Account-based marketing: your three-minute primer

When you’re looking to attract prospective clients, the strategy is often to go after as many qualified customers as possible.

After all, they’re not all going to make it through the sales funnel, right?

However, what if you did the opposite and dedicated time and resources to courting one large client? That’s what account-based marketing is all about.

Let’s look at account-based marketing in more detail and determine whether it’s the right choice for your business.

What is account-based marketing?

Account-based marketing (or ABM) is a strategy where your sales and marketing team engage specific, high-value businesses.

Let’s say you run a cleaning company and want to become the chosen contractor of a nationwide facilities management company. You focus your marketing efforts on that company and the decision-makers who work there. For example, you might:

• Create articles, landing pages, and content that directly appeal to the facilities management company’s pain points
• Reach out to decision-makers by phone, email, post, and social media
• Build targeted pay-per-click (PPC) campaigns on social media and search engines
• Send personalised gifts
• Invite decision-makers to events or attend or sponsor events that you know they’re involved in

This might sound a bit ‘Baby Reindeer’ if you’re not used to the concept of ABM. However, there’s no denying that it works. 93% of businesses that use account-based marketing advise that it’s been extremely or very successful.

Here’s a cool example of ABM that I love. Intridea, a web products and services company, wanted to work with Ogilvy, one of the world’s biggest advertising agencies.

So Intridea bought a billboard right in front of Ogilvy’s offices, telling the agency why it should work with it, with a link to a bespoke website.

The risk paid off, with Ogilvy’s CEO calling Intridea to arrange a meeting.

Why is account-based marketing a good thing?

Account-based marketing works because it’s personalised. You’re not appealing to a general target audience; you’re appealing to one specific business.

This means you can take the time to understand what the business needs and how you can help.

According to Forrester, over half of marketers consider personalised marketing the key to a successful AMB campaign.

Plus, as you’ve invested time in the business, they’re more likely to trust what you say and stick around for the long haul.

80% of marketers advise that ABM leads to increased customer lifetime value.

What type of businesses should use account-based marketing?

Let me be honest – account-based marketing isn’t for every business. Because you’ll be investing a lot of time and resources in appealing to clients, you need to be in an industry where one account (or a handful of accounts) can bring substantial lifetime value.

The time you spend appealing to one large client might be better spent appealing to multiple smaller clients.

How can you implement account-based marketing?

Here’s an interesting fact for you. Did you know that over three-quarters of marketers say account-based marketing generates a higher return on investment than any other marketing strategy they implement?

If you want to give ABM a try, here’s what to do to get the best results.

• Research is key. The main reason account-based marketing fails is because businesses go after the wrong prospects. You might dream of signing up Apple, Fenty Beauty, or Facebook as a client, but they might not be a good fit in reality
• Make sure your sales and marketing teams are in sync. Otherwise, you risk a muddled, unclear message and a duplication of work. I know everyone hates updating the CRM system at the end of the day, but it’s especially important for ABM
• Remember that while account-based marketing can lead to shorter sales cycles, it’s not an overnight solution. Regularly review and reassess your campaigns to see what’s working

Here’s a top tip if you want to test the waters with account-based marketing – use it with existing clients.

By identifying your most valuable existing clients, you can nurture your relationship and encourage the upselling and cross-selling of your products and services. As they already use your services and you have a pre-existing relationship, it’s an easier sell.

If I had to describe account-based marketing in two words, those words would be ‘high-risk, high-reward.’ You have to go above and beyond to get your ideal client’s attention, but when you do, you’re on your way to a long-term, fulfilling relationship.

Want to learn how to make the most of your marketing? I regularly post about digital marketing here on LinkedIn. Check out my previous articles, or click the bell in my profile to get notified when I release new content!