Account Based Marketing - More than a Buzz Word
If you’re up to speed on the current trends there is a good chance you’ve listened, watched and learned all about the latest AI marketing software’s and hopefully the importance of ABM. At Metrix Marketing, our team are huge advocates of Account Based Marketing.
Although it's hasn’t exploded onto the marketing scene in the same vein as AI or virtual reality, account based marketing is growing in popularity and with good reason, it delivers results. Within the Irish market ABM has delivered huge results for our clients and other similar companies in the industry. Considering the cost of customer acquisition has steadily grown thanks to the increases in the availability of mass marketing technologies it makes sense to personalize content to allow yourself to be seen as something other than a commodity.
So what is Account-based marketing?
ABM also known as key account marketing, is a strategic approach to business marketing based on account awareness in which an organization considers and communicates with individual prospect or customer accounts as markets of one. Account-based marketing is typically employed in enterprise level sales organisations.
Account based marketing can help companies to:
Increase account relevance
Engage earlier and higher with deals
Align marketing activity with account strategies
Get the best value out of marketing
Inspire customers with compelling content
While business marketing is typically organized by industry, product/solution or channel (direct/social/PR), account-based marketing brings all of these together to focus on individual accounts. As markets become increasingly commoditized, customers see little or no difference between suppliers and their competitors, with price as the only obvious differentiators. ABM is increasingly adopted by companies in markets under pressure from commoditization. Take a look at the funnel below, ABM starts with the target and grows out, the traditional one casts a net and works its way in from there.
Previously we have seen resistance from clients and leading industry players to really tackle ABM and make it part of their strategy. Partly because they have already secured contracts so they are making some money and mostly because many organisations’ fill their sales teams with hunters. Hunters are great, they attack cold calls, zoom in on the market for work and more often than not reel in the desired amount of business.
What they don’t do very well is grow business, from the minute the initial sale is made it’s in their genes to move on, to land the next big fish and in the current climate customers like to educate themselves before making that leap to converse with your rep. If you’re a well-resourced company you should consider have both hunters and nurturers on your team. It is also worth noting that marketing is now responsible for 2/3 of the sales funnel, 10 years ago this was down around 15% so the importance of marketing for any company has increased dramatically.
Now that the majority of industries are back in a growth state business owners can plan for the future, and planning who to target and mass personalizing that content is what can differentiate you from the competition. Metrix Marketing and other Outsourced Marketing firms will usually advise to have an ABM strategy in place to attract those larger targets that you want on your books, if it is something you want to consider get in touch and we can talk you through the best options.
A benchmark and methodology for the ABM journey
We’re absolutely not pretending that ABM is anything new: it’s actually been around in one form or another for many years. But over the last couple of years, it's attracted enough attention, generated enough momentum and galvanised enough interest for us at Metrix Marketing to say, with confidence, that it’s an idea whose time has come. It’s gone from something with relatively niche appeal within a segment of the tech sector, to something that is resonant across all industries, especially those in the B2B arena. In Ireland and the UK, our markets, although large in scale, are relatively small in terms of decision makers which makes this type of marketing so important to get the best conversion rates.
ABM is for sales as much as marketing
If you’re just beginning on your ABM journey (as we’ve found most people are) or if you’re a seasoned ABM campaigner, Metrix Marketing can give you in-depth insights and inspiration, plus a wealth of expertise on the topic. Above we covered the need for hunters and gatherers on any sales team or maybe you need that outsourced partner to become your nurturer then we can help. As an outsourced specialist we take expertise and ideas from several industries, tailor them to the particular campaign and through a blend of experience, customer communication and hard work we deliver value on our promises.
If an ABM strategy is something that your organisation should consider contact us at firstname.lastname@example.org and we can guide you through a general roadmap so you can make the decisions on your organisations’ next steps.