Top 5 Things to Know About Account Based Marketing 2020
Trying to reach the masses by using marketing strategies that target many people at once can very effective for some businesses. With some businesses, it may not be the best approach because it could waste a lot of time and yield unsatisfying results. When targeting individual decision-makers in certain companies, a business might get better results and close more sales.
Part of being a sales enablement leader includes knowing when to switch the marketing methods to increase revenue. Whenever you think that the ship you’re aboard is sinking or measuring metrics show unsatisfying results, it may be time to rethink your marketing strategy. 87% marketers who used Account-Based Marketing (ABM) rate it as more successful than any other type of marketing campaign.
Before you go all-in on Account-Based Marketing; here are the top 5 things to know about it:
Identifying target accounts
To begin your Account-Based Marketing strategy, you need to determine who will be the audience you’re targeting. With this form of marketing, you won’t be focusing on individual people but rather companies that will be lucrative accounts.
Because of that, instead of creating customer personas, you need to focus on identifying the characteristics of the targeted companies. Doing this investigation should be done with the entire marketing team and you can consider characteristics such as industry, company size, and location.
Other things you can look out for is the amount of money companies turn over and how likely will they be to make another purchase. All of this data will help you decide as to who you will focus on marketing efforts, too, leading to more revenue and a wise allocation of resources.
If you already have a historic customer list, this will be very beneficial. The task will be easier because you can focus on identifying the characteristics of the top customers and then try to match them with new targets.
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Determine the campaign goals
Every marketing campaign should have goals. It doesn’t matter whether it’s a social media, email, or digital ad strategy. An Account-Based Marketing campaign should also have its goals depending on what you are expecting to gain from it. The campaign goals should be aligned with the overall marketing plan.
You can use the marketing plan to draw inspiration to determine the goals of your Account-Based Marketing campaign. If you need to find repeat customers, the Account-Based Marketing campaign you’re starting should promote that.
Even if you would like to reach a certain target of sales, the campaign would maybe entail a long list of companies to approach. Whatever your goals are, make sure they are clear and you understand them to better implement the Account-Based Marketing model. Determining goals will also help you identify the needed resources to implement this form of marketing campaign.
Pilot the campaign
To get the hang of something new, you might need to get some practice first. The same applies to an Account-Based Marketing campaign; if you are new to it, some practice will do loads of good.
You can practice this marketing technique by initiating a pilot campaign that will help you determine its efficacy. During the pilot campaign, you may also identify where you still need to improve and with that data, you can redevelop the strategy.
The pilot campaign will launch the entire Account-Based Marketing strategy you have but on a smaller scale. You can reach out to only a handful of decision-makers in a few companies and see their response.
The insights derived from that marketing campaign will be very useful in making the official launch more successful. You can also pilot Account-Based Marketing if you have made major alterations to the campaign.
Fortify existing customer relationships
Maintaining all accounts is a very important part of running an Account-Based Marketing campaign. If companies jump ship because of poor service or other factors caused by you, the entire purpose of this campaign will be defeated.
To avoid that, ensure that they are satisfied and try encouraging them to make repeat purchases. From existing customers, you can get insights that can assist you further in your Account-Based Marketing strategy.
Study historical marketing metrics to understand the purchasing habits of the targeted companies and identify where you can get repeat purchases.
Above helping, you get business from existing clients, and new opportunities can open up like being referred to other companies. Strengthening the relationship between you and your customers will build trust and pave the way for positive future collaboration.
Measure the results
Measuring your success or lack thereof will motivate you or give some pointers for improvement. Having goals for the Account-Based Marketing campaign you’re running will benefit you greatly in this respect. Because of the goals, you will easily be able to measure how you performed. If you had a target of closing 100 sales, did you hit them all?
Alternatively, if the ultimate goal was finding customers that will purchase repeatedly, how did it go? If it went well, you would have the opportunity to scale operations and set new targets for yourself.
On the other hand, if you didn’t accomplish the goals you had, relook the marketing campaign you have and identify where it went wrong. Once you have relooked it and improved it, implement it in the following year.
The most important metric is the Return on Investment. Find out if the money you spent on the campaign was earned back in revenue, if not, it may be time to fine-tune the campaign.
The bottom line
An Account-Based Marketing campaign may be more efficient for B2B clients because a more targeted approach may help you gain the attention of those companies. To implement this marketing strategy, identify who are the targets and then determine the goals of approaching them.
After the desired period, measure the results of implementing this marketing approach and optimize it when needed. Don’t forget to fortify your relationships with existing clients to build trust with the intention of getting repeat purchases and referrals.