Marketing is a crucial part of any modern-day business. You have to make customers aware of your presence if you want to make any sales. Two of the most commonly used marketing strategies are Business-to-Consumer (B2C) and Business-to-Business (B2B) marketing. The main difference between B2B and B2C marketing is that the latter tries to appeal to the consumer’s deepest emotions in order to make them purchase an item. On the other hand, B2B marketing is focused on showing the customer that purchasing the product will solve their problems and give them value for their money. However, there’s another form of advertising that’s slowly gaining momentum with modern businesses – it is called account-based marketing.
What is Account-Based Marketing (ABM)?
Unlike B2C and B2B that tends to focus on a large clientele base, ABM focuses on a few high-value customers. If you’ve been in business for long and understand how things run, you know that customers purchase different things depending on their budget, preference, and satisfaction with the product. There are those customers that won’t mind spending hundreds of dollars on your items and services because they love them. And there are those that are very conscious of the budget. Most of the consumers that are mindful of how they spend their money are not very consistent. They may easily go to a competitor offering cheaper pricing.
Businesses have realized that if they want to increase their sales and meet their quarterly targets, they have to study the spending patterns of those buyers that tend to make huge purchases more frequently. These firms monitor high-value clients using modern analysis tools and then create specific marketing content for them. They do this because they believe that attracting high-value clients will help them reach the sales target much faster than going for a wide audience. This is what we call account-based marketing.
How Can Your Business Gain from ABM?
- It is a better way to Attract Consumers
If you work in sales, you know how frustrating it can be to try to generate useful leads. The client can show concern in your product only to lose interest after you make a follow-up. This is where ABM comes in handy. Once the ABM software has confirmed the high-value clients, you can make follow-ups on people that are actually interested in your firm’s products and services. In case you want to know more about this software, you can search online.
- It makes closing a Sale much Faster
If you sell products that are used by other businesses, you know how hard it can be for you to close that sale. This is because most firms follow a specific protocol before they purchase your product. The procedure may involve approval from top decision makers. Before some of these decision-makers approve the purchase, it can take a while. However, if your firm has ABM software, the process can be speeded up. This is because the system allows you to target the main decision makers with your advertisements. That means that if the decision makers are interested in what you have to offer, they will quickly approve the purchase, and you can move on to the next client.
- It makes you Seem Genuine
The problem with some advertisements is that they don’t seem genuine. There is a tendency by some businesses to send the same promotional email to a list of clients. If the individuals happen to know each other, your message may come off as fake. ABM gets rid of this problem by allowing you to focus on specific clients and create personalized content for those people. This means that whatever you write will be relevant to the receiver. Since the message will be unique, the recipient will see you as being more genuine.
- The Return on Investment (ROI) is guaranteed
Whenever you create a marketing strategy, you hope that the amount spent on it will be worth it. The good thing about ABM is that it is precise and measurable. That means that you can know the impact of targeting a specific number of people. Since the targeted individuals are likely to make a purchase, you can know the actual return on your investment. As a result, you can easily line up the sales with marketing for improved results.
- It allows you to properly use your Marketing Resources
When you use ABM, you direct all your marketing resources towards specific clients. Since you know that these customers will always deliver, your resources don’t go to waste. Furthermore, since you know who is going to target, you can ask the marketing team to help the sales team develop content for the targeted accounts. That means that you can use the same resources on both teams for maximum efficiency and improved results.
- It establishes you as an Expert in your Field
An expert is someone that knows the ins and outs of a specific subject. ABM allows you to focus your efforts on specific clients and create personalized content. This means that you will learn what the client really wants in the process. You will also understand which marketing method is best for these clients. In the process, you become more knowledgeable and establish yourself as an expert in the field.
- It gives you a Competitive Edge
What ABM allows you to do is something that can’t be copied by any other marketer. You have to focus on specific accounts and for every one of them; you have to come up with unique content. This means that you create a conversation between you and the client. Whatever is discussed in the conversation is only known by the two of you.
Conclusion
ABM is a trending form of marketing that allows you to focus on a few crucial clients instead of the entire target market. You increase your chances of making sales by creating unique content for these clients. The good thing about focusing on such clients is that they are more likely to buy from you.
