Consumer products are often purchased on a whim, often spontaneous and exciting.
By contrast, B2B deals typically require long sales cycles with numerous touchpoints. The sales team has to grapple with multiple decision-makers, complex purchasing strategies, and strict demands.
A long, thorough courting process is worth the effort when it captures high-value accounts. However, expending the same energy on every account is impractical.
That’s where the magic of Account-Based Marketing (ABM) steps in. ABM can significantly increase high-value conversions with clearly defined targets and well-executed plans.
Understanding the Power of ABM in B2B Marketing
An ABM approach focuses your attention on specific accounts, enabling you to focus on key accounts that matter most. You don't abandon the wide net but, rather, develop a two-pronged strategy. Traditional demand generation projects continue, while most of your resources support laser-focused ABM tactics.
You can personalize messaging to resonate with their pain points and needs by targeting and customizing campaigns for specific accounts. The personalization creates a more relevant experience and ultimately boosts the likelihood of conversion.
The standout benefits of ABM include:
Improved marketing and sales alignment: ABM's targeted approach requires close coordination between marketing and sales.
Boosted ROI: Research shows that most marketers agree ABM significantly impacts ROI.
Improved customer retention: ABM can improve customer retention and loyalty.
Strategies for Targeted Engagement and Lead Quality
ABM is an operational shift, and you must reconfigure your interactions. The following ABM strategies can help you get started:
Create Targeted Buyer Personas
Who is your ideal client? Which accounts will you target? Before answering these questions, you need to develop an ideal customer persona (ICP). These detailed profiles get based on data and insights about your target accounts' needs, priorities, challenges, etc.
For example, if you sell software to restaurants, your buyer persona might be a general manager. It's critical to map out how much decision power they have, specific pain points, and desired outcomes.
Craft Personalize Content for Specific Accounts
When you understand your target accounts' needs, you can craft tailored messages that directly address their concerns. Consider creating custom landing pages to go with your personalized messaging. Remember to back up your content with relevant data or testimonials.
Leverage Data and Analytics for Precise Targeting
ABM relies on accurate data and analytics to identify high-value accounts. Manually tracking patterns is hugely inefficient, however.
Fortunately, machine learning exists. ML tools can identify potential target accounts based on criteria such as firmographics, intent signals, or behavior patterns, allowing for precise targeting.
Fostering Collaboration between Marketing and Sales for Success
Marketing and sales alignment is pivotal in ABM. Yet, traditional methodologies often pit these two teams against one another.
ABM bridges this gap because it has to. You can only mount a successful ABM strategy with synergy between marketing and sales. Collaboration must occur from the beginning.
This collaboration could include establishing shared KPIs such as:
Higher response rate from target accounts
Increased deal size or lifetime value
Achieving these goals means regular check-ins and open communication.
ABM in Action
LeapPoint is a digital advisory firm committed to helping businesses achieve greater productivity through Connected Work. Their initial outreach efforts were partner-driven and needed more precision to target high-value accounts appropriately.
LeapPoint fixed this problem when it incorporated RollWorks' ABM tools. The company gained access to valuable data like website visits and keyword intent. Their team could then score and segment target accounts with greater accuracy.
The result? A sharper focus on the right prospects, higher click-through rates, a 167% increase in influenced opportunities' average revenue, and a significant lift in ROI.
With RollWorks, LeapPoint adopted a new marketing paradigm.
Data collected by RollWorks gave LeapPoint ammo for high-precision, targeted campaigns.
RollWorks enabled LeapPoint to shorten its sales cycle.
ABM brings numerous benefits and a proven track record. By shifting the lion's share of your focus to specific target accounts and highly personalized interactions, you encourage increased ROI, improved customer retention, and better cohesion between marketing and sales teams.
Ready to see what ABM can do for your business? Get started with RollWorks today and experience the difference.