What is Account-Based Marketing?

Account-based marketing (ABM) is a focused marketing strategy that can be highly effective for many businesses. Marketers should explore various methods to drive revenue and choose the one that best aligns with their business needs. Unlike traditional demand generation, which aims to reach a wide audience, ABM targets a specific set of high-value accounts, directing marketing and sales efforts to deliver coordinated and personalized campaigns for those accounts. These targeted accounts are often more aligned with the company’s products or services, expected to generate higher revenue, or hold strategic importance, such as entering new markets or influencing industry trends.

Instead of prioritizing the volume of sales, ABM marketers concentrate on building relationships with a small group of high-value clients. Companies, especially those targeting specific industries or larger enterprises, may find this approach more effective than a broad-reaching marketing strategy. For example, if your business focuses on educational institutions, large financial organizations, veterinary practices, or any other distinct audience, ABM could be the ideal strategy to engage those high-value customers.

GETTING STARTED WITH ABM

To kickstart your lean account-based marketing (ABM) strategy, it’s crucial to establish a solid foundation for success by securing stakeholder buy-in and identifying your target accounts.

Get Stakeholder Buy-In

To enhance your chances of success, it’s essential to obtain support from key stakeholders. Share your ABM plans with relevant departments, such as sales and senior executives. Begin by educating them on the purpose and benefits of implementing an ABM strategy. Keep in mind that different benefits will resonate with various stakeholders; for instance, your sales team may be interested in how ABM can help them close more deals, while your CFO may want to understand why investing in ABM offers a better ROI compared to traditional marketing methods. Tailor your message based on your audience.

You may also consider assembling a team responsible for overseeing the ABM program, such as appointing an ABM group manager to manage campaigns and salespeople to monitor activity alerts and track account progress. If you’re unsure about securing immediate corporate sponsorship but want to showcase the effectiveness of this strategy, start with the steps outlined below to demonstrate your ability to positively impact target accounts.

Identify Target Accounts

The process of identifying target accounts varies by organization, as each company has its unique targets and reasons for pursuing specific companies or industries. In some cases, identifying target accounts may be as straightforward as the CEO or sales directors selecting accounts to pursue. In other instances, several factors may influence your account selection. Here are a few strategies to consider when identifying accounts for your ABM campaign:

• High Yield: Focus on top-performing accounts that are likely to result in larger-than-average deals for your sales team and generate substantial long-term revenue.
• Fit with Your Product: Look for companies whose business needs align well with your solutions, increasing the likelihood of a purchase.
• Quick Wins: Target accounts that typically have a short purchasing decision process due to their size or organizational structure.
• Strategic Importance: Consider targeting accounts that align with your company’s strategy, such as those that facilitate entry into new markets or territories. Acquiring significant new clients may also be a strategic objective.
• Competitors: Identify companies using competing products, either to take market share from your competitors or because it may be easier to convert educated users.
• Territory: Target accounts in specific geographic regions to support your sales efforts. Sales teams are often organized by territories, and assisting them in generating awareness and building a pipeline will strengthen your partnership with them.

To refine your selection of target accounts, conducting research can help identify likely candidates. Here are some tips to guide your research:

• Talk to Sales: The sales team can offer valuable insights into which accounts can be effectively targeted. They may have had discussions with companies that fell through or can provide a better idea of which accounts to pursue.
• Review CRM History: Utilize your CRM to identify companies that fall into the high-yield or quick-win categories mentioned earlier. After identifying a sufficient number of potential targets, look for common traits to create a profile of companies likely to generate large deals.
• Discover Existing Opportunities: Check your marketing automation platform or CRM to see if any of the accounts fitting your target profile have previously engaged with your brand. Accounts that have interacted with your content or frequently visited your blog may respond more quickly to personalized campaigns.
• Research Competitors: Analyze your competitors to uncover new accounts. Sometimes, identifying your competitors’ customers is as simple as reviewing logos on their websites. In other cases, you may need to be more resourceful; for example, if you’re marketing software, use digital tools like Datanyze or Builtwith to identify companies using your competitor’s products. Additionally, if you notice your competitor succeeding with certain types of companies, consider targeting similar profiles.

Finalize the Account Lists

Now it’s time to narrow down your list and select specific accounts to target. Start by choosing two to five lists of potential targets; it’s more effective to focus on fewer lists initially to enable quick iterations and identify areas for improvement. This approach will help your organization develop its ABM capabilities and deliver impressive results more rapidly.

While you may have multiple lists and numerous targets, prioritizing them is essential for demonstrating early success and maximizing your ABM ROI. Focus on account types that are most relevant to your objectives—those where you have a clear understanding of the potential buying journey and existing content to support them.

Next, if you’re utilizing targeting tools that can specifically engage accounts, such as Marketo Lead Management and Real-Time Personalization, this is the time to upload your account groups to analyze performance and create targeted engagement campaigns across various channels.

Know Your Decision-Makers

Consider the different decision-maker personas within your target organizations. This high-level insight will enable you to create more effective content for targeting accounts, especially during the mid-to-bottom-of-the-funnel stages. While persona-specific targeting may not be your starting point, understanding decision-maker personas will enhance your comprehension of the account and customer journey.

Continue reading to discover strategies for effective account-based marketing and download the complete guide!

• WHAT IS ACCOUNT-BASED MARKETING?
• GETTING STARTED WITH ABM
• SET GOALS AND ESTABLISH INITIAL ANALYTICS
• PLAN CAMPAIGNS
• IMPLEMENT CAMPAIGNS

Number of Pages:

• 20 pages

Pricing: 

• Free