Exploring Marketing Strategy Types: What Is Account-Based Marketing?

by | Dec 8, 2022

You may be Apple, the world’s first $3 trillion company — or you may be just venturing out into the world of entrepreneurship and starting up your own small business. To be successful, you likely already know that you will have to build up your brand awareness to enhance your client base and bring in new clients. But if you’re brand new to all of this, exploring marketing strategy types and choosing one that works best for you can be much easier said than done.

Exploring Marketing Strategy Types: What Is Account-Based Marketing?

When it comes to your business, the most effective marketing strategy will yield great success by taking every aspect of the marketing flow into account. It will consider the persona of your audience, put a strict budget into place, and more. When you’re first getting started, you’ll need to identify who is interested in your services or product, how to motivate them to become or continue to be loyal customers, know your competitors and how they operate, and figure out how to measure your marketing success.

Likely one of the most successful marketing strategy types (and a great “catchall” strategy to consider) is account-based marketing (ABM). In earlier years, the name of the game was to attract anyone and everyone. Popular marketing strategies tried to cast a broad net in hopes of reeling in as many potential leads as possible. But how effective was this? Sure, you landed fish in the net, but are any keepers?

Today, ABM is a much more sound marketing strategy type. Instead of casting a broad marketing net, the overarching goal is to select a few high-value accounts and market directly to them with personalized value propositions. While this may feel risky, several case studies show that ABM sees massive success if you choose the right target accounts and pursue them correctly. In fact, According to a 2016 Information Technology Services Marketing Association survey, 84% of companies that use ABM have found it has a higher ROI than their other marketing efforts.

Let’s explore 3 of the biggest benefits of ABM marketing.

Consumer Experiences Are Improved.

When you go broad with your marketing tactics, folks may feel like they are just another number. But with ABM, you’re hitting the nail on the head and going deep for a personalized approach that’s tailored specifically for your prospective clients. When clients feel like they are being spoken to and can directly relate, they are more likely to show interest and stick around for the long haul. It’s a classic tactic of putting the customer first instead of automating everything.

Sales And Marketing Are Streamlined.

When big nets are cast, the marketers primarily focus on creating campaigns for people in specific niches, while the sales team focuses only on the accounts that are most likely to come on board. But, in the case of ABM, both sales and marketing are on the same page — they both work toward converting the same list of prospects. In fact, according to Forrester Research, when marketing and sales teams are on the same page, they tend to see about a 32% growth in annual revenue, and companies that are not as streamlined in the sales and marketing departments experience an approximate 7% decline in growth.

Your Marketing And Sales Funnel Is More Efficient.

Because ABM’s targeting is so focused and pinpointed on a specific group, resource waste is greatly reduced. Think of it this way: Instead of casting a net, you’re fishing with a spear. It may take a bit longer, but the result is better. You won’t reel in as many unqualified prospects, and you’ll only deal with prospects who are likely to be converted.

Keep in mind that while ABM focuses largely on B2B marketing, it can be tailored to B2C as well. And while it can be a bit intimidating to focus all of your hard-earned marketing dollars on one specific group of prospects, remember that if just a few high-value customers have the potential to revolutionize your business’s bottom line, you can’t afford to ignore the opportunity.  

With 2023 on the horizon, now is the time to begin planning your marketing campaign for the new year! To learn more about how to supercharge your marketing strategy, you can fill out the form below to download our free Content Marketing Guide.

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