What is Account-Based Marketing (ABM)?
ABM is selecting highly targeted prospects and presenting your brand and content that is relevant to their business needs. ABM is not about many leads but about best matching your products and services to highly targeted accounts that are the best possible fit. Each account is treated as a market by itself, and each one should have a strategy tailored directly to them. Think of it as very personalized marketing in a B2B context. ABM will help you enhance your lead-to-revenue management.
Please focus on the target account’s needs and why you are a good fit for their organization and never lose sight of that.
ABM is a part of a continuum of ABM, ABA (Account-Based Advertisement), and ABS (Account-Based Sales). As a result, a successful ABM initiative requires participation beyond marketing such as sales, product, customer success, and executive teams must demonstrate commitment and discipline to help drive efficiency and growth with accounts that matter most.
Forrester believes that ABM succeeds when:
Marketing and sales jointly obsess over how to pursue, establish, and grow long-term, highly engaged revenue relationships with specific customer accounts.
Where ABM and Other Demand Gen Activities intersect:
Leveraging various types of pull marketing — blogs, whitepapers, search engine optimization, webinars, social media, content marketing — inbound marketing aims to attract new prospects/leads and drive brand awareness. Its first step is to attract the right clients or quality leads. The second step is to open a dialogue and engage and convert a visitor to a lead.
Two core differences between inbound marketing and ABM are tactics and scalability. ABM works best when focused on a smaller group of Accounts/Customers.
With outbound marketing, companies find and reach out to potential clients (rather than the customers finding you) with tactics like purchased data email blasts, in-house cold calls, and paid digital or display advertising. In outbound marketing, it can be challenging to target and your ROI can be hard to track.
ABM — which is not to be confused with targeted outbound marketing — is much more personalized and strategic.
In outbound sales, sales and/or sales development run their campaign until they generate an opportunity with a particular account. Marketing may or may not run outbound marketing programs against this target list of accounts.
In ABM, sales and marketing collaborate on building relationships aimed at these accounts.
What is ABM Software?
It is not easy to choose the right ABM software. Some of the software is an add-on to some of the existing CRM software or other marketing solutions. In some cases, ABM is part of the product functionality. Then, there are some point software solutions for different aspects of ABM. Your needs, context, and scale should govern the selection.
A successful ABM approach should solve for:
· Identifying the right accounts and targets within them.
· Delivering tailored marketing and sales messaging to those people.
· Measuring how they respond.
Your selection should ensure that you cover all these aspects through existing and new software.