Account-Based Marketing is focused on the needs of potential buyers, which increases ROI. This type of marketing requires a coordinated effort from marketing and sales. But the benefits far outweigh the costs. Account-based marketing is highly effective if implemented correctly and if it works across different channels. In this article, we’ll cover the basics of ABM. This article was originally published on the Gartner blog.
Account-Based Marketing is geared to the needs of potential buyers
By focusing your efforts on attracting and engaging high-value accounts, you can increase the chances of conversions and sales. This method is less costly than targeting a large audience. Furthermore, focusing on high-value accounts can help your business grow by creating relationships with them and converting them into loyal customers. Account-based marketing helps you create highly targeted campaigns that are geared to your target buyers’ needs and interests.
Unlike traditional marketing approaches, account-based marketing is geared to the needs of potential buyers. Because significant purchases typically involve multiple stakeholders, Account-Based Marketing focuses on these groups. A recent TrustRadius survey of technology buyers revealed that 67% of buying committees were comprised of two or more people, and only 4% were made by a single buyer. With more decision-makers, the sales cycle becomes longer. However, with Account-Based Marketing, the sales cycle can be minimized by nurturing all prospects simultaneously.
It has a higher ROI than other forms of marketing
A higher ROI is one of the goals of Account Based Marketing. This strategy has several advantages. It helps reduce the amount of time and effort spent on outreach to a large number of low-quality prospects. It focuses resources on those contacts with the most potential for buying. Furthermore, Account Based Marketing ensures that all departments are aligned to maximize the ROI. The sales team will help the marketing team to select high-value accounts.
The main benefits of Account Based Marketing are that it helps you nurture all your prospects at once. 85% of marketers say this method has a higher ROI than other marketing methods. It is also more targeted, accurate, and personalized. Account-based marketing also forces the marketers to focus on high-growth accounts, which increases the ROI of their efforts. It also optimizes resources, such as time and money.
It requires a team effort
To be successful with Account Based Marketing, your sales and marketing teams must work closely together. They must have shared goals, so that the resources and efforts of each team are aligned. In fact, the sales and marketing teams are often called “smarketing” – or the synergy of sales and marketing. A key component to sustaining an Account Based Marketing program is creating an ideal customer profile and identifying the best opportunities.
Using account-based marketing allows you to target the most valuable accounts. By targeting your efforts on the best accounts, you can maximize your conversion rates. As a result, your team can focus its energy on higher-value accounts. Ultimately, this strategy can increase your sales. But it takes a team effort, so make sure to delegate tasks and responsibilities across departments. Here are some tips for making account-based marketing a success:
It requires alignment between sales and marketing
To be successful with Account Based Marketing, you must ensure that your marketing and sales teams are on the same page. Without this alignment, your sales team and your marketing team are likely to have different strategies for attracting and converting prospects. Luckily, Account Based Marketing is one solution to this problem. In order to achieve the highest ROI, your marketing and sales teams must work together to identify high-value accounts and develop a strategy to reach them.
In order to maximize the benefits of Account Based Marketing, your marketing and sales teams must be in sync. This means that your sales reps are targeting the right accounts. Your marketing efforts should be geared towards these accounts because they are the most likely to close. In other words, your sales reps should be focused on the highest-value accounts. That way, they will be able to deliver more relevant content to your target accounts and close more sales.