Account-based marketing (ABM) plays a significant role in today’s marketing landscape, particularly in B2B, where 94% of marketers already use this strategy. ABM is all about targeting specific high-value accounts or companies using hyper-personalisation to drive higher conversion rates and reinforce customer relationships.
If you’re curious about ABM and would like to know whether this is a suitable approach for your business, keep reading. In this article, we highlight the inbound best practices you should follow to enhance the effectiveness of this strategy, and we delve into the core principles that will make your ABM deliver substantial return on investment (ROI).
What is Account-based marketing?
ABM is a versatile approach that allows you to tailor your marketing efforts to specific accounts, regardless of whether they are existing or potential customers. You’ll first identify an ideal customer profile (ICP) and then execute a targeted campaign that specifically addresses the pain points of these high-value clients.
How does account-based marketing work?
You can dive into the more complex mechanics of ABM by downloading our free ebook, but let’s first explore the basic steps necessary for an impactful ABM strategy:
Step One: Use data to analyse and select an ICP
When designing your ABM strategy, you would consider factors such as industry, size, location, revenue and other characteristics that align with your business goals — you want to target customers who are very likely to convert and who will bring maximum profits.
Typically, you’d develop an account scoring system based on defined criteria to help you prioritise target accounts effectively. You can assign weights to different factors such as fit, revenue potential and engagement signals.
Step Two: Leverage your ICP insights to launch a multi-channel engagement strategy
Using your knowledge and experience in working with your target audience (these insights are usually drawn from a cross-departmental database) you should tailor your marketing efforts to address the particular needs, pain points and challenges your ICP may have. To do this, you’ll leverage multiple channels for engagement and ensure that your sales and marketing teams are working collaboratively.
Step Three: Keep optimising your ABM strategy
Refine and optimise your ABM strategy continuously. To ensure your ABM campaigns are performing as desired, you’ll have to frequently review the results and make improvements where necessary. If you’re using a CRM like HubSpot, this is easy to do thanks to intelligent tracking functionalities and, of course, comprehensive and user-friendly reports and dashboards.
The Benefits of Account-Based Marketing
Research consistently shows that customers are more likely to engage with businesses that make the effort to foster meaningful interactions through personalisation.
Within platforms like HubSpot, you’ll find all the tools you need to craft efficient, automated customer journeys. Of course, the execution of an ABM strategy requires a deep understanding of your audience, persistence and commitment to optimisation. So, let’s take a look at what you get for all that effort:
- An ABM Strategy could increase revenue by 208%.
- Companies that implement ABM see the value of their annual contracts increase by 170%.
- 84% of companies saw a positive impact on their reputation thanks to ABM.
- 85% of marketers have attributed improved retention and expansion of existing client relationships with the help of ABM.
What do these impressive figures translate to? Take a look at the results you can expect an ABM strategy to deliver:
- Increased loyalty and retention
Improved the customer experience (CX)
Significant boost in revenue
Shortened sales cycle
To summarise, account-based marketing enables your sales team to focus on quality interactions rather than sifting through high volumes of leads or prospects who aren’t necessarily the right fit for your business. In short, a successful ABM strategy will immediately make your sales team absolutely love you! You’ve brought them high-yield leads who want to buy.
Conversion rates are higher; therefore, revenue improves significantly. To add to the celebrations, all of these happy customers not only want to spend their money with you, they also want to tell others about your amazing services and share their positive experience in working with your brand. These are the folks you’ll use for your next case study!
via GIPHY
Aligning your ABM strategy with inbound
Quite frankly, ABM and inbound make for the perfect marriage. Inbound marketing is all about the art of attracting and engaging potential customers by offering valuable content and utilising lead generation techniques that focus on intentional personalisation.
When working in alignment, your inbound ABM strategy will result in a holistic approach that nurtures leads and maximises each conversion opportunity.
For an ABM strategy to yield results, you have to invest time and energy in creating purposeful, engaging and useful content — the information you send to your target customer must resonate.
What does this valuable content look like? It could be insightful blog posts, informative whitepapers, educational webinars and engaging videos — whatever the format, the content you produce and send to your target accounts must reinforce the message that you are a trustworthy expert in your industry.
The combination of inbound and ABM is a surefire way to achieve remarkable results.
ABM allows for personalised, targeted outreach to specific accounts, while inbound marketing ensures a broader reach and engages potential customers at different stages of their buyer's journey. This synergy enables businesses to attract, engage, and convert high-value accounts while establishing a strong brand presence and building lasting customer relationships. This integrated approach maximises the effectiveness of ABM efforts and fosters long-term sustainable growth and success.
The round-up on ABM
An account-based marketing strategy only works when sales and marketing work closely together to share insights and ensure that each customer touchpoint is optimised. You’re trying to show your clients that your team is cohesive and expert in their field through useful content, timely communication and a personal approach. Of course, much of your efforts can be automated using automation tools found in platforms like HubSpot, so this really is the kind of strategy that calls every player to the field — people, processes, systems and data — all of these elements need to be leveraged to ensure a swift and profitable sales cycle and a happy customer.
Ready to launch an ABM strategy? Start here:
Are you ready to take your Account-Based Marketing (ABM) strategy to the next level?
Download our comprehensive eBook, "How to Execute ABM with HubSpot," and gain expert insights on launching your first ABM strategy with HubSpot.
In this eBook, you'll discover:
- Step-by-step guidance: We provide a detailed roadmap to help you execute a successful ABM strategy, from identifying target accounts to implementing personalised campaigns.
Practical tips and templates: Get access to practical tips, best practices, and customisable templates that you can use to launch your ABM initiatives seamlessly.
Maximising HubSpot's power: Learn how to leverage HubSpot's intelligent automation tools and features to streamline your ABM efforts, nurture leads, and achieve exceptional results.
By downloading our eBook, you'll gain the knowledge and resources necessary to bring your own winning ABM strategy to life. Don't miss out on this opportunity to elevate your marketing game with ABM.
