Everyone is talking about account-based marketing and its impact. As the marketing strategies have evolved in recent times, account-based marketing has become a strong force to reckon with!
What Is Account-Based Marketing?
Account-Based Marketing is a marketing strategy that uses personalized and targeted communication to win new businesses from specific accounts. Account-Based Marketing focuses on key decision-makers in specific companies intending to engage and build relationships. This will help them in opening up new sales opportunities in the future.
Account-based marketing was pioneered by ITSMA in 2004. However, it has gained importance in recent times because of the transformation in buyer behavior. The buyers of today have become more demanding than ever before and expect personalized marketing strategies.
Marketing teams need to provide their buyers' tailored marketing strategies to delight them. Account-based marketing focuses on the needs of the key decision-makers and plans the marketing strategies accordingly. According to a study by Sirius Decisions, 92% of the marketers consider Account-Based Marketing as an important factor for overall marketing.
How To Implement Account-Based Marketing?
Establish the marketing goals you expect to achieve with account-based marketing. Also, identify the metrics against which you can measure your goals.
Although you can ask your sales reps about accounts that are likely to close, it is not a data-based result.
The best way to identify hot accounts is by analyzing your current customer database.
You can look for customer profiles that match your ideal customer. This will give you an idea of the companies that are likely to work with you in the future.
Using this data, you can search for similar companies based on the profiles of these companies.
Research in account-based marketing does not mean researching the buyer personas. You need to research the following aspects:
The basic purpose of the research is to identify and access the key decision-makers in the company.
After identifying the key decision-makers in your key accounts, you will need to convince them. This is done by creating and sharing relevant content with them.
As per a survey by Demand Gen Report, 95% of B2B buyers choose a solution provider that offers them ample content that enables them to navigate through each stage of the buying process.
You need to ensure that the relevant content reaches the right people. The best method of sharing content with the key decision-makers in account-based marketing is by email. Emails can be personalized and specific.
After following the steps for account based sales, you will need to assess whether you have reached your goals or not. Tracking enables you to analyze the areas of improvement in your strategy.
You can measure your account based sales success by looking at the sales cycle, deal size, and revenue from the sale.
In an era when the buyer demands personalized attention, an account-based sale is just what the doctor ordered for sales reps to achieve their quota!