Generating Revenue With Account-Based Marketing

Before getting into Account-based Marketing (ABM), let’s see how sales personnel get business without it. Imagine that you want to make a sale for your company. You can either do cold calls or do direct walk-ins and hope the person you talk to is a decision maker in the company, which can end up as a disappointment if he’s not. Then you will have to ask for a call or a meeting with his manager, which may or may not get approved and if it’s approved you will have to wait for the scheduled time which may change again at the last moment.

The sales person will have to patiently go through the whole process until the final call to make the closing. Those who have worked in sales knows how time consuming the whole process is and I bet that sales people will do anything for solid leads which can make their work easier. And this is the sole reason that marketers all over the world are embracing ABM techniques for simplifying their work.

Sales made easy through Account-based Marketing

ABM can be referred to as a blend of a company’s sales and marketing functions, which is a strategic approach to B2B marketing based on goals for specific target accounts. In the current business world, Key-Account Marketing is considered as a more strategic way to do outbound. With the help of ABM, the sales team can directly approach the key-decision makers of targeted companies without going through the entire process of random cold-calling, unnecessary meetings etc. The key advantage is that the sales process which takes several months for closing can be accomplished in a much lesser time.

The Need for Account-Based Marketing

The phrase coined by ITSMA in 2004 has its roots in the 1990s when companies began to realize the importance of personalized marketing. However, it wasn’t until recent years that Key Account marketing has really begun to catch on in the B2B industry due to the increase in the importance of inbound marketing and in the rise of vendors who offer the ABM services. With the help of ABM, companies started to expand their knowledge of potential customers, which in turn, helped them in acquiring more sales and profit. This technique also applies the psychological factor that customers respond more when approached in a personal manner rather than being approached as just another sales lead. Moreover, if you are linking Account-Based Marketing with the CRM of your company there will be additional benefits of maintaining critical information like the client’s role in the company, the status of the account, company industry type, company size etc.

Account-Based marketing & it’s working

Presently, there are different Account-Based Marketing technologies in the market. Productive key account marketing involves a multichannel approach and requires close alignment between an organization’s sales, marketing, and customer success teams. To reach target accounts, digital targeting is used by Account-based advertising to fit an organization’s ideal customer profile. CRM or marketing automation tools are integrated with ABM platforms to run campaigns targeting the company’s target accounts. This provides an ability to run multichannel campaigns for ads across different channels like mobile, display, video and social media. By doing this you can understand which message resonates the most, through which medium and get the exact data to back it up – with A/B testing in near real-time.

One of the reasons that Account-based technologies have seen great success is that they engage customers on their terms using digital channels other than e-mail and phone calls. Key Account Marketing can be done on a larger scale rather than traditional methods because it engages the entire account as well as the targeted leads.

Benefits seen after using Account-Based Marketing

· Faster Deals

With the help of ABM, leads are funneled to the most targeted ones, the chances of getting rejected narrows down to a minimum and deals get closed much faster.

· Higher returns

Since sales people are targeting on the best accounts for business with the help of Key-Account Marketing rather than typical demand generation, the returns are higher.

· Reduced Time Consumption

With ABM, the sales team will focus only on the accounts that have high conversion rates. It means they don’t waste their time on leads that don’t matter or are unqualified.

· Alignment of marketing and sales

There are chances that the marketing and sales teams of the same organization are focusing on separate accounts. Key-Account Marketing requires cooperation between the two teams so that they work together to target key decision makers within the same accounts.

Account-Based Marketing – The Future

Above all, ABM is finally about the customer. A fact that business professionals should focus on is that buyers are not looking for a cold call or a random marketing email, rather they want to explore the solutions for their pain points on their own terms and only receive communications from vendors that are meaningful and relevant. ABM makes it easy to deliver on this need across the buyer’s journey.

