Effective Account Based Marketing strategies
Account-based marketing (ABM) is a strategy that is taking the marketing world by storm. We live in an age where the ability to personalize a client’s experience goes a long way in not only gaining new clients but retaining current ones. The use of ABM is a crucial component of any company’s overall marketing strategy.
What is Account-Based Marketing?
The concept behind ABM is to gear marketing campaigns around individual accounts, instead of targeting the entire industry. So basically, each account has its own separate marketing campaign and is treated as if it is its own market. However, this is a highly personalized marketing strategy that is a great addition to your larger strategy. It is pertinent to note that ABM should not take the place of your overall digital marketing efforts, but rather support it.
Why is ABM Beneficial?
Besides, every business can benefit from ABM, but it is particularly beneficial to companies that have multiple stakeholders. Let’s take a look at the benefits of ABM:
- It is the ultimate form of personalized marketing
- Better Predict ROIs
- Reduce the number of marketing efforts that do not produce an ROI
- Decrease the length of the sales cycle with potential clients
- Strengthen your company’s relationship with current accounts
- Align sales and marketing teams
Therefore, implementing an ABM strategy does not have to be difficult. Let’s take a look at 3 simple, yet effective ABM strategies your company can implement today!
1. Engage Leads with Open Opportunities
The idea behind this strategy is to make sure you are at the forefront of a client’s mind at all times. Leads with open opportunities mean that the lead has already been contacted with sales. They are already engaged and in the active buying cycle. However, now is the time to make sure that you are in the front of their mind at all times.
The best place to find these initial leads is from accounts that have an open pipeline. The key is to deliver content to open leads that is custom-tailored to the stage of opportunity. This can be accomplished in a few different ways, including:
- Paid ads
- Follow me banner ads
- Sending targeted emails
2. Implement Personalized Renewal Campaigns
Renewal campaigns are essential for retaining current memberships for another month, year, or three years based on your contract or subscription services. As per the sayings, there is a misconception that renewal campaigns are only relevant when the renewal deadline is approaching. Effective marketing strategies should include renewal campaigns that consist of delivering relevant content to clients throughout the year. Reasons include:
- Clients understand the value your products and services bring to their company
- Your company is not forgotten throughout the year
- You prepare clients for upcoming renewals
ABM renewal campaigns mean that you present content that is tailored for each individual account. Therefore, it is necessary to understand why each account needs your services and then address those pain points with solutions that motivate them to stick with you. It may be a good idea to include best practices from the peer group as well.
3. Incorporate Custom Upsell Campaigns
Do not underestimate the power of an upsell campaign. This is especially true if it can increase productivity, reduce operating, and increase a company’s overall bottom line. Use ABM to understand which products or services each account has already purchased or is looking to purchase and offer complementary products that will enhance their performance even more. You can even offer “cashback” or a discount for bundling multiple products. Most importantly, you have to determine what is driving the sale and tailor your campaign towards that for each client.
Make Account-Based Marketing Easy with the LeadAngel
The key factor in making all 3 of these ABM strategies successful is the customer segmentation of your marketing database. This is where LeadAngel’s segmentation platform can help. Accurate segmentation allows you to deliver the right message to the right person at the right time. Our robust platform allows you to segment your marketing database using intelligent, custom filters. Contact us today for information on how we can help your company take lead management to the next level!