Pivoting under cost pressures through more a targeted approach.
In an environment where marketing budgets are squeezed and under constant pressure, marketing functions are deliberately looking further down the funnel to where the combination of time, data and some investment can make a difference. Cue the rise and wider implementation of account-based marketing as a strategic approach focusing on a smaller number of targets to drive relevant product-related messaging.
The use of account-based marketing seeks to reach and influence the decision-makers within each account through personalised campaigns and messages.
In theory this approach is based on identifying and selecting specific accounts (businesses) and aligning marketing activity with client account strategies. This shifts the focus away from a more traditional approach to marketing where the implementation is broad, and the volume play is high in an effort to generate as many leads as possible
It is therefore no surprise that this approach is gaining traction and becoming more popular, not only considering budget pressures but also as a way to drive higher return on investment where the need for demonstrable results is becoming increasingly important for marketers.
So, what are they key things you need for account-based marketing to succeed
- Close partnership and buy in from the sales team is critical with their proximity and deep knowledge of clients. This approach cannot be achieved in a silo
- An up-to-date and effectively used CRM (such as Salesforce or Hubspot) to ensure the right people are being targeted with the right campaigns. Your CRM needs to be not just a data repository but a living, breathing, updated system
- Hiring someone new that has experience in a platform or social media channels and focusing all their efforts on that one area without thinking about how that fits in with the wider marketing strategy
- Pilot projects to figure out what works and doesn't work and then plan to scale it from there. Built in line with the resources available within your team and taking a test and learn approach.
And why do it? Quite simply because ABM will exponentially improve your ROI alongside the tactics you are already employing as part of your marketing strategy.
Budget constraints also mean there is a huge effort within marketing teams to connect all activities in the funnel better, across campaigns, events, email programmes and being able to demonstrate these results and defend current activities. Therefore, taking an integrated approach to campaigns and content marketing ensures that clients receive consistent communications and messaging from your business. And by putting robust measurement in place, you are well placed to demonstrate effectiveness of your marketing programme back into the business.
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