Opinions expressed by Entrepreneur contributors are their own.
Identifying business needs and crafting communication that focuses on just that — that is the power of account-based marketing (ABM). In today’s market, where excellence is also competitive, this could be the best solution for strengthening marketing strategies. With its capacity to target every customer and frame customized solutions for every stakeholder, ABM will drive marketing now and into the future. Armed with intensely research-based insights, an ABM campaign is far more effective in every way than a generic marketing campaign.
Advantages of account-based marketing
When a team is working on ABM leads, there is no wastage of resources and time on bogus or unproductive charges. That’s the optimization of resources allocated, and that’s always better for the current state of the market. Marketers will know that more than half a buyer’s engagement journey is already made even before the contact is initiated. Identifying specific accounts and focusing on their acquisition will be a much more cost-effective way to do business.
The other significant advantage of adopting ABM is that a targeted client acquisition ensures that your team becomes an expert in their business space — understanding their challenges, strengths and weaknesses and even their growth plans. This expertise can then drive better bargains and successes for acquiring other clients in that sector. It provides extensive research and in-depth insights into the industry, which gives a massive advantage over people with only rudimentary knowledge and surface-level ideas about the companies operating there. That’s a notch up on your competition in the marketing space.
From the perspective of return on investment in marketing planning, both financially and in terms of resources, ABM optimizes the cost of analysis, analytics, outreach and even communication. The marketing strategy matrix that often gets very complex with many prospects is clean and easier to manage with ABM. Effort assessment and investment analysis become easier to decipher and derive value from.
With these advantages, companies can be assured of shorter sales cycles and complete synchronization of the sales and marketing objectives and outcomes.
In my perspective
For me, the most significant advantage is in the deep relationship formed with the client. ABM makes excellent business sense to ultimately support two or three deeply attached clients than have to fight your way through a couple of dozen, spending time in understanding their requirements, preferences and business goals. ABM ensures the marketing team has knowledge of every aspect of a client’s business and thus develops excellent, long-lasting relationships.
There is no doubt that ABM is the way forward for B2B marketing companies. Having all the advantages of optimal resource utilization that assures the highest return on investment, ABM makes the most business sense.