No area of business has evolved more in the past fifteen years than marketing. Less than a decade ago, social media was all the rage. Just a few years ago, experts were touting content marketing as an essential marketing tactic. Today, account-based marketing has become the buzzword that has captured the attention of the industry.
A year-and-a-half ago, I wrote a post that defined account-based marketing and how businesses can begin integrating it into their marketing strategy. Since then, I still get questions from business leaders like…
- Why should we start investing in this above other tactics like content marketing or advertising?
- Isn’t this what sales should be doing?
- How do we get everyone to buy in to this when it’s something we’ve never done.
Let me be the first to say that account-based marketing isn’t for every B2B business. Companies, such as software companies, that rely on a large number of clients who pay a small recurring fee might find other tactics to be more beneficial. However, if you’re in a business with larger contract deals, or you work in a complex selling environment with multiple decision-makers, account-based marketing should be something to consider.
3 Reasons B2B Businesses Should Consider Account-Based Marketing
If you still haven’t integrated account-based marketing (ABM) into your strategy, here are three reasons to consider making a change in the next year.
- ABM actually enhances marketing and sales collaboration. Alignment between sales and marketing teams is critical for success. In fact, companies are 67% better at closing business when marketing and sales teams work together. ABM enhances the alignment between sales and marketing because the first step in developing your strategy is for both teams to sit down and agree on the accounts or businesses you want to target. Both teams work together to engage and cultivate these clients through various marketing and sales tactics.
- ABM has an impact beyond closing the initial sale. According to a recent study, 84% of businesses believe account-based marketing helps them with retaining and upselling current clients. When you take an account-based approach to business, it becomes clear that satisfied customers are not just clients; they’re also your best salespeople, as well as prospects for upselling, cross-selling, and renewals.
- ABM provides a greater return on your investment than other tactics. Making a shift in the way your team approaches marketing can be difficult, especially when it’s something new. However, when people understand how impactful ABM can be, they’ll be a lot more willing to embrace the strategy. For marketers who struggle to tie their work to the bottom line, ABM can be an incredible tactic—not only because it’s easier to track, but because it’s more effective. In fact, companies using ABM generate 208% more revenue for their marketing efforts.
Hopefully, these insights will allow your sales and marketing teams to work smarter and be much more efficient. ABM can be a successful approach for your team, but only if you find a way to make it work within your organization by emphasizing a more tailored approach to outreach.