As business professionals, we all understand the value of customer relations. And, as the digital world plays rise to an increasing demand for more one on one contact from customers, it’s clear to see why people-focused marketing is on the increase.
It is this need for human interaction and more bespoke marketing approaches, which is seeing trends such as account-based marketing (ABM) being hailed as one the most progressive marketing approaches of recent years.
Why is ABM so popular for businesses?
Of course, it isnt just the customer-centric traits of ABM that make it such a success.
As a business marketing model ABM also prioritises aligning sales and marketing outputs making it a popular strategic approach for marketeers with stringent KPIs and demanding sales teams.
So, if sales are on board and marketers are plugging the approach, it can mean one thing only for business professionals this is and will continue to be a key strategic tool to shape business success over the coming years.
In short, it’s time for business leaders to jump on board the ABM bandwagon and discover how this marketing phenomenon? can be utilised to transform sales, improve customer experience and ultimately build on the sustainability of your existing business model.
What is ABM and how does it work?
So what exactly is ABM?
As the B2B strategy of choice, marketers and sales team alike use ABM to focus a team’s efforts on attracting, engaging, converting and then measuring its highest value accounts or customers.
The key to the effective implementation of ABM is aligning sales and marketing to become targeted and fully integrated.
In practice, this means utilising technology and data insight.
ABM is founded on clean and quality data, this is used to identify and isolate high-value prospects and customers that deserve extra care and attention as they enter and progress through the sales funnel.
Effective ABM strategies achieve this whilst demonstrating a clear ROI, enhanced personalisation and optimisation, sales alignment, streamlining of resources and delivery on measurable goals.
How can a business establish an ABM strategy?
Establishing an ABM strategy will be a case of streamlining and re-focusing existing tactics for many businesses.
However, the priority has to be placed first and foremost on data to identify rich prospects.
Here’s the structure we implement for clients:
Phase one target audience diagnostic
The first step is to identify your targets.
This is a strategic exercise and is the foundation for a successful ABM strategy. Fail to diagnose prospects accurately and the whole ABM structure collapses.
Use analytics, listening tools and other data available to review, critique and segment audiences into value potential, market influencer and purchase potential.
Phase two audience profiling
Once we have completed our target audience diagnostics, we move onto audience profiling. This is where we begin to learn about our primary targets and what their needs and requirements are.
This investigative stage requires some out of the box thinking. don’t just focus on base-level information, invest the time to really get to know your targets.
Multi-award winning social media marketing expert, Chris Norton is one of the UK's most influential social media bloggers. As co-writer of the fastest social media book on Amazon in 2013, Share This Too, Chris regularly speaks on marketing practices, and is the founder of one of the North's most progressive communications agencies, Prohibition, and has years of experience in spearheading innovative digital marketing across the globe.