Account based marketing is a highly valuable campaign type, which often provides high ROI when carried out under the right circumstances. It is not a simple task and necessitates a deep understanding of your ideal buyer persona and some knowledge about the inner structure of the accounts. With that in hand we are able to tailor very specific campaigns aimed at just one goal – win the account(s). There are a few different subtypes we normally operate with, depending on the size of the account list.
Account Based Marketing
Account Based Marketing
Account based marketing is a highly valuable campaign type, which often provides high ROI when carried out under the right circumstances. It is not a simple task and necessitates a deep understanding of your ideal buyer persona and some knowledge about the inner structure of the accounts. With that in hand we are able to tailor very specific campaigns aimed at just one goal – win the account(s). There are a few different subtypes we normally operate with, depending on the size of the account list.
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Account Based Marketing campaign types
Singular
When you just have that one client that is so ever important and offer a multitude of potential deals. A great benefit lies in the ability to create deliverables pinpointed towards not only their industry, but their actual products, organization, branches etc. This type of campaign can be carried out both as long term, slow burning campaign, one off campaign or a recurring burst campaign. They can be used both as a supporting element to the work of the sales reps, or as a stand-alone effort, creating SQL’s for the reps.
Plural
The most popular type of campaign, aimed at 2-50 named accounts, all sharing certain elements such as industry, Product need, geographical location etc. Often it is recommended to split a large list into smaller, and more specific lists in order to fully exploit the benefits of an ABM campaign. This type of campaign is our most popular format and is often a good compromise for most companies. Campaign intensity and weight can be adjusted according to average order value to ensure a high ROI. Typically, we execute these campaigns as a lead generating campaign, however they are also useful to support existing sales efforts and brand activities.
Multi
This type of campaign is a crossover between a traditional campaign and an ABM campaign. It is run towards 50-500 named accounts, and naturally is less targeted than the typical ABM campaign, but some similarities exist between the accounts. This is often an efficient way of advertising when the AOV is on the lower side, or knowledge about each account is limited. Often this type of campaign serves both as leadgen and branding campaign, and in general can be adjusted to the results you are looking for.
Account Based Marketing Explained
What is Account Based Marketing?
Account Based Marketing (ABM) is a strategic approach that focuses on targeting and engaging specific high-value accounts, rather than casting a wide net to a broad audience. In this terminology “accounts” represent an organisation, a company or an department of interest. ABM relies heavily on input from sales department in order to develop effective campaigns. Personalised content and messages tailored to the unique needs and characteristics of individual accounts is what separates an ABM campaign from a traditional marketing strategy.
This targeted approach allows organisations to build stronger relationships, enhance customer experience, and drive business growth. Furthermore the spending can be focussed on a core set of accounts, guaranteeing that the ads reach the right audience. Identifying target accounts, gathering experience from existing customers and connecting it with key business objectives is the starting point.
Key Principles and Benefits of Account based marketing
Higher Conversion Rates & ROI: The targeted nature of ABM allows you to focus your resources on high-value accounts, increasing the likelihood of converting them into loyal customers. While the cost per click (CPC) in ABM might be higher compared to broader marketing strategies, the benefits outweigh the initial investment. When you serve content that aligns closely with the needs of interested users, it creates a sense of value and builds trust in your brand.
A key metric to consider in ABM is the conversion rate (CVR). Due to the personalised approach, ABM tends to achieve higher CVRs compared to traditional marketing methods. The focused and personalised nature of your outreach ensures that you are delivering the right message to the right audience, resulting in a higher likelihood of conversion. By leveraging the data and insights gathered from your target accounts, you can craft compelling messages that resonate with their specific challenges, goals, and preferences.
While the initial investment in ABM might be higher, the potential for a high ROI is significant. When you accurately identify and target high-value accounts, you are investing your resources where they are most likely to generate returns. By delivering personalised and relevant content to these interested users, you can establish a strong pipeline of potential customers who are more likely to convert and become loyal advocates of your brand.
Customer Retention and Expansion: Customer retention and expansion are essential aspects of any successful business strategy. While account-based marketing (ABM) is often associated with acquiring new customers, it is equally valuable for nurturing existing client relationships. By implementing ABM principles, organisations can continue to provide personalised engagement and effectively address evolving needs, ultimately strengthening customer loyalty and unlocking opportunities for account expansion.
