Account based marketing (ABM) is one of the hottest trends of the past few years. But it's not just a trendy new concept. ABM is an effective way of bringing sales and marketing together. It helps you land big clients by appealing to large groups of decision-makers rather than a single lead. It also shortens your sales cycle by making your lead targeting more effective. It also improves client retention.
What is account based marketing?
Account based marketing takes into account the fact that most purchase decisions are made by a group of employees, not just one. It targets a group of people based on their interactions. Interactions are tracked using the company's IP address. Marketers and salespeople focus their efforts on connecting with the accounts that are most likely to purchase or provide other value. Since your ads are based on the IP address, not on an individual lead, you do not have to have a previous interaction with the target in order to reach them with your ads.
ABM is so highly targeted that the process is sometimes referred to as "hyper-personalization." You collect information about your hot leads, create compelling content and show specific content to each website visitor. Your ads receive less views, but they are viewed by the right people at precisely the right time. You can show targeted ads to your leads in real time. Since ABM markets specifically to small groups rather than to a mass audience, it is also very affordable.
What are the benefits of account based marketing?
Account based marketing is highly effective for nurturing leads and making sales. You can have your calls to action and your messages updated for each different lead group that visits your website. Each company that visits will have a unique experience that targets their needs.
ABM is cost effective yet also enables you to land big clients. You have the ability to target accounts with real-time ads so you do not have to spend the money to place ads on hundreds of pages.
It helps you reconnect with leads that have gone cold. By re-engaging these accounts with targeted messages, you can regain a sales opportunity. As you collect more and more information on the accounts you are targeting, your marketing will grow in relevancy and effectiveness.
ABM is automated, so you can run your marketing efficiently without spending all your time managing ads and data.
Is account based marketing likely to be a passing phase?
Account based marketing is unlikely to go away any time soon. Due to its effectiveness and affordability, it is slowly growing in popularity. It uses new technology to better target your leads. Mass marketing is no longer the standard for companies. Personal targeting is the way of the future. It leads to bigger sales and higher customer loyalty.
ABM differentiates you from your competitors. You are able to offer relevance and personalization to your leads and clients. Even once your lead becomes a client, continued ABM helps you build the relationship and expand the account. It combines marketing efforts with sales goals.
ABM has seen the largest adoption rates in industries like IT and consulting. It is slowly expanding into other industries to help companies land large clients and contribute to higher sales. Most of the business world is moving toward personally targeted marketing, and ABM is part of this move. It's not just a trend. It's here to stay.