ABM: Account Based Marketing

Category : Knowledge Share

What is ABM?

An organizational strategy designed specifically to create more revenue. An account-centric approach in which marketing, sales, and CS teams work together to create personalized buying experiences for a select set of high value companies.

The team agrees to choose (1) the right vertical, (2) the ideal company size, and (3) the best-fit accounts to engage them in a meaningful way and create one-to-one experiences.

Why ABM?

Traditional marketing approach only results in less than 1% of leads turning into customers according to Forrester Marketing Research. With ABM, customer lifetime value is up 80% while sales win rates increase 86%.  There is also a shown increase of ROI by 76%. Another reason to choose ABM is reduction in the cost of customer acquisition.

ABM vs Inbound

ABM has outcome focused metrics that include engagement, pipeline velocity, and retention. Inbound on the other hand uses vanity metrics such as lead volume, lead conversion, and website traffic.

ABM engages with a select few accounts more deeply as opposed to how Inbound marketing lacks meaningful insight into who’s entering the pipeline. Inbound uses demand generation, automation, data sheets, product-demo videos, and case studies to review potential clients for onboarding. ABM uses more effectual methods such as curated events, one-to-one videos, high touch creative pieces, personalized landing pages and reports, as well as relevant events for potential clients to attend.

PIC’s ABM Program

Successful ABM programs include Teams that feature periodic account reviews to keep everyone on the same page to keep eyes on what’s working and what can be improved.

Using an EOS Ideal Client Profile, your Team can focus on Target Accounts. For PIC, the target accounts meet the requirements of B2B businesses with a team of 1-10 people, have a marketing budget of $50,000 or more, and are geographically focused on PA, WV, OH, MD, and Western NY. Our target accounts should also be at a point in business operations that they are triggering a growth initiative, know they need help, and are convinced that Digital Marketing is the key to get them there.

The Targeted Vertical for PIC includes knowing a client’s heroes and determining what market to focus marketing to. In PIC’s case, this is Occupational Health & Safety market.

Clients from this market should be in a position to start the B2B Website Design & Development mission.

Tiers

Not all accounts are equal in value so don’t create equal experiences for them.

Next Steps

Evaluate the campaign and replicate the program with existing or new customers.