Account-Based Marketing (ABM) is a strategy to gain new potential clients for B2B organizations. Instead of focusing on the traditionally wide target audience, such as a specific industry or certain geography, the marketing and sales functions collaborate to select a list of key potential clients with perfectly fit characteristics for client conversion.
Each of these potential names is then assigned to a specific account. The goal is to personalize the marketing/sales experience based on the account, or sometimes the individual specifically.
As decision-making in the B2B marketplace is done by multiple functions in the organization, this ABM approach focuses on a maximum conversion rate through hyper-personalization.
In the past few years, B2B marketing strategies were mostly reliant on the concept of inbound marketing, which is like casting a wide fishing net, spreading various types of content e.g., social posts, videos, podcasts, and whitepapers across the media and hoping a potential client will “bite” the bait, therefore contacting you to receive more information. It is a process similar to fishing, but what if you are interested in catching yellowfin tuna only? Unfortunately, this widespread strategy may yield various types of fish without guaranteeing that you will catch a single yellowfin tuna. Thus, when you are going after organizations of a very specific type – your potential clients – or even a specific company or individual, an inbound strategy is inefficient. For such cases, Account-Based Marketing is recommended.
The marketing community enthusiasm surrounding ABM may lead some people to be skeptical about its benefits. However, the statistics all point to the same conclusion: adopting ABM leads to enhanced growth for businesses.
To explore this further, consider the SiriusDecisions’ 2019 State of Account-Based Marketing Study (requires registration), which recently measured ABM’s impact. Organizations measuring ROI indicated the following metrics:
When asked about how long it takes to see progress, the FlipMyFunnel’s 2018 State of Account-Based Marketing report indicated that over 50% of the respondents saw results within 6 months of implementation (see the diagram below).
These facts demonstrate why ABM has become the new industry standard for B2B marketers.
Defining and implementing ABM presents many challenges, and Direct Objective is the perfect partner to work with in order to overcome them. Here are a few ABM domains that we can assist you with:
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