A successful ABM campaign is like a strong committed marriage.
Account Based Marketing (ABM) is not a new approach in fact it has been around since the 90's, with major tech companies using this methodology for generating pipeline for high-end direct sales. What has changed recently with the advent and pervasiveness of marketing automation platforms like Eloqua, Marketo and Hubspot is that ABM can be applied cost effectively across all campaigns.
ABM methodology now fits well with Persona marketing or as its sometimes called B2P (Business to Person) or H2H (Human to Human) whereby you are addressing an individual, building a relationship online, influencing them through you understanding and knowledge of their challenges and recommending solutions.
A successful Account-based Marketing campaign is like a strong committed marriage.The coming together of two entities focused on a specific tailored goal. A relationship built on trust from the start, through the good times and challenges and trying to stay on target to achieve a flourishing future.
ABM requires a change in mindset. It needs good strategic planning, business alignment and communication. For it to be successful there has to be a strong marriage between the sales and marketing team and a solid marriage between the marketer and customer.
With complex business propositions, ABM plays a key role. There has to be a clear understanding of how solutions can help a specific account - a collaboration and indication of where the customer is today and where they would like to go.
An essential thing to remember is that research shows it's easier for organisations to generate more sales from existing customers than from new customers, so ABM is an ideal approach to campaigns for your key clients.
Are you prepared for this different marketing mindset?
To create a good ABM programme this is the ideal approach:
Devise a strategic framework with objectives and measurement
Plan joint marketing and sales sessions around each account
Research marketing activity and trends based around your target
Create a plan bringing together existing marketing activities with new specifics
Review progress and apply any measures that could be required
Link everything to long-term revenue outcomes
Set appropriate expectations for what marketing can do
The following list provides a basis for selecting the appropriate tactics for any specific account:
Intelligence - Identify relevant propositions and communication preferences
Awareness - Communications have a role to play in creating a more favourable perception
Campaigning - Lead generation campaigns can be run to reveal opportunities and appoint meetings
Sales - Marketing has a role to play in supporting sales bids to improve conversion rates and shorten the sales cycle
Advocacy - The cycle is completed when customers become advocates and are used to drive further incremental business
As with all relationships it's not good to become complacent. When you are investing a lot of time and resource into a key account, it's good practice to look out for potential changes that could effect the relationship. Those changes could be:
Business that would use your company starts to look elsewhere
A re-organisation or acquisition within a company could create changes
If there is no ROI from the relationship
If your not achieving the mutual goals
ABM is about mapping a solution and building a road map to a goal. It's an intelligent way to selling.
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