How Account-Based Marketing Can Help You Close More Deals

4 MIN. READ

"Give me a fish and I eat for a day. Teach me to fish and I eat for a lifetime." – Proverb

Substitute “sale” for “fish” and that Proverb applies to your company. There are as many ways to fish as there are fishermen. Some techniques work better than others, depending on your desired outcome. For highly-qualified B2B leads, nearly half of marketing departments surveyed rely on account-based marketing to increase their ROI.

What is Account-Based Marketing?

This type of strategy targets its messaging on businesses or customers that are most likely to purchase. To return to the fishing analogy, traditional lead generation is like fishing with a net. Your marketing department casts as broad a net as possible. This activity pulls in a large number of fish with each casting. Unfortunately, by the time your sales team sorts through all of the available fish, very few of them are desirable.

Account-based marketing is more like spearfishing. Your company may land only one or two fish each day, but those fish will feed your company well.

How Does My Company Begin an Account-Based Marketing Campaign?

Depending on where your company is in its sales and marketing development, account-based marketing can be time-consuming. Though it sounds easy, identifying your ideal customer and the correct contact person within that company takes time.

As an example, let’s say that your company sells software-as-a-service (SaaS) solutions. Most people would think that such a common product would be an easy sell. However, many companies sell SaaS, so competition is fierce. You need to figure out what makes your company stand out from the pack. Then you can decide on the ideal customer to appreciate your difference. If your company provides support for the front office, sales, marketing, warehousing, tracking or quality control, you know that most manufacturers would be interested in your product.

Your marketing department can search local chambers of commerce, join state or national manufacturing associations, or perform countless internet searches to find manufacturers that fit your client model. Once you locate the companies, you then need to confirm correct and current contact information.

Or your marketing department could partner with a company that specializes in working with your ideal manufacturers, such as IndustrySelect. We can provide your company with current industrial profiles, appropriate contact information and all of the details you need to craft your campaign.

What Turns My Net Into a Spear?

Once your company has identified its ideal customers and contacts, carefully plan your outreach strategy. Take into account your prospects’ current pain points and where they are in the purchasing process. This in-depth knowledge will allow you to tailor a personalized customer journey. Such a journey increases your chances of closing the sale by 9%.

Remember that the pain points will not be the same throughout the organization. Different roles experience different pain points. The more pain points that you can address with your SaaS, the better. A possible client will be able to see the value of your product. He will see what makes your product different and better than other products. Your company will “speak” to your prospects’ personal needs.

While the planning and execution can be difficult, it also gives your company an opportunity to bring your sales and marketing departments together to pursue a common goal. Combining the knowledge and resources in these two areas streamlines your company’s marketing campaign, saving time and resources.

Related: Smarketing in 2021: Why Sales and Marketing Alignment Should Be Your Top Priority

What are the Best Platforms for Account-Based Marketing?

Fortunately, today’s tech-savvy world is open to a variety of marketing channels.

Most of your potential clients expect an integrated online social media campaign that dovetails with an easy-to-navigate website. Especially given today's social meeting constraints, think of your online presence as you would your own living room. You want your guests to be comfortable, able to find most things they need and at ease enough to ask questions.

Webinars are another great outreach option in today’s socially-distanced environment. Try to ensure that at least one of your attendees is either a current client or one who is well on the way through the sales funnel to provide his or her perspective regarding your product.

Whatever platforms your company chooses, the most important element of your account-based marketing campaign is its individualization. You want to reach your potential clients where they live, offer solutions that meet their specific needs and hone in on those companies most likely to purchase your product.

Next: Who Wants to Buy What I'm Selling? Finding the Right Customers for Your Product or Service 

Article Sources:

https://www.warc.com/newsandopinion/opinion/account-based-marketing-its-not-what-you-think-it-is/3984
https://research.aimultiple.com/abm/
https://www.fool.com/the-blueprint/account-based-marketing/
https://www.industryselect.com/
https://www.gartner.com/en/newsroom/press-releases/2020-12-02-gartner-identifies-four-ways-account-based-marketing-
https://www.upwork.com/resources/account-based-marketing-guide