ABM Made Easy – What is ABM All About?
ABM aka Account Based Marketing, is currently one of the most powerful marketing strategies in the world of B2B marketing. Account Based Marketing is used by thousands of B2B companies all over the world to align their sales and marketing activities.
If you’re new to ABM, it’s easy to be intimidated by industry jargons like data mining, engagement scoring, lead scoring, marketing automation and blah blah blah. However, ABM is a very straight-forward and easy to understand marketing strategy. You’ll of course, needs lots of practice to become a pro but understanding the basics isn’t rocket science.
In this ABM Made Easy Series, we’ll be unmasking ABM, what it is, how it works and why businesses need it in the first place.
Let’s get started!
What is ABM?
During one of our training sessions @Anneka, one of our ABM gurus and Managing Director of Cloud10 Marketing defined ABM as “finding a target account - based on logical assumptions, and customer knowledge, researching that account to identify as many stereotypes as possible, buying triggers, problem areas etc, and then using that single account to find twin accounts that are as similar as possible”.
Yeah…virtually everyone at that traning session was overwhelmed by this definition too. Don’t worry! This wouldn’t be an ABM made easy series if we couldn’t even pass across the definition of ABM in the simplest way possible.
So What is ABM…simply?
ABM is a B2B marketing strategy that involves identifying a target account (a company that would most likely buy what your business is selling…are we clear now?) and using tailor-fit marketing messages to actually generating sales from this target account.
Simple right? But before run off to spend your marketing budget on ABM, you should understand how it works.
How ABM Works
ABM starts off with identifying a target account. This might seem like an easy task but in ABM, a lot of planning and activities go into identifying a target account. Some of these activities include using data mining to identify target accounts and influencers within those accounts and sending out personalized marketing messages to these influencers.
Anneka puts it this way “ABM works by attacking the target company as a whole and then reaching multiple relevant personas within it with relevant messaging, at the relevant time and in the relevant format”
Some Major Activities in ABM
Sales and marketing alignment
Setup of ABM technology
Setup of ABM Channels
Measurement and Evaluation of ABM activities
As a result of the many processes and strategies that go into effective ABM, it’s not uncommon to find even professionals wondering why so much has to be invested in this marketing strategy. So really, why ABM?
Better Management of marketing resources
Easy to measure
Increase in effectiveness of marketing messages
Better alignment of sales and marketing team
Improved customer experience
Focused marketing resulting in higher conversion rate
These are just some of the benefits of account based marketing. At Cloud10, we’ve see even more intrinsic benefits of the ABM strategy. We’ve even discovered a way to triple the benefits of ABM through what we call ABIM. You can read about ABIM in Anneka’s article “Account-Based Inbound Marketing - The Future”.
Is ABM Right For Your Business?
We wouldn’t want to go on and on about how ABM is the best marketing method for B2B businesses or how many global companies are tapping into power of ABM because the answer to this question is pretty simple. Do you want more revenue for your business? If your answer is yes, then yes, ABM is right for your business!
Originally published June 29 2017, updated February 07 2018