Transforming your business into a high-growth organisation requires patience, discipline, and strategy. The aimless marketing tactics of years gone by no longer resonate with buyers who require a more targeted and personalised approach. Enter Account Based Marketing (ABM), (also known as key account marketing) which involves having your sales and marketing teams target only the companies that matter most to you, with messages and content that are tailored just for them.
B2B companies are readily adopting the approach, realising that it not only maximises the impact their communication has on buyers, but it allows them to operate out of the line of sight of their competitors and reach their target audience.
In this guide, we will look at account-based marketing examples that can be used as marketing tactics to make the most of your key accounts.
Should you implement Account Based Marketing?
Research and advisory firm TOPO carried out a survey of more than 150 practitioners at leading account-based organisations to get a better understanding of how ABM is being used and the rewards it brings.
The findings indicated that B2B firms were having plenty of success with the approach: 80% of respondents report that ABM improves the customer lifetime value, 86% said it improves win rates, and 76% said it delivers higher ROI than a traditional go-to-market approach. They all agreed on the fact that the overall experience has strengthened relationships with existing customer accounts.
For every five accounts targeted by marketing and sales teams or marketers in general, firms created a new sales opportunity, showing its efficiency in generating leads.
The most successful firms with ABM were those that had created strong ideal customer profiles – a hypothetical business that would get the most out of the offering – who were found to have 68% higher account win rates.
Account based organisations are only pursuing 38% of their target accounts at one time, wary of spreading themselves too thin and not being able to nurture any of their buyers in an effective way.
The report concludes by noting that ABM is a more strategic way of using existing tactics, rather than being a new tactic. But, for it to bring the kind of results that firms hope it does, there needs to be coordination throughout the organisation – especially between sales and marketing.
Are you Onboard with ABM?
The right model for you will depend on the number of accounts you want to target and the extent to which you would like to tailor and personalise content – whether that be at the sector, account or individual level.
Taking informed strategic decisions that help to drive pipeline and revenue growth is a crucial step on the road to transforming your business into a high growth organisation. ABM is just one of the disciplines on your route to that transformation.