According to Wikipedia, Account Based Marketing (ABM), also known as Key Account Marketing is a strategic approach to business marketing in which an organization considers and communicates with an individual prospect or customer accounts as markets of one. In simple terms, Account Based Marketing, as the word suggests, is customized marketing based on individual client i.e. accounts.
When we compare Traditional Marketing with Account Based Marketing, traditional marketing is like shooting in the dark whereas Account Based Marketing is like aiming at the bull’s eye in broad day light. Traditional marketing involves identifying the industry vertical, creating pitch, sending it to the client and waiting for the response. Account based marketing is finding the right prospect, doing in-depth market research about the prospect, creating customized content, targeting and closing the deal.
In-detail about how to do ABM:
- Zero-in on the account: Select the account which you are aiming. Choose a sect which reflects the other accounts in your customer base. Picking the right account is important to avoid risks and increase sales.
- Understand the accounts: Once you select the account, do in-depth research to understand what the client might need. Comprehend their pain points and jot down solutions that could be offered. Make solutions as customized as possible.
- Align sales and marketing: Create a plan that aligns sales and marketing team closely. Even at this stage, there should be a lot of customer research work to improve the relevancy of marketing.
- Close the deal: Once the prospect/client is sales-ready, strike the right chord and grab the deal. Also track and measure ROI to understand metrics and improve upon upcoming marketing strategies.
Advantages of Account Based Marketing:
- Increasing relevance based on the account/client
- Targeting niche and selling to specific clients
- Stronger relationships with clients
- Retaining customers easily
- Building a rock solid customer base and avoiding reign of competitors
- Increasing the size of accounts by up-selling services
- Crafting new sales strategies and shortening sales cycles
It is evident that ABM is going to be the next way of marketing. So sit up straight and get started with your accounts. In case you have any difficulty, you can reckon on our business consultants for help.