Consistent and personalised engagement is crucial in retaining customers. By delivering relevant and timely content, you can continuously nurture the relationship with your existing clients. This can include sharing industry insights, providing updates on new product features or services that align with their needs, or offering exclusive benefits and rewards. By demonstrating your ongoing value and dedication, you encourage repeat business and foster a sense of trust and partnership.
Personalised Engagement: ABM emphasises a personalised approach and feedback from sales reps is important, in order to understand the best approach. By understanding the specific pain points, challenges, and goals of each account, marketers can deliver tailored content and messaging, fostering deeper engagement and relevance. An account based marketing strategy without any personalized messaging will not have the same punch as a tailor made one.
It’s important to note that achieving a high ROI in ABM requires a comprehensive and accurate target list. Investing time and effort in identifying the right accounts, based on criteria such as industry, company size, or past engagement, is essential. By aligning your resources with the most promising opportunities, you can maximise the impact of your campaign and generate a substantial ROI.
Comparison of ABM with Traditional Marketing Approaches
An account based marketing strategy differs from traditional marketing approaches in several ways. Inbound marketing, outbound marketing, branding campaigns, awareness campaigns all have their time and place. A few key elements makes your account based marketing strategy stand out:
Messaging: The ads, content and approach in an ABM campaign strategy are based on a specific pain point. With a close collaboration with the sales department, and a narrow target list is possible to aim directly at what concerns the audience. It could for example by 50 accounts who all are affected by a bottleneck in the competitors software. Or 15 accounts where their existing contract with a competitor is up for renewal. Or even a limited number of employees of one specific account.
With this kind of insight, the ads suddenly serve a very distinctive purpose. Traditional marketing approaches often involve a more siloed approach, with the marketing team generating leads based on more generic content. By embracing the principles of ABM and leveraging its personalised approach, organisations can achieve greater customer-centricity, forge stronger connections with key accounts, and drive sustainable business growth.
Audience Focus: Traditional marketing often targets a broad audience, aiming to capture as many potential customers as possible. Or at least its based on industry, company size, job titles etc – overall un named accounts. In contrast, ABM focuses on specific high-value accounts, tailoring strategies to their unique characteristics and preferences. The accounts are selected based on their potential order value, and the acceptable cost is there relative to the potential.
Account Selection and Targeting
Identifying ideal customer profiles (ICPs)
To effectively implement an account based marketing strategy, it is crucial to identify ideal customer profiles (ICPs). An ICP is a detailed description of the characteristics and attributes that make an account an ideal fit for your product or service. By understanding your ICPs, you can prioritise your resources and efforts on accounts that have the highest potential for success.
When defining your ICPs, it must be based on the accounts you are targeting – it should not be generic. The three main parts are similar to any other digital marketing campaign, Demographics, Firmographics and Technographics. Only in this campaign, with the help of the sales team and internal knowledge, it is a lot more accurate.
Where is really stands out is the pain points and challenges. Internally you should have insights into the pain points and challenges faced by your target groups. Understanding their specific needs and aspire to position your product or service as the ideal solution. Conduct interviews, surveys, and market research to gather valuable information from those in the field.
Personalisation and messaging
Aligning marketing and sales teams for cohesive messaging
To maximise the impact of your account based marketing strategy, it’s crucial to align your internal departments to reach a cohesive messaging. When several teams work together seamlessly, they can provide a unified experience to target groups throughout the buyer’s journey. Here’s how you can achieve alignment in an account based strategy:
Communication and Collaboration: Foster open communication channels between the marketing and sales department. Encourage regular meetings, joint planning sessions, and shared documentation to ensure a unified approach. Establish feedback loops to gather insights and adjust strategies based on real-time market feedback. Solid feedback is crucial to evaluate the effect on the target audience.
Shared Goals and Metrics: Define shared goals and metrics that align marketing and sales efforts. This could include revenue targets, conversion rates, or account engagement metrics. Regularly review progress and adjust strategies accordingly to keep both teams focused and accountable. It’s a joint effort to convert target accounts.
