As the speed of business accelerates, B2B marketers and CMOs are faced with growing challenges in identifying their top (&best) customer/accounts, leads as well as streamlining sales and marketing co-ordination. Add to this, they are still in dilemma whether to target accounts or leads, not sure which account(s) they need to target or they don’t know which accounts in their database are best fit to target and uncertain about content to be conveyed .
ABM is the ‘panacea’ for the above mentioned problems and is gaining traction every day. This topic is keenly discussed and analyzed over events, webinars, blogs, forums and social media.
ABM advocates the philosophy of quality over quantity as echoed by David Ogilvy – Father of advertising.
In this blog series, we will try to unravel what exactly is ABM, why ABM is gaining traction, strategy to be adopted, business benefits of ABM and way forward for ABM.
Part one of the blog series deciphers ABM in its simplistic form and part two focuses on best practices of ABM.
Various marketers have different interpretation of ABM. However Account Based Marketing in its simplest form:
“Strategic approach/methodology adopted by marketers to identify and define their best or top strategic accounts, then channelize all their entire marketing campaign, content deliverability with compelling messaging with dedicated focus on selected accounts, and then measure the impact/progresses to ascertain the success.“
Although, ABM is graining traction now, this has been there since early 1990 as an alternative to mass marketing and this was supposed to be grandma’s antidote.
However this was not pursed with vigor. But now things are better with advances and innovations in various marketing technology stacks and B2B buyer journey/cycle has become more complex coupled with rapid decay in B2B data.
These have driven marketers to look forward to panacea in the form of ABM. Add to this, various big enterprises like HP and XEROX have embraced ABM in a big way and reaping the benefits.
Through ABM methodology, B2B companies can reach out to select key accounts/leads through targeted content, ads, and messages instead of blindly following each and every account. This in turn will enable them to close more deals and usher in sales and marketing synergy.