With new technologies, platforms, and marketing strategies being introduced time and time again, marketers often find themselves confused about which path to take. As a result, businesses find it challenging to reach their target audiences - a task that is crucial to generating growth and increasing revenue. And, start questioning the value your marketing campaigns can deliver. The right approach can help you unlock the full potential of your marketing investments. But, how do you find the right approach? The answer is simple. You need to focus on the customer, just like the top intent driven marketing companies. And, that’s exactly what ABM (Account-based Marketing) does. According to a recent study by SiriusDecisions, marketers who utilize ABM strategies are four times more likely to exceed revenue goals than those who don’t.
In this blog, we'll walk you through how to maximize the return on investment (ROI) with account-based marketing (ABM) strategies. If you are a B2B marketer, this will be useful to you.
What is ABM?
Account-based marketing (ABM) is a sophisticated method to streamline your sales and marketing processes while increasing efficiency and revenue. It's a growing priority for businesses that are looking to gain customers that matter.
It is a lead generation strategy that focuses on building relationships with accounts, or companies that have the highest potential of becoming customers.
It helps you focus on the accounts that matter most, rather than trying to engage with everyone. This strategy is especially important for B2B companies because it allows them to generate more leads from their current database and attract new clients at higher rates.
How can you drive ROI with ABM marketing?
ROI (return on investment) is one of the biggest concerns for all companies. The good news is that ABM is a highly effective strategy for generating ROI. Here are some of the ways you can drive ROI with ABM marketing:
- You can increase your sales pipeline by focusing on accounts that are most likely to buy from you.
-You can increase your average deal size by focusing on accounts with the highest purchasing power.
-You can increase your customer lifetime value by focusing on accounts that are most likely to stay with you.
As you provide value and nurture them through the buying cycle, your sales teams are reaching out with relevant opportunities at the precise time they need them. By applying these successful processes to your existing strategies, you'll see the highest quality leads throughout all stages of the funnel.
Why is ABM important?
It is a new way of thinking about marketing where selling activities are tightly aligned with company growth objectives. But why is it so important? Here are 5 reasons:
1. It’s a long-term strategy that drives results. It requires time and investment to see results. You can build relationships over time and create value for your customer which it’s worth it in the end.
2. It’s a strategy for all stages of the buying cycle. You can start with an existing customer and build a relationship, but you can also reach out to prospects at each stage of the funnel.
3. It’s a strategy that works across channels and formats. You can use email, social media, direct mail advertising, or even face-to-face interactions to build your relationships with customers.
4. It’s a strategy that focuses on the customer, not on the service. It is about knowing your customers and the issues they need help with, which can be a good thing for everyone involved.
5. It’s highly targeted. You can focus on a few key accounts or segments and make sure you are serving them well.
What are the benefits of an effective ABM strategy?
An effective ABM strategy shows that you respect your customers' preferences and have done your homework on what they like, and how you can best serve their needs.
It also shows that you understand their issues, and can provide solutions to those problems. It's a great way to build your brand’s reputation as a business that is customer-centric and willing to go above and beyond for its clients.
Finally, sales! The number one reason companies implement ABM is because it works. It helps you win more business by showing your customers how much they mean to you—and how much work goes into serving them well.
An effective ABM strategy is a critical part of any modern marketing strategy.
ABM is a critical part of any modern marketing strategy. While the term may be new, the concept is not. In fact, it's been around since before computers were even invented!
But the truth is that today's marketing landscape is vastly different than it was even five years ago, and ABM has become an essential part of the modern marketer's toolkit. You can't afford to ignore this powerful strategy if you want to stay competitive in today's digital world.
The goal of ABM is to identify a target audience and serve them with relevant and personalized content. The best way to do this is by creating personas and identifying their specific needs, wants, behaviors, demographics, etc. This allows you to tailor your message in a way that resonates with that audience—and helps you build stronger relationships than ever before.
Conclusion
ABM is a powerful tool for marketers, but it's important to remember that it's not a silver bullet. ABM requires thoughtful planning, constant testing and optimization, and an understanding of how your customers interact with your brand across multiple channels. However, if you take the time to develop an effective strategy and execute it consistently over time, then you'll be able to achieve real results in terms of customer acquisition cost reduction and increased revenue generation through retention rates.
