Picture this: a friend suggests taking a fishing trip. He brings a few items, including a net and a spear. While the standard tactic would be to use the net and catch as many fish as possible, you’re looking to dive deep and catch something specific, so you opt for the spear.
While the traditional inbound marketing mindset aims to ‘catch’ as many accounts as possible, an account-based marketing strategy is the equivalent of modern-day spearfishing. It’s a much more strategic way to execute B2B marketing and requires planning, practice, and precision.
Instead of ending a campaign with a mixture of targeted prospects in the net, a successful account-based marketing strategy allows businesses to deep dive for the most delicious catch.
5 Ways to Create an Account-Based Marketing Strategy
Whether an organization is planning it’s first account-based marketing strategy, or it’s twentieth, ABM campaigns break down into the following components.
Step 1: Identify and Prioritize High-Value Accounts
When implementing a prosperous account-based marketing strategy, it’s integral to understand the target for a product or service and their motivations to use a product. Then, utilizing all the data at your disposal, the next step is to prioritize high-value accounts that pass a certain level of sales. These accounts can include new or current customers. It is essential to focus on factors including the likelihood of an account becoming a return customer, the potential deal size, and the organization’s market position and influence.
Establish a connection between your company’s sales and marketing teams to get the team to determine a solid go-to-market strategy. The sales team should have an in-depth understanding of which accounts would be best to pursue.
Step 2: Develop a Personalized Strategy
After laying the groundwork for an account-based marketing strategy, it’s time to start developing creative assets customized to each targeted accounts. These assets should be more than a few personalized emails and landing pages. While developing a plan of action pay close attention to what the buyer’s journey will look like and tailor assets to address the different needs and questions a prospect may have while progressing through the sales funnel.
When it comes to personalization focus on how to tailor the messaging towards the industry, target’s name, account company name, location, behavior and buyer stage.
- READ MORE: 5 Advantages of Account-Based Marketing
Research is vital. Some companies are small enough that personalizing every communication is worth the investment. However, larger account-based marketing strategies may require following the 80/20 rule with 80 percent of the outreach efforts remaining the same across the campaign and 20 percent personalized to individual accounts. This form of personalization can include adding a company name, inserting the prospect’s name, or keying specific messages to triggers like repeat visitors to a webpage.
Step 3: Define Channels and Media Strategy
While there may be many methods of delivering content, it is critical to define optimal channels with a media-focused strategy to ensure that the correct material reaches the right audience.
Account-based marketing strategies are typically less expensive investments because of their smaller target audiences. When delivering specific content to a well-defined audience with tailored needs, there will be more page clicks, session times, and conversions.
Step 4: Track the Correct Metrics
When it comes to an effective account-based marketing strategy, tracking, measuring, and optimizing the campaign performance is a critical step. If you can’t measure the data, you can’t improve where it is lacking.
Before pushing a campaign live, ensure the campaign can be tracked via pipeline increases, funnel velocity, average deal size, and critical performance indicators back to your account-based marketing strategy or campaign. These account-based marketing metrics are vital to your campaign’s success.
Step 5: Plan for the next ABM campaign
Following the steps above will lead your business to develop a successful account-based marketing campaign! Before beginning the next campaign, however, your organization should define which accounts will remain on the target list and which will be removed. Once the list is up to date, look back at content and personalization tactics used. Were specific methods more effective than others? Was there a better ROI for specific media strategies? Recycle these for your next campaign to save your organization and streamline future efforts.
Account-based marketing continues to be a popular method used among B2B marketers, and that’s because it gets results. An effective account-based marketing strategy means viewing clients holistically and not just as a number.
The end goal of any ABM campaign should be to take the time to understand targeted accounts, build real relationships, create specific messaging, and ensure the right processes are in place before moving forward.
With these ideas in mind, your business will be on it’s way to developing a successful account-based marketing strategy in no time!