All About Account Based Marketing
The average email click rate is 2.6 percent. The rate of return on direct mail is about 1 percent. A good social media campaign will be converted to less than 1 percent.
Why are these numbers so low? Because many new marketing campaigns/marketers do not have the right customer research, avatars are right for clients, personalization and many more problems. They hang a worm to see if there are any bites.
These factors are important, and that is why account-based marketing is a great opportunity. It is a great way to find the right client to pay for each month.
That’s the kind of client you want, and that’s what we focus on in this guide.
What is Account-Based Marketing?
Account-based marketing is a B2B marketing strategy where sales and marketing teams work together to find the most suitable accounts to become customers.
When you fish online, you discard a standard marketing campaign to fit your individual client’s needs, but you are not entirely sure what will stick.
When you fish with spears, you identify the customers you want with the help of your sales team. Working together will help the marketing team identify potential customers and put together a campaign that speaks directly to that audience.
Examples of Account-Based Marketing
Account-based marketing works by creating highly specific audience campaigns. By logging in with a specific target group, you are able to launch campaigns in a way you have never done before.
Here are some real-life examples of account-based marketing.
Suppose you are referring to a foreign trader who builds custom kayaks for professional fishermen. Those are specific audiences, aren’t they? You can create a webinar dedicated to marketing custom kayak companies.
Even better than a live webinar live event. Work with a sales team to identify key opportunities as you plan this event. You can also create personalized sales such as VIP passes, VIP rooms, or private sales that you want to close.
Google, Facebook, LinkedIn, and Instagram ads are all ways to reach customers with high-quality tickets through account-based marketing. Once you have identified your goals, you can create specific campaigns for those few prospects.
Remember fishing with spears compared to fishing with nets? We no longer cast the net just to see if we catch something. We know what we want to catch, where it is, and how to get it. We just have to do it.
Why and When You Should Use Account-Based Marketing
We often open the channel in a wide-ranging marketing way to “play the arena” and see what’s out there. Ultimately, we need to avoid that and downsize in order to focus on customers who will pay us what we deserve and continue with us.
Here are some good situations in which you should use account-based marketing:
Integrating Marketing and Sales
One of the biggest problems many companies face is not having their own marketing and marketing team on the same page. Account-based marketing gives both departments the opportunity to work together, understand common ground, and help each other.
One indication is that you may be targeting the wrong audience if they are not involved. This can be a sign of fatigue with your marketing campaigns as well.
How many times have you seen ads until you stopped seeing them?
When this happens, it is time to change things and change your strategy to address a specific audience.
Your goal in both marketing is to reach as many people as possible. That is a key indicator of long-term success.
When we focus on ROI, we only deliver the most relevant accounts through the funnel. This will save you money, time, resources and so on.
Benefits of Account-Based Marketing
Now let’s talk about the specific benefits of an account-based marketing strategy against something broad.
Personalization Saves Time and Money
How often does your sales team spend time talking to people who do not fully understand what your business is doing? That is a sign of widespread marketing.
With account-based marketing, you attract young people who are older, more familiar with your company, and more ready to make a decision. This type of personal marketing saves time and money over time.
Easy to Measure ROI
When we reduce the panel, we focus on a few hopes. This makes it easier to get ROI and brings better results.
For example, if we reach 100 eligible customers and convert 10 of them, we know our account-based conversion rate is 10 percent.
This victory is sure to reach the entire east coast with a marketing and conversion campaign of 10 people — and four of them leave after their first month.
Instead, you are cultivating long-term, well-meaning expectations that will stick with you.
Short Sales Cycle
Reducing the sales cycle can save you a lot of time and money. This is one of the reasons why an account-based marketing approach increases ROI.
You can communicate directly with key decision makers in advance instead of using resources to communicate with employees who may not have that authority. Because you are directing decision makers, you know they can pay, and you can help them.
Account-based marketing is obviously a smart decision for size companies, allowing you to create deeper relationships with your potential customer.
Taking this strategy will bring the exact type of customer you need to keep the high end prices and build a solid foundation. Work through your sales to identify the right accounts, create the right customer for you, and choose a way to reach that audience.