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What Exactly Is Account Based Marketing? Why Is it Important for B2B Businesses?
14
Feb
What Exactly Is Account Based Marketing? Why Is it Important for B2B Businesses?
ABM is a go-to-market strategy that requires you to concentrate on individual named accounts, allowing marketing and sales to broaden the target market and interact with potential consumers.
Simply said, ABM is the magical fusion of sales and marketing within a company that can increase the revenue engine. The Pareto Principle (80-20 Rule) points out that about 80% of your sales come from 20% of your customer base to highlight the significance of ABM. You can better target that 20% with the use of ABM. It's designed for that.
In order to apply ABM effectively, it helps to learn from the perspectives of other successful business people. So let's take a quick look at the observations made by successful sales leaders from around the world who have a history of implementing ABM successfully.
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The Rise of Account Based Marketing
The leads you produced in conventional lead-centric marketing are frequently insufficiently targeted.
Consider that you wish to capture a fish. Utilising a net is one option. You can also choose to use a spear. If you use the net, you might capture a lot of fish (along with a huge pile of trash, of course) stuck in the net, but if you're expecting to get the BIG fish you've been hunting for, only luck can help you.
Yet chance and optimism are not a strategy. But hoping is not a tactic. When using a spear, though, you are far more aware of the fish's location and all you need to do is aim for it and spear it.
No matter how tiny the target audience was, you did a tremendous job as a marketer if you made sure that the accounts you targeted were highly engaged and educated.
Account Centric Marketing is a new technique that is quickly gaining ground in the ecosystem in order to make that exact thing happen.
Why should you consider account-centric approach as a solution if you are looking to
boost your revenues?
1. This form of marketing is effective and increases your revenues because you are focusing on the accounts that are most likely to proceed down the sales funnel.
1. This form of marketing is effective and increases your revenues because you are focusing on the accounts that are most likely to proceed down the sales funnel.
2. According to ITSMA, 84% of marketers claimed that account-based approaches produced superior ROI when compared to other marketing strategies. It follows that, in terms of revenue, an account centric approach will yield more benefits than any other marketing strategy.
3. It supports you to "land and expand." You can increase sales at current accounts and open up new ones with the aid of account-centric marketing. It gives you the opportunity to expand your company's reach and strengthen relationships with current clients, increasing sales.
4. You may improve the alignment between sales and marketing with the help of this strategy. According to Forrester Research, businesses with well-aligned sales and marketing teams have an average 32% annual revenue increase while those with less-aligned teams experience a 7% loss in growth.
As a result, it eliminates all of the shortcomings of traditional marketing and enables sustainable corporate growth. Thus, it's imperative that businesses transition from lead-centric to account-centric strategies. This account-centric strategy is known and used as ABM (Account Based Marketing).
