February 27, 2024
In today's highly competitive business landscape, it's essential to have a strategic approach to marketing in order to stand out and drive success. One approach that is gaining popularity among businesses is account-based marketing (ABM).
ABM is a targeted marketing strategy that focuses on specific, high-value accounts rather than a broad audience. In 2023, using an ABM strategy can be particularly beneficial for businesses looking to increase their ROI and drive growth.
Here are five reasons why you should consider using ABM for your business:
1. Have a more strategic marketing plan
Account-based marketing (ABM) allows organisations to be more strategic in their approach to marketing. It enables you to precisely target specific market segments and better understand the unique challenges of your audience.
When you have a wide audience across the industry, it can be difficult to define the business size, the different segments and their challenges. ABM addresses these challenges by focusing on a specific group of companies who have similar structures. This allows for more precise targeting and control over the value proposition of the marketing message.
By understanding the specific challenges of the targeted market segment, ABM enables businesses to develop tailored messaging and positioning that speaks directly to the audience's needs. This results in a more defined and effective marketing plan that is better able to target the specific market segment rather than getting lost in the broader industry.
2. Be more focused and cost efficient
When adopting a more strategic approach to content, messaging, and value proposition through account-based marketing, you are able to precisely define their target audience and improve targeting efforts. This not only allows for more effective measurement and testing, but also enables you to maximise the efficiency of your marketing spend.
For example, by focusing on a narrow group of companies, such as 100, it becomes easier to measure engagement with a specific message. Compared to testing a broader audience of 20,000 companies.
A more refined market allows you to easily test your focused messaging and spend efficiently.
3. Drive better results
The implementation of a strategic messaging approach, coupled with increased focus, leads to improved performance and better overall results. This can be attributed to three key factors:
- Test and iterate quicker. You can test ideas and content and see what works much faster.
- Create focused, strategic messaging. You can define what works and what doesn’t. There are less variables to track, and less unknowns to quantify. You can identify what works for your business without any red-herrings.
- Know your audience better. The more closely your approach aligns with the specific challenges and needs of a target segment, the more effective it will be. By understanding and communicating in the language of your target audience, you can provide more relevant and valuable insights, including case studies, market research, and guides. This approach is more likely to drive results as it is tailored to the specific needs of the group, rather than providing generic information that may not be as impactful.
4. Track performance better
Clearly defining your goals, target market, and messaging can greatly improve your ability to track and analyse results. By identifying patterns in engagement and engagement rates across different types of companies, you can more effectively identify and target similar companies. By utilising deeper analytics, you can increase the number of companies and ultimately drive better results.
Once you have a clear understanding of your marketing performance and analytics, it is important to align your approach with the sales team and ensure that marketing and sales efforts are working towards the same goal.
This is particularly relevant for enterprise SaaS and technology companies that often implement account-based sales initiatives. By aligning the efforts of marketing and sales, the growth team can be better enabled to achieve success.
5. Overall control with sales
When the marketing and sales teams share the same account list and are aligned in their efforts, it allows for greater collaboration and flexibility in the sales process. For example, as soon as a sales team member makes progress with an account and moves them further down the sales funnel, marketing can adjust their approach accordingly.
This allows for more effective and efficient use of resources and better control over the marketing strategy. Having direct input from the sales team can provide valuable insights into the customer's needs and allow the marketing team to tailor their approach for maximum impact.
Account-based marketing is an effective strategy for businesses in 2023, as it allows for a more strategic and tailored approach to marketing. By focusing on specific market segments and understanding the unique challenges of your target audience, businesses can create more effective messaging and positioning. This results in a more defined and effective marketing plan that is better able to target the specific market segment.
ABM allows for more focused and cost-efficient marketing efforts and leads to improved performance and better overall results. By tracking analytics, aligning marketing and sales efforts, and having direct input from the sales team, businesses can have better control over their marketing and sales process.
Overall, ABM is a valuable approach for businesses looking to improve their marketing efforts in 2023.
