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Account-Based Marketing- All you need to know!

ABM (Account based Marketing)
Account Based Marketing

Account-based marketing is a type of business strategy where a business concentrates all its resources on a bunch of target accounts in the market. For the purpose of targeting, personalized campaigns engaging with each account and delivering the marketing message come to use.

 ABM isn't primarily used for lead generation but targets the existing customers for up selling and cross-selling purposes too.

 But, how is ABM any different from other marketing strategies? What are its benefits? What is its need in the year 2020? This article will answer all such questions!

 Why is Account-Based Marketing important?

 Prior to implementing any business strategy, it is important to understand its importance and role in the business. How will it reciprocate with returns and how does it help the business to prosper?

 With ABM, here are five reasons for implementing it as a strategy:

 ?     Guaranteed return on investment

As per the Information Technology Services Marketing Association, 84% of businesses claimed that Account-Based Marketing delivers higher returns on investment as compared to any other strategy.

 Measuring the performance of the implemented marketing strategy is possible in two ways- measuring the ROI and analyzing the improvement in multiple areas. With ABM, both can be measured easily with how the contacts respond to the content delivered.

 ?     Sales and marketing working together

Contradicting to what organizations have been following, the sales and marketing team should work together for better implementation of marketing strategies. With ABM especially, it is important for the marketing team to identify target accounts and contact them whereas sales team needs to analyze the campaign's performance.

 40% of marketers have accepted that ABM has brought a proper alignment in their sales and marketing team and this strategy definitely works to unite the departments.

 ?     Enhanced follow-up with leads

For any marketing strategy, not one but multiple tactics are used in order to score the expected returns. Keeping up to what tactic worked and what did not is important too. Because only the ones that worked account to ROI and others shall be dropped immediately.

 With ABM tracking the performance of campaigns and tactics is quite easier. This helps save the company‚Äôs time and budget.

 ?     Efficient optimization of resources

Account-Based Marketing ensures the efficient and effective use of the resources used on the key accounts to get the maximum revenue. It does so with a deep focus on the specific accounts saving the two most valuable resources- staff time and money.

 ?     Personalized communications

Every customer has his own mindset and purpose to consume the product/service of a company. That purpose needs to be found out and hence the customer needs to be approached with a personalized marketing strategy.

 Account-Based Marketing applies personalized marketing to a whole another level. It generates contents that key customers want and will make them move ahead in their buyer's journey.

 What is the need for ABM in 2020?

 Clearly, ABM had some visible results and responses in 2019. It helped the marketers who sought new innovations, wanted to enter a new market and connect with a greater number of buyers. But what is the next step of ABM? How is it useful in 2020 and why should businesses adopt it? These are the two reasons in particular -

 ?     Global use of ABM

Firstly, there's a fair chance for maximum organizations to opt for Account-Based Marketing in the year 2020 on a global basis. Considering the response of US marketers, or Americans, ABM does not seem to be abated but is used more. Hence, to keep up with the marketing trend, ABM will likely be a necessity.

 ?     Use of more resources for ABM

As per the latest statistics, about 29% of budgets are already spent on implementation of ABM by the organizations and more than 70% of them are likely to increase this number by almost double the figure. Hence, ABM seems to be a better fit compared to any other marketing in 2020.

 Since the year 2013, ABM has been making its impact and revolutionizing the way marketing strategies work. It has helped the marketers to score more leads and generate them into buyers with personalized approach. It is expected to continue doing so in a better manner in the future as well.