If you’re not currently applying account-based marketing as part of your strategy you are likely missing out on some fantastic opportunities.
We often work with clients who are offering high value products and services to their B2B audiences. Taking an account-based approach is about identifying and prioritising key accounts that have the greatest potential to generate higher value revenue and a more targeted marketing and sales strategy.
For instance, if you work with all industries, focus on specific sectors that make sense to your business. This could be centred around sectors where you have specific knowledge, key stats, case studies, or valuable insights that you can share. You might also decide to create a hit list of companies you’d love to work with and consider a specific approach to target each of them.
In this blog, we will be discussing what account-based marketing is, how it works and how you can use it to take your marketing and sales to the next level. Read more below…
What is account-based marketing?
Firstly, what is it? If you’re not already familiar, account-based marketing is a strategic approach that focuses on a specific target audience in your market. It’s about deciding on your exact target group/s and generating messaging, materials, and an approach to directly reach that audience.
By demonstrating your knowledge and expertise in their specialism, a cold relationship can quickly become warmer, and you’ll stand out against your competitors. A quicker and easier sales conversion makes your offering a no-brainer to potential clients, especially if you’ve developed personalised marketing campaigns tailored to their specific needs, pain points, and individual characteristics.
The overall goal of account-based marketing is to build strong relationships quickly with key decision-makers and influencers within your target accounts. By focusing resources on a select group of high-potential accounts, you can maximise your ROI and supercharge the effectiveness of your marketing and sales activities. Sounds promising, right? Here’s more on how it works.
How does account-based marketing work?
Account-based marketing is typically split up into five different key components. Remember these, and you’ll be well on your way to effectively implementing account-based marketing within your marketing and sales processes.
- Account selection: Identify and select your target accounts based on how closely they match your marketing and sales objectives, such as revenue potential, industry, or strategic fit.
- Account research: Conduct in-depth research to gain a comprehensive understanding of your target accounts. From their business goals and challenges to key decision-makers and industry trends, you should know them inside-out.
- Account-specific strategy: Once you’ve got all the info you need, develop a customised marketing and sales strategy for each account based on what you’ve learned. Tailor it to their specific needs and pain points. Within your account-based subset you’ll likely find that there are similarities you can centre your messaging and case studies around, but you should also personalise your intro messages to individual business contacts to maximise success.
- Multi-channel engagement: Implement targeted marketing campaigns across several channels to engage key stakeholders. Whether it’s through email, LinkedIn, events or personalised content, make sure you grab their attention by sharing your relevant knowledge of their industry and products/services.
- Measurement and optimisation: Be sure to continuously measure the effectiveness of your campaigns. Include key metrics like engagement, conversion rates and revenue generation, and use these to further improve future strategies.
Why account-based marketing is a no-brainer
Account-based marketing is a powerful strategy that enables businesses to focus their marketing efforts on high-value accounts, driving personalised engagement and maximising revenue potential. By aligning marketing and sales teams, businesses have the power to deliver customised experiences, forge strong relationships with key decision-makers, and achieve exceptional results.
As the B2B landscape continues to evolve, account-based marketing provides a strategic approach to reach and engage high-value accounts more effectively than ever before. By understanding the needs and pain points of target accounts and targeting them based on your own business’s expertise, you can put yourself in the best position for long-term success in an increasingly competitive marketplace. Embrace the power of account-based marketing and watch your business thrive!
Are you interested in learning more about account-based marketing or any other aspects of marketing strategy to maximise revenue? Embrace Marketing has a wide range of expertise in developing joined up marketing and sales strategies including account-based marketing approaches for B2B organisations. Email firstname.lastname@example.org for an initial chat.
This latest thinking article was written by:
Senior Content Executive