Coordinated Campaigns: Plan and execute coordinated campaigns that involve both marketing and sales activities. Develop a shared campaign calendar and ensure consistent messaging across different touch points. The sales department should have access to marketing materials and collateral to support their outreach efforts and sales process. The better you are at this, the better the campaign results will be. A sales rep who are unaware of the marketing activities is never a good look.
Leveraging personalisation at scale
Scaling personalisation can be a challenge in account based marketing, especially when targeting a high number of accounts. However, with the right tools and strategies, it is possible to personalise your outreach efforts effectively. Consider the following approaches to leverage personalisation at scale:
Marketing Automation: Utilise marketing automation platforms to streamline and personalise your outreach efforts. Use dynamic content and variables to customise email templates, landing pages, and website experiences based on account-specific data. Automate personalised follow-ups and nurture sequences to maintain engagement. Without implementing marketing automation it is not feasible to reach the high level of personalized content that brings the results towards excellence.
AI-Powered Personalisation: Explore the use of artificial intelligence (AI) and machine learning (ML) to enhance personalisation at scale. AI-powered personalisation can analyse vast amounts of data to identify patterns and preferences specific to each account. By leveraging predictive analytics, AI can recommend personalised content, product recommendations, and even suggest optimal times for outreach. This level of automation not only saves time but also ensures that each interaction is relevant and tailored to the individual account.
Data Segmentation: Divide your target accounts into smaller segments based on relevant criteria such as industry, company size, or geographic location. This allows you to create more targeted and personalised messaging for each segment. By understanding the unique challenges and pain points of different segments, you can craft compelling messages that resonate with their specific needs.
By incorporating these approaches into your account-based marketing strategy, you can scale personalisation effectively. Remember, personalisation is crucial for building strong relationships with your target accounts and increasing engagement. With the right tools, strategies, and a commitment to ongoing optimisation, you can deliver personalised experiences that drive meaningful results in your account based marketing initiatives.
Account Based Campaign Execution
Planning and executing multi-channel campaigns
When executing account based marketing campaigns, it is essential to plan and implement multi-channel strategies that effectively engage the target groups. By leveraging multiple channels, you can reach decision-makers and influencers in a personalised and impactful manner. Make sure to include the following strategies for planning and executing multi-channel campaigns:
Campaign Planning: Collaborate with cross-functional teams to develop campaign strategies aligned with your target groups’ needs and preferences. Determine the most suitable channels based on your audience’s behaviour and preferences, and define the goals, messaging, and tactics for each channel. It’s a joint effort between the marketing and sales teams and the outcome is only as good as the planning.
Content feedback: Content feedback is crucial in an account-based marketing campaign as it provides valuable insights into the effectiveness of your messaging and content strategy. By soliciting feedback from your target accounts, sales team and customer success teams, you gain a deeper understanding of how well your content resonates with them. This intent data will tell you whether it effectively addresses their needs and challenges.
This feedback allows you to make data-driven improvements to your content, ensuring that it aligns more closely with the preferences and expectations of your audience. By continuously refining your content based on feedback, you can enhance engagement, strengthen relationships, and ultimately drive better results in your account based marketing campaign.
Email Marketing: Email marketing is a crucial component of an account based marketing campaign, allowing you to directly engage key stakeholders within your target accounts. By implementing targeted email campaigns, you can deliver tailored and compelling messages that resonate with the unique needs and pain points of each account. Craft email copy that highlights the value proposition of your offering, addressing the specific challenges and goals of the account.
Personalisation is key in account based marketing, so make sure to include relevant account-specific details to demonstrate your understanding and dedication. To streamline and scale your outreach efforts, leverage marketing automation tools that enable you to automate personalised follow-ups, nurture sequences, and track engagement metrics. This enables you to deliver impactful and personalised email experiences at scale, driving engagement and nurturing relationships with your target accounts.
Incorporating social media, events, and other channels
Incorporating social media into your account-based marketing strategy can amplify your reach and engagement. Utilise social media platforms to share valuable content, interact with key stakeholders, and build relationships with your target accounts. By creating targeted social media campaigns, leveraging account-specific data, and employing social listening techniques, you can gain valuable insights and tailor your messaging to resonate with your audience. Engage in conversations, respond to comments, and share relevant industry insights to establish your brand as a thought leader and nurture connections with your target accounts.
Social Media Engagement: Incorporating social media, events, and content syndication into your account based marketing efforts allows you to extend your reach, nurture relationships, and establish your brand as a valuable resource within your industry. By strategically utilising these channels, you can engage with key stakeholders, foster meaningful connections, and drive impactful results in your ABM campaigns.
Event Participation: Events play a crucial role in account based marketing, providing opportunities for face-to-face interactions and relationship-building. Participating in industry conferences, trade shows, and networking events allows you to engage with key decision makers and influencers from your target audience. Consider hosting your own events, such as webinars or workshops, to create a platform for sharing valuable insights and establishing your brand as a trusted resource. Use events as a way to showcase your expertise, foster meaningful connections, and deepen relationships.
Content Syndication: Content syndication is an effective strategy for amplifying your content’s reach and targeting specific accounts. By partnering with industry publications, online communities, or relevant influencers, you can distribute your content to a wider audience. Identify platforms that align with your potential customers interests and engage in content syndication to drive brand visibility and generate leads. Syndicating your content to trusted channels not only increases exposure but also positions your brand as a credible and authoritative resource, building trust and credibility.
Overcoming common challenges in account based marketing
Implementing account based marketing often come with its share of challenges. Here are some common challenges and strategies to overcome them:
Data Quality and Availability: ABM relies heavily on accurate and comprehensive data to effectively target and personalise outreach efforts. Obtaining high-quality data on each target account can be a challenge, especially when dealing with multiple data sources and varying data formats. Ensuring data hygiene, data integration, and data enrichment processes are in place is crucial to overcome this challenge.
Account Selection and Prioritisation: Selecting the right accounts to target and prioritising them based on their potential value can be complex. Organisations need to identify the ICP’s and evaluate factors such as account fit, revenue potential, and buying signals to determine which accounts to focus on. This requires careful analysis and alignment between sales and marketing teams.
Sales and Marketing Alignment: ABM requires strong collaboration and alignment between sales and marketing teams. However, achieving this alignment can be challenging due to differences in goals, processes, and metrics. Building a shared understanding, establishing clear communication channels, and defining common objectives are necessary steps to overcome this challenge.
Personalisation at Scale: Delivering personalised experiences to a large number of accounts can be a daunting task. Creating tailored content, messaging, and campaigns for each account requires resources, time, and automation capabilities. Implementing technologies and processes that enable personalisation at scale, such as marketing automation platforms and dynamic content, can help overcome this challenge.
Measurement and Attribution: Measuring the effectiveness and attributing success accurately in ABM can be complex. ABM focuses on building long-term relationships and influencing multiple stakeholders, making it challenging to attribute specific marketing activities to revenue outcomes. Developing appropriate metrics, tracking mechanisms, and establishing a clear framework for measuring ABM’s impact are essential to address this challenge.
Overcoming these challenges requires a strategic approach, cross-functional collaboration, and leveraging technology and data-driven insights. By addressing these hurdles, organisations can unlock the full potential of ABM and achieve significant business growth and success.
Final thoughts on the importance and potential of account based marketing
Account Based Marketing has emerged as a powerful strategy to target and engage key accounts, providing personalised experiences and driving meaningful results. By focusing resources on high-value accounts, ABM enables organisations to build stronger customer relationships, increase conversion rates, and generate higher revenue.
In today’s competitive business landscape, where customers expect tailored and relevant interactions, ABM offers a strategic advantage. It aligns marketing and sales efforts, enhances collaboration, and delivers personalised experiences that resonate with target accounts. ABM empowers organisations to optimise their marketing investments, deepen customer loyalty, and drive sustainable growth.
As you embrace Account Based Marketing, remember to adapt and refine your strategies based on evolving market dynamics, customer needs, and technological advancements. By continually enhancing your ABM initiatives, you can unlock the full potential of this approach and achieve remarkable business outcomes. Nurture existing clients and focus on building long-term relationships with your target accounts. Engage with key stakeholders, provide value through personalised content, and nurture them throughout their customer journey. This also allows you to expand within your current portfolio, look for opportunities and identify cross-sell and upsell opportunities, and leverage your understanding of their needs to provide additional value.
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