When You Should Change Your Digital Marketing Strategy

Digital Marketing is continually evolving and this may seem unsettling at times. Strategies that were working in past, might not be effective in the present. Do you know why many businesses fail to get ahead of their competitors? It’s simply because they are not willing to adapt to the ever-changing world of digital media. But, the great thing about a digital marketing strategy is that you can change them on the fly in response to real-time results and analytics data. While this may seem tricky as if you change things too quickly, you may not be able to find if your strategy worked for long-term. But if you wait for a long time, you are likely to waste your two valuable resources: time and money.

With that said, how do you know when its the right time to change your Digital Marketing strategy? To help you keep up with the fast-paced industry, I’ve created this post to help you know when to change your digital marketing strategy.

Below are the 5 signs to help you decide when to quit your existing strategy.

1. Focusing on low-value metrics

If you’re concentrating on low-value metrics like impressions and clicks, you may be missing out because impressions and clicks only let you know about your marketing visibility. And not the real accuracy of your strategies.

2. Only focusing on your brand not on audience needs

Every marketer wants to spread their brand name but you should not overdo by pasting your brand name all over everything. In fact, make your content educational that focus on your audience problems and needs. This would really help you in targeting buyers in initial stages of the buyer’s journey.

3. Over usage of keywords

Although, it’s required to place keywords in your content, Google’s priority always lies in providing reach user experience and relevancy of content. Google has nothing to do with how many times your site shows the keyword like “Digital Marketing Strategy.”

4. Don’t rely on your instinct

Your prior experience is certainly precious. But your decision-making process should not be only based on what worked in the past. It’s a really bad idea as what worked tomorrow may be completely irrelevant today. Therefore guiding your marketing strategy through objective data will only get you better results.

5. Not integrated

Whether it’s about veteran digital marketer, sitting in IT or a start-up company, it’s too common for digital marketing strategies to be finished in silos. It is an easier way but of course, it’s not effective. It’s true that digital approach works best when it’s integrated with traditional channels.

Now you know that if you need to change your digital marketing strategy or not, here is a complete guide to help you build a new, powerful marketing strategy to achieve your online goals.

What are the essential steps for creating an effective digital marketing strategy?

When creating a marketing strategy for your business, always keep your audience first. Set goals, plan your strategy, implement it, and finally measure your success.

Research on your target market and competitors
Know your audience because if you don’t them, how can you help them
Integrate different marketing strategies and use only the correct tools
If you don’t have the required skills set, don’t hesitate to purchase special services
Identify your online value proposition and apply it across all digital marketing channels
Last but definitely not the least, prepare yourself

But before you do something ask yourself few questions. Asking yourself right questions and having their answers in place will certainly help you make the right decisions. I’ve given some Q’s & A’s below to help you out.

Which digital channels are most effective for you and why?

With so many digital channels around, it gets difficult to choose the best one. So you can identify it with these simple basics:

Identify the channel where most of your potential customers like to hang out
Analyze your target audience behavior
Build awareness with Twitter
Attend industry events and conferences
Social media and newsletters to reach out to your potential customers
SEO or combination of SEO and PPC to help you attract more visitors

How to evaluate your digital marketing activities?

Unfortunately, some companies don’t know how to answer this question correctly. If you’re also one of them, don’t feel embarrassed! Just hop on and find out how can you determine the right metrics and evaluate your current digital marketing activities.

Identify your target KPI (Key Performance Indicator) to help you understand what’s working
Monitor your website traffic and sales to know the necessary statistics about your customers
Track and measure your metrics through Google Analytics
Survey your site visitors to find if they’re satisfied with your solutions
Track ROI, conversions, market share, and sales

How to make your business stand out from the crowd?

In today’s competitive digital market it’s really difficult to make your business stand out from your competitors. But an effective strategy can help you stay ahead of them. Let’s see how.

Effectively communicate and educate your customers
Stay honest and transparent to build customer’s loyalty
Talk less, listen more
Be authoritative and helpful in what you do
Know your competitors and learn from them
Be creative, open-minded, and try new technologies
Speak in your audience language
Use proof points and testimonials to show you’re the best

Final Thoughts

As the world of online landscape changes, so should your digital marketing strategy. So it’s essential to stay aware of the changing market and the new advancements in technology to help you grow furthermore.