Understanding account based marketing and its facets

Understanding account based marketing and its facets VLMS Global

As a business leader or a marketer, your focus is always on how to increase the customer base. Your every step revolves around generating demand for your product, generating high-quality leads, and increasing your sales rate. Many businesses only focus on expanding their products and brand outreach and engaging many prospective customers. But in reality, there are more ways to engage in sales opportunities. 

Rather than putting your efforts only into engaging with audiences, you should also focus on deploying account-based marketing strategies in your marketing efforts. The most crucial step here is to identify accounts that can drive revenues for the company. It is evident in many studies that more than 80% of marketers reach success with account-based marketing techniques. Let’s jump on to understand what is account-based marketing. 

Account-based marketing is an effective tool that helps marketers to engage and convert highly targeted customers using customized communication strategies. It is usually integrated with sales and marketing techniques to take advantage. 

To be more specific, account-based marketing is based on a phenomenon called customer-first engagement strategy. This helps you to more revenue by delivering tailor-made solutions and the best experiences to the customers. Assuming some businesses as rigid in innovations can be quite unimpressive. It means they are not adaptable and unique in their business operations. Some companies focus on considering and identifying the unique personalities of their customers rather than understanding B2B vendors in the market. 

Benefits of data-driven account-based marketing

Generally speaking, every marketer evaluates the new marketing approach before implementing it to know whether it will be right for them or not. This is absolutely a great step because it is important to know the pros and cons of any new approach which you are implementing. Account-based marketing is no exception to this thumb rule. To make informed and smart decisions it is essential to know the benefits of account-based marketing. 

  • Set the sales and marketing teams

Every marketer knows the real struggle of aligning and keeping sales and marketing teams together. Sometimes it becomes difficult to keep both teams on the same page and platform. The ABM strategy will help you out while aligning your sales and marketing teams. Enhancing team collaboration and communication helps maintain transparency and streamlines the two teams working together. 

  • Create a high return on investment

Account-based marketing is all about focusing on high-value accounts that are actually real prospects and can turn into customers in the future. Here you will be targeting a special group instead of a wide audience, so you will likely spend less on marketing. Your marketing efforts will present your brand to the right people at the right time. Running highly-targeted ad campaigns will give you more conversions and sales. If you merge your account-based marketing strategy with intent data, you will able to generate higher conversion and returns on investment. 

  • Expect more revenue

Captivating high-value accounts can be more beneficial in the long run. You will be selecting accounts based on their preferences to buy your product or services, which will make sales more convenient. 

How to implement a data-driven ABM technique?

  • Look for target accounts

We have stated in the beginning that account-based marketing is the process of capturing those accounts that are strong and can be potential customers. So, the first step is to identify the target accounts that can be long-term loyal customers. Target accounts may differ according to the industry and nature of the business. You can look for large-scale companies that may help you increase the order value for the long term. 

  • Research your target accounts

Getting familiar with the target accounts is quite important. To run a high-value ad campaign, you need to understand each target account specifically. Look for industry and competitors, annual sales and revenue, company size, key decision makers, and organizational structure also. This information is easily available on their websites, news sections, and press releases. 

  • Keep an eye on the results

Results are all you want and what you expect. Set your key performance indicators to monitor, manage, track, and optimize your account-based marketing campaigns. You can even consider using various tools to measure the results of your ABM campaigns.