Account-based marketing
One of the three methods of customer acquisition is account-based marketing, also known as ABM. This measure is not aimed at the masses, but at smaller potential customer groups. Thus, with this method, it can happen that each potential customer is approached individually and personally. Here, the IP addresses of the other companies are used, so the companies can be addressed individually. For this purpose, dynamic websites are usually used, which automatically adapt to the customer and the characteristics.
But what exactly is the benefit of account-based marketing?
Often the goal in marketing is to generate leads. For this purpose, campaigns are directed at a more or less broad mass – in the hope that a part of those addressed can identify with the offer. But no matter how carefully such a marketing campaign is planned: it is always associated with wastage.
Account-based marketing turns the process around. First, a company is selected that is to be acquired as a customer. In ABM, this is called a key account. Then marketing and sales work closely together to convince the key account with personalised content. The focus is on decision-makers and people involved in purchasing.
ABM treats individual accounts or company contacts as independent markets. It does not rely on generating potential leads with blanket campaigns. Rather, it tries to reach specific buyer profiles (key accounts, companies) with specially tailored content. Highly targeted marketing measures focus on their buying centres (groups of decision-makers) and buyer personas (people involved in a procurement process).
The method is based on the principles of inbound marketing. However, in an area where individual buyer personas are not yet in the typical first phase of the customer journey:
In theory, inbound marketing and account-based marketing differ in that
– Inbound Marketing focuses primarily on creating relevant content to engage lots of prospects and customers and generate leads
– ABM focuses its content on individual prospects or existing customers.
ABM and inbound complement each other. When emails, websites and calls to actions are personalised for each target, both methods help in tandem. This way, you provide your desired accounts with the value they want, especially when you are trying to support brand discovery.
The advantages of account-based marketing
- The energy of marketing and sales is specifically directed towards the major customers who also promise the company high sales.
- This makes communication and basic marketing activities more efficient and effective.
- Marketing is also personalised and increases the chances of interaction.
- Optimisation of the marketing budget.
- Scattering losses and wasted resources are avoided through these processes.
- Simplified measurement of success through a manageable number of collaborations.
- The probability of a sale is increased.
The Accountbased Marketing process
- Sales and marketing preparation – In ABM, the sales and marketing departments play a key role. The fact that they work together smoothly over a long period of time is fundamental to the success of the campaign.
- Key accounts – The selected key accounts are repeatedly provided with valuable content created especially for them over a long period of time. This involves a lot of effort and comparatively high costs, and is only worthwhile if there is ultimately a deal.
- Implementing the campaign – It is also important to build up a network within the target company. In the course of the process, your employees should gradually identify more and more relevant contacts – and each one is provided with suitable content.
Conclusion:
Account-based marketing is only worthwhile if a large volume of orders is to be expected.
Account-based marketing is a comparatively young but exciting concept that is growing in popularity. However, it is not always worthwhile to focus your marketing activities on a specific company.
Organisationally and financially, ABM means a lot of effort. Therefore, account-based marketing is particularly suitable for large corporate clients who have a certain budget available and make their decisions less on the basis of price and more on the basis of strategic or functional considerations.
It is also important for the success of an ABM campaign that the account has not yet gathered all the information it needs to make a decision. If they are already too well informed about alternatives, it is difficult or impossible to influence them.
You want to know more about this topic?
Read also our blog post on the topic of customer acquisition: