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Account-based marketing or ABM can be described as a form of strategic marketing approach which focuses on targeted accounts instead of broad target audience. It is an effective way for commercial enterprises to create and execute personalized campaigns that are customized to meet the requirements of individual customers.
The main objective of Account based marketing is to create meaningful relationships with existing customers as well as to identify potential customers. There are numerous benefits of ABM. Let us dive deep and learn about those benefits in details.
Combines sales and marketing team
Adopting an account based marketing strategy will enable sales and marketing teams of a business organization to combine their efforts towards a common goal, that is to acquire and nurture target accounts of high value. This collective approach not only helps to increase communication but also increases efficiency which leads to better results.
Members of both the teams collaborate with each other to identify the target account lists and develop some account specific strategies for content and campaigns. This enables sales to communicate efficiently with high value targets. These efforts increase the cooperation between the two teams as they share common goals for growing relationships and target potential accounts.
Proper use of resources
Account based marketing ensures proper use of resources. When you are doing a more broad based marketing campaign, the resources are stretched to cover more aspect of the traditional lead generation and nurturing. This leads to the creation of marketing messages which is a one-size-fits-all approach. This generates poor quality leads and distracts sales teams from higher prospects.
In such a situation, ABM can be a solution. The teams that work together for executing ABM campaigns also collaborate with each other for identifying the target accounts and simplifying the nurturing process for specific messages based on the unique requirements of targeted businesses. As a result of this, resources are not stretched which ensures proper use of resources.
Helps in reducing ad spend
Latest developments in technology have made digital advertising more difficult for commercial enterprises. These developments mean that targeting is less precise. Marketers now need new ways for reaching out communicate with their customers. This has brought a change in marketing strategy. Marketing teams have now increased their dependence on inbound marketing and directing engaged audiences to the website. It will be better if you use inbound marketing teamed with a good ABM strategy instead of depending on paid channels.
Account-based marketing focuses on marketing resources and budgets on top-quality accounts that interact with your content throughout the sales funnel. You should keep in mind that you are investing money for building long-term relationships with the members of your target audience, nor just any random user who click on your ads. The right ABM strategy more conversions and less wasted spending, thus saving a considerable amount of money.
ABM requires both time and effort, which can be a challenge for marketing teams with limited resources. However, there are numerous benefits of ABM, so companies can try this form of marketing.