Account-based marketing: the key elements of an ABM strategy
Account-based marketing, or ABM, combines a variety of strategies to work in the B2B sector. This approach aims to achieve several objectives. These include the delivery of targeted advertising and the provision of personalised content.
The unique nature of B2B business processes is the basis for ABM. The buying decision is not made by a single person in the company but by a group of people. This marketing strategy involves the automation of many data processing operations. It allows you to clearly target your promotional efforts to the right group of people.
Types of targeting
A B2B account targeting marketing strategy involves two areas. It combines the efforts of sales and advertising to focus resources on customers that are important to the business. In turn, performance is enhanced by marketing technology that does some of the work.
Unlike other approaches, ABM uses the traditional sales funnel in reverse. It starts with a small group of identified customers. As they move down the funnel, their number increases.
The selection of these customers depends on many factors, including:
- business history;
- whether the account fits the profile of the ideal customer;
- the specifics of the market in which the customer operates;
- the extent to which the account is growth-oriented.
To create a portrait of the ideal customer, marketers use predictive analytics. The key is to evaluate the account, not the individual. The aim is to determine whether the account’s characteristics are such that it is a good candidate for selling a product or service. Experts then generate a list of identified accounts for developing a strategy. ABM involves three types of targeting. And they are not mutually exclusive – companies can use several options simultaneously.
- One-to-one. In this case, marketers and sales managers develop an individual strategy for each account.
- One-to-several. Specialists create a programme not for individual accounts but for groups. Accounts are grouped based on their needs or business characteristics.
- One-to-many. This targeting option uses automated solutions based on artificial intelligence. They help to send personalised messages and run targeted advertising campaigns.
In ABM, a wide range of marketing tools are available to professionals. Experts point out that the most popular are analysis and predictive recommendations solutions. In addition, programmes for collecting and populating customer data are proving effective.
Marketers use multiple channels to attract target accounts. They do this with the help of specialist programmes that are in line with ABM objectives. This interaction management strategy, or orchestration, involves using multiple marketing channels. This may include social media advertising or promotion through a pay-per-click model. This approach also includes offline channels: meetings, events and telephone sales.
