6 Benefits of Account Based Marketing Strategy
Account based marketing strategy is defined as a tactical approach to a business marketing that relies on account awareness where a company, organization, or a business considers and communicates with an individual prospect as a market of one. To clarify, the key business accounts are marketed directly in the form of units of one rather than one-to-many approach. Unlike other strategies which strive to include as many accounts as possible, the ABM revolved around resources and defined a set of named accounts. Benefits of employing account-based marketing practices are numerous, and in this post, we’re going to elaborate on them.
1. Faster Sales Process
Probably the most important advantage of using account-based marketing software and practices is the amazing opportunity to specifically nurture the primary decision maker as well as other relevant prospects to accelerate the sales process. This way, ABM differs a lot from the strategies which require the involvement of multiple stakeholders to make a final purchasing decision. Multiple stakeholders, i.e., larger population, slow down marketing process and sales. What makes ABM unique is the fact it allows business and organizations to avoid this problem.
2. High ROI
Let’s say you use some of many account-based marketing tools and would like to know what to expect. One perk of using this strategy is high ROI. How? It’s, very simple actually. Account-based marketing strategy is precise, targeted, and easily measurable. Out of all B2B marketing tactics, this one yields the highest ROI and the lowest risks. This marketing approach allows users to align sales with marketing, thus allowing you to observe consistent results. That’s something that other strategies don’t do successfully.
3. It’s Cost Effective
As a business owner or a CEO of some major company or enterprise, the last thing you want is to spend a fortune on marketing approaches that provide mediocre results. With ABM that doesn’t happen. When you’re working with top account based marketing companies, you’ll find this approach cost-effective primarily because the software allows you to target specific companies and the most attractive targets. This increases sales and earnings, but at the same time, it lowers costs because targeting a larger group of leads or targets can be costly.
4. New Opportunities
This approach provides new opportunities in many ways. For example, you have a plethora of tools to choose and make your strategy more effective. The best ABM tools yield the greatest results, of course. Account-based marketing can easily be considered as a trigger for new business opportunities as well. For example, if someone fills out a form on your website or signs up for a webinar that’s a trigger that your team can use to target contacts at that particular company. This also leads to increased sales, partnerships, and you name it.
5. Opportunity to Expand Deal Size
What makes ABM strategy truly amazing is that you can get the maximum out of your deals and expand your business. After you’ve identified the accounts that generate the highest revenue, you have a unique opportunity to fuel the funnel with similar accounts. To make this happen, you need to consider parameters such as account profiles, purchase history, and other forms of buyer behaviors. That’s a lot of work, so it’s always more practical to hire an account based marketing agency to complete this part of the task and help you get the most out of this approach.
6. Shorter Sale Cycles
If you’re still not sure whether ABM is suitable for your needs to bear in mind, it can allow your company to enjoy a shorter sale cycle. You get to preserve resources by eliminating unqualified prospects early in the process. Not only does this increased efficacy of your strategy, but it also shortens the sale cycle as you won’t be wasting your time on prospects that are useless. Your sales and marketing team gets to focus only on those targets and prospects that will lead to most sales. It’s always a good thing to consult an agency that would also give you a few account-based marketing examples so you can see how it works in practice.
Account based marketing strategy is probably the best approach you’re not using, and it’s time to start. It’s cost-effective, shortens sale cycles, and allows you to target specific prospects, those that truly matter rather than focusing on targets that won’t increase your sales.