The definition of account-based marketing (ABM) is a B2B marketing strategy that seeks engagement with individuals within a defined set of targeted companies. This approach enables marketers to tailor fit campaigns and marketing messages to specific accounts that are being targeted.
ABM is most commonly utilized by B2B companies selling into an enterprise-level customer base, with the primary advantage being efficiency. By addressing the highest-value set of companies possible, companies seek the highest possible return on investment. Even companies with a large addressable market might choose to employ ABM in order to target their highest value customers.
There are several benefits to taking an account-based approach to marketing. Some of these benefits include:
When taking an account-based approach, marketing teams often work in tandem with sales teams. In this fashion, account-based marketing is closely related to account-based selling. Marketers often provide sales reps with collateral that can be used to target leads at particular high value accounts. By working with Sales, marketers can do a better job of driving opportunities with target accounts.
There are several important phases of an account-based marketing cycle. These include:
Discovery/Intelligence– In which marketing profiles target accounts and creates a list of credible accounts that are worth marketing to as well as their communications preferences.
Awareness– In which target accounts are made aware of a brand through marketing activities
Campaigning– In which, through lead generation campaigns are run to drive meetings with target accounts. Lead generation activities are sometimes conducted by lead generation sales reps.
Sales– In which marketing supports sales with content that is personalized to target accounts.
Advocacy– In which marketing works in tandem with customer success to win case studies, testimonials and references from key accounts in order to win new accounts.