Does your company have a few customers that generate the majority of your revenue? Do you sell a product or service that requires a longer sales process? In that case, Account Based Marketing (ABM) might be the strategy you’re looking for. The purpose of ABM is for your company to strategically market to fewer potential customers, who get all your attention. This way, you have good conditions for tailoring messages, as well as creating mutual and good relationships with your customers.
Account Based Marketing (ABM), also known as Key Account Marketing, is a digital marketing strategy that has emerged in recent years. Unlike traditional marketing efforts, which often aim to reach a large target group, ABM focuses on fewer and more specific accounts; specifically on the customers that your company benefits most from. However, ABM is not a method that suits every company. It is best suited for companies that work with more expensive products, which require a longer sales process. These are often B2B companies, with a few large customers that generate a majority of the company's revenue.
Working with Account Based Marketing involves collaboration between the marketing and sales departments. The sales department starts the process by finding relevant accounts, after which the marketing department takes over by directing the marketing efforts towards the selected target groups. ABM means that your company invests a large part of your sales and marketing resources on the accounts that can generate the most revenue for your company. As the number of customers becomes fewer, you can invest more resources in tailoring your messages to each customer, as well as choosing relevant channels for what you want to communicate. Giving your customers the attention they need will make it possible to create long-term relationships, which can lead to extended partnerships and hopefully new customers.
There are different types of methods that allow your company to reach your desired target groups. You can for example use IP targeting, email, or social media. On LinkedIn, you can for instance target the relevant industries and find the right people by uploading lists and combining them with different filters and settings.
Apart from the fact that it is important that you find the people you want to reach, it is crucial that you succeed in making them interested in what you have to offer. The key to attracting the customers you benefit most from, is to customize the content for each customer, and make it feel personal. It will help you increase your brand awareness and retain your relevance.
ABM is not a short-term effort, it requires long-term work. The process can be broken down into four different steps:
- Analyze which existing accounts generate the most revenue for your business. Identify so-called "twin" companies, which are similar to current customers, that you can supply the same product to. Finally, find new potential customers in collaboration with your sales department.
- Plan how to reach your target audience and how to create value for them. When trying to work account based, ask yourself the question "How should I reach and help John Beown at Company X?" instead of "How do I reach the market managers in the automotive sector?".
- Carrying out the planned actions is the next step in the process. Each effort is unique and must be tailored to the needs and preferences of each individual customer.
- Evaluating is important for you to know how well your efforts have worked and how to continue your work. ABM is usually aimed at large accounts and therefore it is important to be patient, as the buying process often takes time. The efforts usually need to be performed several times before you reach your desired result!
Want to learn more about Account Based Marketing? Contact us – we’re happy to help you out!
