Why Account Based Marketing is the Best Outbound Marketing Strategy of 2017
If you market for a business to business (B2B) brand, you may already engage in parts of Account Based Marketing (ABM) without calling it ABM.
If you are looking to increase the effectiveness of your marketing efforts and improve the quality and quantity of sales opportunities this overview is for you.
Who is using Account Based Marketing?
Kissmetrics reports companies using ABM fall in the following categories:
- 45% less than $100 million
- 18% between $101 million and $1 billion
- 36% more than $1.1 billion
Based on these numbers, you can see the majority of companies using ABM strategies are mid-market companies working to rapidly grow their businesses, and large companies trying to grow beyond the ten-figure mark.
Why you need ABM
When you review your top customers, do you have a few large, key accounts that supply the majority of your revenue (think 80:20 or Pereto’s principle)?
Imagine the impact on your bottom line if you could turn more of these types of prospects into customers.
If you are targeting known companies, ABM is the best way to target decision makers at a specific company and turn them into long-term, major accounts. Consider trying ABM if:
- Your current program is not delivering the quantity or quality of sales opportunities you need
- You need a better ROI for your marketing strategies
- You need to align your sales and marketing teams
Advantages of using ABM
Here are the top five advantages of incorporating ABM into your marketing strategies.
- Excellent ROI. Since ABM programs are highly targeted and personalized, it is easier to measure ROI. Forbes Magazine reported that 80% of marketers who measure ROI say ABM outperforms their other marketing investments. They also reported 84% of marketers said ABM significantly helped them keep and expand existing client relationships. Finally, for those using ABM more than a year, 60% achieved a 10% revenue increase while 19% achieved a 30% revenue increase.
- Less risk. When you scale and automate your ABM outreach, you have less waste and less risk because you can do more with less. You need not add account managers to help contact larger accounts because ABM allows you to target, market to, convert, and upsell more contacts through automation. You eliminate the risk of having to adjust headcount based on how well an account is doing.
- More personal. Your prospects like the personalized touch with ABM. In fact, Aberdeen reported 75% of customers prefer a personal offer. It is the main reason email marketing is still so effective. When you focus on the specific needs of a target at a specific account, your prospects know you have taken the time to learn and understand their needs and pains.
- Easy-to-measure metrics. Because you focus on a smaller set of targets, it is easier to draw conclusions about the effectiveness of campaigns. You can measure your targeted plans for a specific account and compare those results to your forecasted goals. Reporting at the account level gives you data on what works and what does not so you can improve your strategy.
- Sales/marketing alignment. ABM forces marketing to focus on accounts rather than leads. Marketing will need to work closely with sales to decide how best to target individuals at specific accounts. Sales and marketing will have agreed upon SLAs and and have the same understanding and knowledge about target accounts.
ABM marketing lets you focus your efforts on customers and prospects in a way that is highly personalized and very specific to their desires and concerns. It is a strategy to turbocharge your marketing and sales efforts.
About KEO Marketing
KEO Marketing is an award-winning business-to-business (B2B) marketing agency in Phoenix. The marketing agency develops and executes successful marketing strategies and plans that significantly grow business. Some of the world’s largest brands have depended on KEO Marketing for marketing programs that deliver tangible and substantial results.
For more information and to request a complimentary marketing consultation, contact us today.