one, or a few individuals. Even if you have a whole team focusing on email marketing, there are proper tools to make their job easier and more efficient.
It is not just email content that requires individualization, it is the website experience as well.
Based on gathered factors and attributes you can tailor your website content in such a way that it appeals to your target accounts. The content adaptations should also translate to other channels.
This is a powerful marketing tool to boost customer engagement, increase conversion rates, and improve brand loyalty, all of which reflect on the company's profitability.
Take advantage of the benefits that social media platforms can offer.
Not only are these platforms becoming an unavoidable part of every marketing strategy, considering their reach, immediacy, and financial affordability, but there is also an additional attractive feature.
Most of the social media platforms allow you to target specific accounts based on their preferences. It will appear in their newsfeed in a form of an ad or sponsored content.
This feature can boost your visibility across different platforms and encourage targeted accounts to enquire further into your company.
That way you are delivering important communications across various channels.
Just remember: With this instant culture of social media comes the necessity of always keeping up with the ever-growing demand, constant changes, and new trends.
That means you can't afford to be behind with your social media marketing strategy.
Implementing the ABM will not only make your job easier but, in today's competitive business world, it will also provide your company with a much-needed advantage on the road to success.
By following these tactics and using the right tools in creating an ABM strategy could potentially save you a lot of time, effort, and money that you can then redirect to some other aspect of your company.
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