The traditional marketing models that had driven the funnel-based conversion system was the tried and tested method till recent years and are used even today. This traditional funnel system has proved its efficiency; there was a growing demand for better, more efficient and quicker marketing models that can work efficiently and cost-effectively.
The researchers narrowed down on Account-Based Marketing (ABM marketing) that can facilitate in offering newer and more effective ways for driving ROI for the Business-2-Business (B2B) category organizations. Modern technologies have helped in the implementation of the ABM as an effective strategy to increase sales and revenues of business organizations.
As we understand the ABM marketing method, it is basically narrowing down the organization’s (promoters) most important clients identified. The client organization’s restrictive marketing barriers are nullified through several targeted strategies to create different solutions for the client’s business.
In ABM marketing, the promoter company applies a marketing strategy that streamlines all sales and marketing efforts along with personalized messaging and content marketing in delivering focused advertising to high-potential and high-value client organizations.
Account Based Marketing is a specifically customized form of marketing aimed at selected categories of high-volume clients identified as very potent targets in their marketing research. From the execution perspective, ABM can be bifurcated broadly into three distinct sub-categories of Programmatic, Lite and Strategic marketing, respectively.
Defining Its Uniqueness
With a specific and customized approach, the marketing teams create logical campaigns that connect their product offerings to the customer organization’s business. This shows how their products can bring about a remarkable change. ABM immediately hits the point of marketing to stand out from the competition. The background research and the efforts to gather the essential data and their concerns, business goals, or even their strategies create an impactful connection with the client organization as the impression created is far bigger and deeper to convince the client. The ABM identifies and positions that target customer organizations about how their company differs from the other industry players.
Greater Efficiency
The ABM marketing process helps shorten the sales cycle by reaching out to niche organizations that are much ahead of the indirect method of the traditional funnel system. This process offers good clarity for the client organizations and their businesses, thereby expediting the sales process and facilitating the rapid closure of deals.
With the marketing process being simplified in the ABM process, the marketing teams are relieved of the pressure of high-volume budgeting, long time-taking processes and complexities of the interrelated tasks as well. Marketing surveys have revealed that several successful organizations have already implemented this highly focused and targeted marketing technique through personalized selling, which has proved to be very successful in increasing lead generation and conversion. This has been achieved through shorter sales cycles.
Establishing Lasting Client Association
Several successful business entrepreneurs have endorsed that the key to long-term business success is developing lasting relationships. Building customer relations is crucial as it has helped in continuous business orders and offered a valuable flow of genuine referrals. Happy and satisfied customers who have developed a strong association with the organization tend to develop a liking for the company and associate on a personal level. This helps to gain an emotional advantage where the minor errors or hiccups are overlooked and go further in retaining the company as its preferred vendor or partner.
The ABM strategy focuses on the basic idea of valuing and respecting the targeted client organization as its own home ground. This model of marketing leverages on reaching out to maximum contact avenues within the organization is an essential aspect. The communication is much wider, reaching almost all the possible people from the decision-making hierarchy, that helps in fostering stronger and deeper client relationships. These associations steadily pay long-term benefits during and after the campaign.
Synchronized Sales and Marketing
In the traditional process of funnel-based marketing, both the departmental functions of marketing and sales have been broadly independent entities related to each other. The vacuum between the two has resulted in an untapped potential where highly synchronized campaigns could result in high sales volumes. The alignment of the two functions goes further to benefit the organization—the advantages of teamwork where all contributing elements add value individually and collectively.
Accelerates ROI
The major concern of top management is mobilized in an impressive ratio. Return On Investment (ROI) has frequently been discussed in management worldwide. In its new research, ABM Leadership Alliance identified that “77% of marketers believe ABM has driven greater success for their target accounts than any other marketing or sales initiative. With ABM, by specifically targeting accounts, you can precisely target spend. This form of marketing boosts the ROI by curtailing wasteful and uncontrolled spending.”
Account Based Marketing has emerged as a focused and specific marketing process that filters out the uncertainties and non-conformities of vagueness from other marketing forms.
