B2B companies own the contemporary market landscape. Also, why shouldn’t it? To answer this, you should dig deep and try to understand each unit that makes a B2B company. On thorough analysis, you will understand that a B2B runs with a conjoint effort of many hands. A plethora of factors add to this dynamism.
A B2B is about understanding our customers before we set out for work. It is also about the highest degree of alignment we can achieve with our customers. Your customers happen to be the real stakeholders of a marketplace, and anything you curate should resonate with their problems and should speak about solutions with them.
If we think about summing up the driving factor for a B2B, then the most prominent answer, in Layman’s term, is customization. Each marketing strategy or product should be customized to the highest level. Customization for a certain niche and then further customization to deal with a certain problem, and this cycle goes on. The more the customization you can achieve, the higher is the chance of success of your plan.
So among the many factors that help us achieve this customization, Account-based Marketing is a golden one.
What Is Account-based Marketing
Customers and marketers can communicate through a variety of means. These means can be as random as a text message sent in bulk or as personalized as an invitation sent with your customer’s name on the card.
In Account-based Marketing or ABM, it is the latter we are trying to achieve. The sales and marketing strategies that can yield and build a targeted and personal relationship with each of your customers or even the prospective customers is the idea behind ABM. This results in getting new businesses on-board that has been directed through a certain company or account.
When we compare it with the traditional idea of marketing, ABM simply turns the pyramid upside-down. In today’s world, consumers are well-learned, and trying to get them on board with generalized marketing strategies will, in fact, drive them away. They only trust companies that can identify their problems and treat the problem as their own. Only then they seem to get satisfied with the result. But this method doesn’t only result in getting a transient customer. Rather, the trust build is going to keep you in their mind. While stuck in any decision-making event, they will try to refer to the insights you give. That is why a broad marketing campaign is a strict deal-breaker.
Through ABM, instead of targeting a few who express their interests, you can seek companies that are willing to engage with you in your decision-making processes. This opens the gate to enormous sales opportunities. This is sometimes termed as “land and expand” among the marketers.
The concept of ABM was pioneered by ITSMA long back in 2004. But it is only now that businesses have been pushed to use them. The results have been surprising and insightful, both. That explains why, in a study conducted by SiriusDecisions, 92% of marketers claimed that ABM has largely helped them in streamlining their marketing efforts. Marketers also claim that an ABM strategy is the second most prior thing in their list while devising a marketing plan for their B2Bs.
High Return On Investment
Return on investment or ROI is what depicts how efficient a particular investment is for your company. Among all the areas of expenditure, the sales and marketing department need to focus intently on continuously monitoring their ROI. After all, Marketing takes up a huge share of a company’s earning, and you would want this investment to be as fruitful as possible. CFOs of all companies are the true ROI enthusiasts, and it is an undebated conclusion among them that ABM happens to be their go-to choice to garner a positive ROI. Also, in researches conducted by ITSMA, 87% of marketers agree to this virtue of ABM as well, making it a zero-waste strategy.
How To Determine The Roi?
ABM works by identifying points or prospects to target. The company believes that they can serve these targets the best by building a lasting relationship and by offering a plethora of relevant services to them. Let us look at how ROI is calculated and how the Altera group determined that 97% of marketers did witness higher ROI when they implemented ABM methods.
1. Identify Your Goal And Objective:
Any strategy needs to be devised, keeping in mind a few factors. These factors can be your current results, your team’s potential, and so on. These will help you set a realistic goal for yourself.
You can analyze your current marketing strategies and identify their strengths and loopholes. Once you devise metrics depicting points that require improvement, it is essential to determine if ABM will prove to act positively for you. An ABM MarTech stack typically consists of
- An email automation tool
- CRM platform
- Analytical reporting program
- Content management system
If you have already used ABM technology, then adding methods of account profiling, account scoring, and so on will be more profitable for you.
2. Allocating Cost To Each Campaign:
Each strategy should have a budget. Try to find a balance between what you need and the amount of money that it might require. Don’t forget to keep some cushion money. You should then try to have cost-effective sessions for content creation as well as for the cost of publication. Publications can be PPC, Paid advertising cost, etc. You need to be aware of the cost of each piece of content that goes into fulfilling the strategy requirements.
3. Identify The Appropriate Metrics:
Most businesses select lead generation metrics as they happen to be revenue-based. But, in the case of ABM, adding account-based factors will help you in ROI assessment. These factors can be engagement level, brand sentiment, and so on. After selecting the factors, you need to understand the role they play in the ROI. Immediate and future rewards need to be considered. Generally. 7 to 13 interactions are required for a visitor to be qualified as a lead. You need to consider the influence on conversions and actual conversions separately.
4. Track And Improvise Continuously:
By verifying your content’s coverage, engagement, and focus, you can predict the impact of your strategy. For example, by measuring the number of accounts that followed you on social media, you can do this analysis. As your plan moves forward, you can also create data-sets to predict the likelihood of conversions through your strategy. Once all this is done, you can use software to predict your ROI. The software is required to keep track of each piece of your content and should be able to connect it. Unyielding pieces should be changed within time.
5. Optimizing Your Abm Strategy:
Now that everything is in place, you will have to filter through and repeat the procedure till you find the ideal one for your company. Your goal should be to reach the highest number of accounts by utilizing minimum resources.
- You need to analyze the data and find the accounts best suited for your interest.
- Note how will you use your ROI in the ABM approach.
- Define KPIs that can help you compare your previous and current marketing strategies.
- Always keep the metrics and models in check.
In a survey by the Information Technology Services Marketing Association, 84% of businesses believe that ABM is the marketing technology that generates the highest ROI. This result is also in line with many others that you can find. ABM is not just a marketing device but a method to maximize the efficiency of your marketing team. ABM can do this because it is a progressive method that can help you identify areas requiring improvement in your strategy.
ABM is highly result based as is evident with the fact that over a short period of time, it increases conversion rate and ROI better than any other strategy. Hence, ABM is definitely a way forward.