ABM benefits from Account-Based Marketing are easy to describe. Compared to traditional marketing, ABM is more data driven. A limited number of higher-qualified accounts are targeted with a more personalized approach. ABM can take longer to pay off, but it will almost always lead to more profitable results.
The crucial difference is that your Marketing and Sales departments will have to tightly co-ordinate their efforts. More planning is required. Traditional marketing methods would reach a broader, less-targeted audience. With traditional marketing, you spend time and money to learn. For a company that markets to other businesses, it can be wasteful. ABM benefits allow you to leverage what you already know about your customers.
ABM Benefits VS Traditional Marketing Tactics
|Hand-pick the easiest-to-win, most profitable targets||VS||Drive awareness in a large pool of diverse prospects|
|Track clicks over time (by account) in order to see who’s learning about you||VS||Collect as many clicks as you can from different people|
|Prioritize which leads are given the most attention||VS||Achieve as many quick closes as possible|
|Build education, collaboration between Sales and Marketing||VS||Allow Sales and Marketing to trade blame|
|Scale up marketing by adding new industries with similar needs||VS||Scale up marketing by spending more money|
|Personalize messages based on stage of customer journey||VS||Personalize with names and public data|
|Focus on profitable customers with common needs||VS||Acquire a wide variety of customers with different needs|
|Build customer value with repeat sales and referrals||VS||Pursue new customers about whom you know less|
|Focus on connecting with targeted people on social media||VS||Blast social media with ads and recommendations|
|Develop content that is customized for your target accounts||VS||Distribute as many blog posts and white papers as possible|
|Build long-term relationships||VS||Connect with as many people as possible|
|Shorten the customer journey with attention to detail||VS||Collect diverse leads to widen the funnel|
Reaping the benefits of account-based marketing therefore requires a complete transformation of the way you think about sales. It’s no longer about getting customers in the door and closing a deal, any deal. It’s about the quality of leads over quantity, and ultimately results in higher deal sizes: Target account deals are 2.3X bigger than deals resulting from other channels.
All of these account-based marketing benefits ladder up to what really matters for any business: ROI and revenue. 87% of marketers say ABM delivers higher ROI than other types of marketing. Thanks to all that data we’ve been talking about, it’s also easier to measure ROI and connect it back to revenue than with other types of marketing.Benefits of Account-Based Marketing – BusinessOnline (businessol.com)
Why Doesn’t Everyone do Account-Based Marketing?
Here are the primary reasons companies don’t pursue ABM benefits:
- Fewer people know how to do it.
(So, your competition probably isn’t doing it).
- Thoughtful research and planning are required.
(Don’t spend on marketing or advertising before you know what you want).
- Collaboration and data-sharing drive success.
(Some companies discourage data sharing and ignore collaboration opportunities.)
At E6 Solutions, we are developing new tools for manufacturers and distributors who are ready to access ABM benefits. These tools will allow departments to share the data they need and collaborate fully. Setting up these systems takes a few months, so don’t delay this opportunity to seize the benefits before your competition.