Technology is quickly revolutionalizing them way business is done. Major sectors-including insurance, finance, real estate, and marketing- are undergoing digital disruption. Today's buyers are no longer ignorant of their needs and the conventional sales techniques do not lead to conversions. Marketing has evolved over times and is quickly adapting to the needs of the buyer. Most marketers are researching new techniques of marketing which will result in better ROI.
Creating customer-focused strategies is the need of the hour instead of adopting a “one size fits all approach.” Of the numerous marketing strategies being used, one of the most effective is found to be,” Account-Based Marketing.”
What is Account Based Marketing?
Account Based Marketing can be understood as marketing which wins over accounts by devising marketing campaigns that are focused on specific clients.
It is Essentially a Three-Step Process:
Step 1: Identify your target clients.
Step 2: Prepare customized strategies to engage with them.
Step 3: Understand your customers and build long-term relationships with them.
Unlike the traditional marketing approach where the focus is on attracting a large customer base and strategizing to lead to conversions, ABM is more client specific. Also, it does not end at conversions but continues further into maintaining long-term relationships which will lead to more opportunities.
Before going into ABM, it is recommended that you weigh the pros and cons of ABM carefully and take a decision.
Pros of ABM:
Alignment of Sales and Marketing
Execution of Account Based Marketing entails alignment of the Sales and Marketing teams of the organization. This will benefit the organization in more ways than one.
Adopting a targeted approach drastically reduces the budgets. The client-centric strategies entail focusing on fewer clients with a higher number of touchpoints leads to better conversions. This results in lower expenses. Therefore, the ROI is improved.
When the marketing is focused on fewer clients instead of a large client base, it reduces the efforts and time required for marketing.
A well-planned Account Based Marketing strategy makes the clients feel special as their needs are being taken care of.
Helps Build Long-term Relations
Account Based Marketing is beneficial to the organization as it helps in building lasting relationships. This helps the organization get the benefit of newer opportunities with the same clients.
Cons of ABM
It is not very beneficial for mid-level organizations because it drastically narrows the customer pool.
Investment into Technology is Required
Could Alienate Clients
When all the efforts are being focused on specific clients, it could result in alienating other clients. You risk losing out on a large customer base.
As can be seen that Account Based Marketing definitely offers more advantages than drawbacks. However, an organization needs to evaluate whether it will stand to benefit or not from ABM. The above discussion makes it apparent that ABM is better suited for larger organizations than small and mid-sized ones.
Account Based Marketing definitely offers a better Return on Investment compared to any other marketing strategies. But, is that the objective of every organization? Well, if you want the most out of your marketing strategy, ensure that it is adopted cautiously and you should check if your Company is aligned with this strategy and has the right budget for it. Alternatively, you can hire the services of a reliable PPC white label reseller company to oversee your marketing strategies for more returns.