Doing less but with a bigger output sounds too good to be true.
Account based marketing is not about doing less, it's about targeting better.
As a B2B Tech company, you do not install billboards to promote your product. You target specific buyer personas via the channels they prefer, with a message that resonates with them.
Why? Because you want to be a good fit for them. Because it's always about the client.
Well, being account based is the way to stay client-focused.
Here's how we at MAN Digital approach this.
Our Total Market is businesses looking to build and optimize their Marketing & Sales funnels.
Our Target Market consists of B2B Tech companies.
Our Target Accounts are specific Software Houses in Poland with 10+ employees.
Lastly, our Strategic Accounts, Opportunities, and Customers are all evolution stages of the Target Accounts as they move along the buying journey.
To keep track of all activity within and around target accounts, we use HubSpot. This way, we stay focused on opening the deals that matter most.
As you can see, ABM is a framework of very targeted marketing efforts.
When you re-distribute your marketing resources and focus on the accounts that are more likely to buy from you in the first place, you let go of the billboard (spray and pray) mentality. At least in its traditional sense.
Now that you have an idea of how targeting in ABM looks like, let me give you the "official" definition of account based marketing.
What Is Account Based Marketing?
Account based marketing is a strategic approach that coordinates personalized marketing and sales efforts to open doors and deepen engagement at specific accounts.
What makes it tick is personalized experience.
With ABM, you go beyond buyer personas, i.e. semi-fictional representations of your perfect customers.
Instead, you focus on real-life perfect customers.
This requires extensive research but the payoff is a list of accounts you can target in a highly personalized way.
The easiest way to lay out the ABM philosophy is by using the TEAM Framework: Target, Engage, Activate, Measure.
In ABM, target accounts is what ignites and shapes the whole framework.
They're not just a reference point. They're actual businesses you research, develop content for, and then target in a personalized way.
Below is an example of an ABM framework we use for MAN Digital.
Software Houses in Poland above 10 employees
Study Research on Top Software Houses Growth, Webinars, Ads
Personalized Sales Sequence, Relevant Case Studies
Opportunities generated with Software Houses in Poland
Remember our shifted billboard mentality?
An effective ABM strategy works like designing a truly relevant billboard that will appeal to a specific group of your target accounts, and then installing that billboard directly at their offices.
Why Account Based Marketing?
Before we dive into specifics, here's a sneak peak at what you gain when upgrading to account based marketing.
1. Return on Investment (ROI)
You'll see ROI mentioned a lot in this blog post because with ABM, it's a game changer.
When you go from chasing numerous leads to pursuing a set number of target accounts of high value, your efforts pay off in higher ROI.
2. Win Rate
It's the fewer-accounts-but-of-higher-value logic all over again.
Going for a limited number of companies with a high buying potential allows you to customize your approach and close more deals out of the total accounts pursued.
All of the above is a good enough pretense for lower customer acquisition costs. Plus, you can imagine how targeted marketing effort translates into little effort wasted.
In fact, account based marketing is so efficient it is even referred to as 'zero-waste marketing' - more on this later in this article.
ABM is a growth strategy that elevates and expands the contribution that Marketing makes to the Sales pipeline. By how much?
How does 50% faster marketing influenced pipeline growth sound to you? Keep on reading 👇
Account Based Marketing vs Traditional Marketing
First things first: there's nothing wrong with traditional marketing.
Marketing strategies have been around for a while, and they were all effective at some point.
Traditional marketing is not wrong, it's simply less efficient. Now, what drives long-term revenue growth is flipping the funnel.
1. Instead of raising brand awareness within a wide audience you do targeted campaigns with personalized touchpoints such as email outreach.
2. Instead of SEO and keyword-driven content you produce relevant assets that resonate with your target accounts.
3. Instead of one-time closed deals you gain powerful advocates who'll be bringing you new clients by word of mouth.
ABM can bring quick wins, but on the other hand it requires commitment to building relationships.
And solid B2B relationships, just like any other, take time and effort.
Account Based Marketing Stats
In the world of marketing, numbers speak the loudest. That's why the best way to understand ABM's potential is to look at the stats.
Account based marketing is not a new thing. But every new thing needs some time to take over the industry.
Today, over a half of brands have implemented ABM to some extent.
For those that have, the payoff was worth the transition.
Don't take this at face value. Look at what we did together with Skyrise.tech.
In under 3 months, ABM brought them 58 qualified leads and 3 high ticket opportunities of 6-figure value.
Q1 - 2020
58 Qualified Leads
Q1 - 2020
3 high ticket opportunities in the pipeline valued at 6 figure deal (EUR)
A long term ABM strategy for both Inbound and Outbound Lead Generation