Account Based Marketing – it’s the future for companies in B2B

Jan 09, 2024 by Mark Baines Category: Business, Marketing Tags: ABM, marketing

Many of our clients use ‘Account Based Marketing’ (ABM) – or should do – as a way of reducing their need to keep bringing in fresh leads from their markets.

It’s well known to be easier to win more business from existing clients than to win new clients, and this becomes more relevant as the recession bites and new business is harder to win in this more competitive market.

What is Account Based Marketing?

The purpose of ABM is to win higher value business from your clients, to empower you to increase your business focus on your existing clients, thereby offering a better service and making their business more secure for you against competitive offerings which are endeavouring to encroach on your client base

The four principles to ABM

All of which take it beyond the traditional ‘Key Account Management’ that many companies have become used to employing:

  1. Client centricity and relevant market insight, which can be put to good effect;
  2. Marketing and sales partnership between you and your client’
  3. Reputation, relationships and growth within the relationship;
  4. Tailored programmes and campaigns to ensure loyalty.

Companies using ABM are offering support at every step of the sales and marketing process. They are (at last!) marketing led, using inbound marketing techniques to achieve their targets rather than advertising and promoting in a desperate race to win new business from new clients.

ABM Sales and Marketing process

Although logical and straightforward, it’s worth running through it nevertheless, as it really expresses best practice whether you’re undertaking ABM or not:

  1. Target your key accounts;
  2. Understand their problems or ‘need’;
  3. Create a client-matching sales and marketing process;
  4. Deliver the campaigns (these days it would be a multi-touch campaign using ALL channels);
  5. Measure, review, and consider change (ie ‘Agile’ marketing);
  6. Retain the client through contractual security/obligation and grow the account.

For this to work, you have to be able to find a client whose profile is ideal for you:

  1. Clients with best-fit attributes that align with yours;
  2. Location, size, markets, etc;
  3. Buyer personas, values, etc;
  4. Your ability to overcome their objections.

Summary

There are lots of software vendors enabling ABM – eg Marketo, LeadSpace, Lead Forensics, Webeo, MS Dynamics, Hubspot, etc – all offering different elements of the jigsaw. Choices are difficult, so it’s worth seeking advice from a consultant like Marcom.

ABM is the way forwards for many companies offering services in B2B. Without it, it is hard to create growth without a large investment; with it, you are making life relatively easy for yourself.

Contact us today to find out how we can help.

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