Account based marketing is a highly targeted marketing strategy. It helps companies identify prospects and nurture them over time. Prospects are typically more likely to buy from a company that targets them specifically. As a result, it can increase ROI and reduce the sales cycle. Account-based marketing focuses on attracting prospects rather than chasing them with mass marketing campaigns.
Benefits of account-based marketing
Account-based marketing is a highly targeted form of marketing. It allows businesses to target specific decision-makers and create personalized content based on their industry and role in the buyer journey. According to a study from Alterra Group, six out of ten leaders focus on highly targeted lead management programs. The data gathered from this type of marketing helps marketers continually improve their campaigns and strategies. This allows companies to accelerate the growth of their pipeline.
ABM also improves communication and alignment between departments. Eighty percent of B2B marketers report that their account-based marketing strategy has helped improve communication between departments. This aligned strategy results in fewer missed opportunities, higher-quality leads, and less time chasing prospects. It also helps marketers get recognition for their impact on the sales pipeline.
Ways it differs from inbound marketing:
Account-based marketing is a highly-targeted growth strategy that aligns the marketing and sales functions to create a personalized experience for specific accounts. In this approach, sales and marketing jointly select a set of accounts and develop marketing and sales strategies tailored to meet the needs of these accounts. The result is a more consistent buying experience for customers.
Account-based marketing builds relationships with target accounts and creates proactive content marketing. The approach targets a niche market of high-value accounts rather than a general audience. Focusing on a narrower audience can result in big results, especially if you know what you’re doing.
Ways it increases ROI:
When account-based marketing is done properly, it boosts the ROI of a business. Investing in high-value accounts, delighting them with your services, and building relationships with them is a more efficient way to market your business than simply spending time on low-value leads. These efforts not only increase sales but also help your business retain valuable customers for longer. This leads to increased customer retention and lower customer acquisition costs.
The growing importance of account-based marketing is undeniable. Its efficiency allows you to target the right customers, personalize your marketing messages, and engage with the right stakeholders. Most importantly, account-based marketing creates the best leads for sales.
Ways it reduces the sales cycle:
There are several benefits of account-based marketing, including the reduction of the sales cycle. Using this approach keeps marketing and sales teams aligned and ensures that their efforts are optimized. This strategy also helps to improve communication, as both teams will work towards the same goals. In addition, account-based marketing helps businesses measure their ROI and ensure consistency and smoothness across multiple touchpoints.
The sales cycle can be long and complex, especially in the B2B market, because of the multiple decision-makers involved. Account-based marketing helps to reduce the sales cycle by targeting all key stakeholders at various stages of the buyer’s journey – from the initial introduction to the final purchase decision.
