What is Account Based Marketing? An Absolute Beginner's Explanation

May 5, 2020 11:56:06 AM

Fisherman Illustrated

The bigger the net, the more fish you'll catch, right?

Maybe not.

The traditional marketing strategy is all about a big net. It wants to reach as many people as possible, with the hope that a certain percentage of these people will be viable leads. Marketers and salespeople then attempt to nurture these leads and turn them into conversions.

The assumption here is that by casting a wider net, the percentage of viable leads you catch will be more significant. But according to Salesforce, only 13% of B2B leads turn into opportunities. Even worse, only 6% of those turn into sales (Salesforce).

 

Fish NetSo when you break it down, you can see that most of the fish you catch in your enormous net will never earn you any clams.

As a marketer, you're probably sick of spinning your wheels to get nowhere with this traditional strategy. It's a waste of time, effort, and money. 

But how can you work smarter, not harder? 

Three simple words: account-based marketing.

 

Target Customer

How Does Account-Based Marketing Work?

Account-based marketing also referred to as ABM, flips traditional marketing strategies on their head. Instead of casting a wide net, ABM funnels marketing resources into landing specific accounts rather than the general public. This strategy relies heavily on personalization and cooperation between your sales and marketing teams.

With AMB, you pick a prospect that you want to target and create tailor-made programs and offerings to attract the lead. All your communications and marketing become fully customized for this particular client. 

This guarantees that any leads you pursue are viable and hot. You don't have to sort through the guppies—it's all tuna here.

 Benefits Tab

What Are the Benefits of ABM?

Why should you go through the effort of switching all your marketing efforts to ABM? More money in less time. That's what account-based marketing is all about.

Here are just a few benefits of ABM:

 

ROI is Cut & Dry: 

Because AMB is so precise, it's a lot easier than usual to calculate your ROI than it would be if you were using traditional marketing techniques. You know exactly how much time, money, and effort you put into each lead. And better yet, no resources are wasted because you're running such a lean campaign.

People Love Personalization:

Everyone wants to feel special, right? Well, it's no different in business. In fact, 80% of customers are more likely to purchase a product or service from a brand that provides personalized experiences (Epsilon). Since ABM is entirely specific to each prospect, your leads will love you.

 

Fewer Campaigns, Less Confusion:

Marketing and sales are all about measuring, testing, and adapting. When you have fewer campaigns and accounts, it's easier to keep track of everything and figure out what works best.

 

Stand Out From the Crowd:

Since you're offering prospects a unique and personalized solution to their pain points, you'll easily stand out against the competition. You can highlight your unique selling points and key differentiators while showing how you're the perfect product or service for the prospect.

 

More Sales, Less Time:

With non-ABM sales, it takes time to get to the decision-maker who has the buying power. This delay can slow down your sales pipeline. You don't have to worry about these issues with account-based marketing. From the start, you're targeting the decision-maker from the get-go.

 

Gain Their Trust:

ABM marketing is all about creating real relationships with your prospects. By offering personalized solutions, you gain their confidence and create a stable business relationship. If you nurture this the right way, that transforms into valuable customer loyalty. After all, 60% of loyal customers will purchase more frequently from their preferred companies (InMoment).

 

 

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Parter With an ABM Specialist to Get Started

Changing over from traditional marketing to account-based marketing doesn't have to be complicated. Rizen is a new breed of marketing agency that focuses on producing the best results for your team. We make it simple to improve your marketing and sales efforts.

If you think that includes account-based marketing campaigns (or even if it doesn't!), then reach out today. Let's grow your business together!

Topics: Account-Based Marketing