The benefits of an Account-Based Marketing strategy

Account-Based Marketing Strategy Account-Based Marketing Strategy

Finding blue-chip accounts that can be converted into a loyal customer base can be hard. They often have complicated buying processes, and multiple checks and balances to satisfy, and can scrutinize who they do business with based on their value.

And, for many companies, it’s often that one blue-chip account that can make the difference between a profitable, smooth-running operation and one that is just breaking even.

Historically, an account-based marketing (ABM) strategy is what has been used to target and land these accounts.

In this blog, we’ll explore this concept further along with five steps to get you started.

Account-Based Marketing

This is a tailored approach that involves the collective efforts of the Sales and Marketing teams to focus on specific, high-value accounts only. The users journey is personalised with targeted communications, content and campaigns and there is a strong emphasis on increasing relationships, boosting the lifetime value of customers and ultimately, your overall revenue. 

Account-based Marketing involves:

  • *Marketing and sales integrations
  • *Purpose-built Campaigns
  • *A single account-based marketing platform
  • *Account nurturing
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5 Steps to Implement

Account-based marketing

Now that you have a basic understanding of account-based marketing, it’s time to implement it for your own business. We’ve distilled the process into 5 easy steps so that no matter your industry, enterprise size or customers, you have a game plan to target the customers you want.

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STEP ONE - KNOW YOUR GOALS AND YOUR AUDIENCE

Before offering any account-based marketing strategies, you need to know which direction you want to head in. During the first step, you have to identify what you want your business to achieve.

Some elements to consider here include researching different accounts who hold the same qualities as your ideal target market. Take a look at your current customers and see what they have in common, then look out for larger businesses that have those same core elements. An ideal place to start would be social networks like LinkedIn. Social media has the unique advantage of not only identifying the companies you want to target, but also the decision-makers in that company.

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STEP TWO - COLLABORATION IS KEY!

Once you have identified your goal and your ideal accounts, you want to align your organization to cater for that account. From marketing and sales to support and account management, it requires a holistic and collective effort to reel in your target audience. A large part of doing this effectively is using proper segmentation and prioritization techniques, helping you speak to specific pain points of large groups.

Another aspect of step two is to set out roles within your teams for attracting, acquiring and nurturing specific accounts. Each department plays a role in each step. For example, while sales may do the primary function of acquiring a client, the other departments will support them with activities such as onboarding and post-sales support. This is to enable connected, seamless experiences for the specific accounts you want to target.

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STEP THREE - MAXIMIZE AND INTEGRATE YOUR CURRENT MARKETING STRATEGY

Just because you’re trying a new form of marketing doesn’t mean you have to throw out what you already have. Assess what tools, technology and people you currently have and incorporate them into your new approach.

STEP FOUR - ASSESS, UPGRADE AND UPSKILL

After assessing what you already have, you may find that you lack the resources, technology, people or processes to fully capitalize on account-based marketing. This is where operational assessments come in. Through training and education, you can upskill your team so that they can contribute to your success and evolve from account-based marketing to enabling account-based marketing. With process engineering, you can optimize your approach for more efficient and targeted methods, further strengthening your relationship with the most valuable accounts.

Marketing automation is great for general marketing and inbound marketing, but it also excels at account-based marketing. Personalization capabilities and lead scoring give you definite advantages when trying to engage with your audience. Not only can you reference specific actions, but you will always know how invested a particular lead is in your business - which is extremely useful for offering a connected experience through the customer journey.

You can also tweak content to speak to unique pain points of the accounts you’re targeting rather than their original, wide spread style. A lot of this will involve messaging and content frameworks, experience ecosystem mapping, and campaign planning. While it may sound like a lot, ultimately it will result in a higher success rate for the accounts that matter.

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STEP FIVE - OPTIMIZE AND ADJUST

By now, you should be able to offer account-based marketing- but you’re only getting started. You have to constantly monitor, evaluate and adjust your account-based marketing as the accounts you’re targeting evolve and change.

The final step

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By taking these five steps into consideration you can adjust your marketing to focus on getting the highest value accounts for your business. However, there is a lot more to account-based marketing than these first five steps.

If you want to keep learning and take the next step to account-based marketing success, download the guide here, or contact us for more information.

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