How does account-based marketing work?
Essentially, ABM narrows your focus to the highest opportunity accounts, viewing each as a market of one and then targeting specific people at each targeted account. While a typical inbound B2B marketing campaign includes relevant and intriguing content that would resonate with the largest possible group of potential customers, an ABM campaign targets a few high-value accounts (and their key decision-makers) with personalized content and messaging.
Some examples include relevant and highly personalized emails and content for each account, making them aware of events and offers that interest them the most. ABM allows marketers to narrow and sharpen their approach by marketing straight to key decision-makers. From there, marketers can begin to build a strong, ongoing business relationship with them.
You need to be careful in choosing which clients and prospects are your key accounts. Not everyone will meet the criteria to be a strategic account, and you need to concentrate your ABM efforts on only those that do.
What makes for a good ABM account?
Many sales and marketing professionals struggle to target the right accounts for their ABM campaign.
While the criteria could change depending on the marketplace or industry, the ideal strategic account should be one that has the most revenue potential. ABM campaigns cost more to execute; so the revenue potential needs to be there in order to make the effort profitable.
Other factors to consider include the account’s:
- past purchase history as well as any previous relationship with you or your competitors
- position within your sales funnel
- alignment to your ideal customer profile
Finally, you should make sure that the account can help you meet your goals. Do you need to acquire more highly recognizable brands/logos? Re-engage with accounts that have been lost? Expand your footprint, either geographically or within an industry?