Every marketer is secretly hoping for the day they discover the next big marketing strategy. Oh, how sweet it would be to be the first to stumble upon the next great thing.
It's easy to hear about the latest and greatest and want to jump onto it ASAP. However, that's not always the wisest decision. It can be extremely risky to adopt a new strategy in the marketing game. Many of these approaches turn out to be duds, costing companies a ton of money and a whole lot of wasted time.
As lovely as it may be to fantasize about the next big thing, the smartest marketers know the best marketing strategy shows up in what already works. Data doesn't lie!
Rather than look out there for something fresh… let's look at the big thing that's been working for decades: account-based marketing tactics.
In this article, you'll discover five reasons account-based marketing works. Make sure you read the whole thing so you can get better marketing results in less time.
What is Account-Based Marketing?
Before we get into the nitty-gritty, let's talk about the basics. What is account-based marketing?
Account-based marketing, also known as ABM, is a growth strategy focused on collaborating marketing and sales efforts to increase the revenue of high-value accounts.
ABM isn't just a fancy marketing buzzword. And… it's not new. It's been around for many years.
It helps you weed out not-so-valuable companies early on so you can focus on engaging the high-value accounts as soon as possible. It's essentially applying the 80/20 rule to optimize client-base.
ABM helps you communicate with high-value accounts, personalizing their interactions with you. It enables you to custom-tailor your content, communication, and campaigns to individual accounts, so you get a better return on your money and increased customer loyalty.
Now, let's dive into the stats to see just how beneficial ABM can be for your business.
5 Stats That Prove Account-Based Marketing Tactics Work
Before you turn your head at yet another type of marketing on your to-do list, take a look at the stats.
85% of marketers believe ABM delivers the highest returns.
According to a study by ITSMA, nearly 85% of marketers that measure ROI believe ABM delivers higher returns than any other marketing approach.
If you want your marketing to work well, you need to make sure you're getting a solid return on investment. With account-based marketing, you'll be able to increase the return on your efforts since you're focused on the best possible account. This step naturally increases your ROI since you're creating the most impact on the best targets.
It's essentially the difference between a sniper rifle on your target rather than a machine gun: Hyper-targeted.
1) Companies that use ABM generate 208% more revenue.
According to MarketingProfs, companies that use ABM marketing tactics generate 208% more revenue for their marketing efforts.
They doubled their sales by simply shifting their focus into account-based marketing tactics. It might seem like your best approach to marketing is to try to reach as many people as possible. While that may work for massive companies like Coca-Cola, IBM, or Ford, it doesn't work for most small or medium-sized companies.
Fifty years ago, businesses tried to advertise to everyone via television, newspaper, and radio. Now, you have to keep a targeted approach to make sales.
Account-based marketing uses this approach. Focus on the customers who matter the most. By ignoring most people, you'll end up making more sales.
2) 92% of B2B marketers believe ABM is "extremely" important to overall marketing efforts.
According to a report by SiriusDecisions, 92% of B2B marketers consider account-based marketing to be "very" or "extremely" important to overall marketing efforts.
If you're in the B2B world, account-based marketing is even more critical.
Business to business generally means long term; repeat business deals typically involving high ticket orders. Focusing your marketing on account-based efforts is crucial to maintaining and growing your business in the B2B world.
3) ABM budgets rose 41% on average in 2019.
According to TOPO's Predictions for 2019, they estimate that Account-based marketing budgets increased by 41% in 2019.
What does this mean for you?
Well, it means that marketers are starting to catch on quickly. As time passes and data centers become more sophisticated, account-based marketing continues to solidify itself as a proven tactic.
If you want to make sure you're deploying a winning marketing strategy, you'll want to jump on the ABM train before it's too late.
4) 84% of business owners believe ABM helps retain and expand client relationships.
Your business is only as good as the customers you hold on to. If you want to develop effective retention strategies, you'll want to pay attention to ABM.
According to Marketo, 84% of business owners said account-based marketing offers significant benefits to retaining and expanding existing relationships with clients.
Rather than spending tons of time and money on acquiring new clients, one of the most excellent strategies for business growth is building what you already have. New technologies are continually rolling out to help support and scale account-based marketing. You can also focus on growing your current relationships.
The modern marketer MUST take an increasingly customer-centric approach to business growth.
Target Acquired: Account-Based Marketing Tactics
As marketers, we're guilty of sending mass marketing messages to try and lure in new customers. Yet, we know deep down that the more targeted and personalized our campaigns are, the better they will perform.
One of the best ways you can craft more targeted messages is through account-based marketing. Not only will it help you reach the right people with precision, but ABM is proven to be one of the most effective marketing tactics.
Not everyone is a good fit for your product or service.
Rather than use a 'spray and pray' approach to your marketing, you should focus on attracting, engaging, and nurturing prospects that make sense for your brand.
For years, Rizen has helped businesses and marketing professionals grow their businesses through smart marketing strategies. We do a deep dive into your business to identify any weak spots in your marketing, so we can create a custom-tailored marketing plan that works.
Reach out today to see if your business qualifies!