A Guide on Understanding 'Account Based Marketing' or ABM.

ABM or Account Based Marketing is a B2B marketing strategy which focuses efforts on a set of target accounts in a market. ABM is like fishing with a spear instead of a net. You target specific accounts that fit your ideal customer profile, and then create highly personalised and targeted marketing campaigns that speak directly to their pain points and needs. It's a way of casting a smaller net, but with much greater precision and accuracy.

Campaigns for such a strategy are highly personalised and designed solely to engage specific accounts. ABM is a more holistic approach to encourage upselling and cross-selling as one of the key tactics to getting the most value from your largest accounts. Rather than casting a wide net and hoping to catch a few good leads, ABM is all about identifying and targeting the best-fit accounts for your business and then creating highly relevant and customised marketing campaigns that speak directly to their unique challenges and pain points.

With this strategy, you are likely to reach and engage with accounts which have higher chances of conversion. Campaigns are built in a way to direct all efforts towards the BOTF to achieve predictable growth.?

Steps to create a successful ABM plan-

1. Align Sales and Marketing teams:?To implement ABM, resources for each target account will have to be shared by both teams. Thus aligning both the teams is essential to create a comprehensive marketing plan that actually works.
2. Identify which accounts are to be targeted:?Together the sales and marketing teams have to work to identify the right accounts for this strategy. It is advised to choose those accounts which are likely to add credibility to your brand. Those who are aligned with your brand’s goals and fit your “ideal customer profile.”
3. Create a personalised plan for each account. Also add look-alike accounts to the target list.
4. Run the campaign:?Let the sales team take the lead once accounts have moved to the MOTF however, the marketing team should be ready to support by creating relevant materials to reinforce messaging.
5. Measure conversions using data sources and make changes to the campaign as and when required.

So, why is ABM such a hot topic in B2B marketing right now?

Well, for starters, it's a highly effective way of reaching and engaging with key decision-makers at target accounts. By tailoring your messaging and content to their specific needs and interests, you can cut through the noise and grab their attention in a way that traditional marketing tactics simply can't.

Additionally, ABM is a great way to maximize your marketing ROI. By focusing your efforts on high-value accounts that are most likely to convert, you can avoid wasting time and resources on leads that aren't a good fit for your business. This means that you can achieve higher conversion rates, shorter sales cycles, and ultimately, a greater return on your marketing investment.

One of the most effective channels for ABM is paid advertising, especially in the B2B space. With platforms like LinkedIn, you can target specific job titles, industries, and even specific companies with your ads. This means that you can ensure that your message is reaching the right people, at the right time, with the right message.

Another key advantage of ABM is that it encourages greater alignment between sales and marketing teams. By working together to identify and target high-value accounts, and then creating customised campaigns that speak directly to their needs, you can create a more seamless and effective sales process that delivers real results.

For those who are new to the idea of ABM, it can be a little overwhelming to understand it. However, this strategy has been the go-to for over 85% b2b marketers especially those advertising on LinkedIn. By focusing your efforts on a smaller pool of prospects, and creating highly targeted and personalised campaigns, you can achieve better results, maximise your marketing ROI, and build stronger relationships with key decision-makers in your target accounts.