Due to the rapid adoption rate of the internet in our lives, we have moved from an age of information scarcity to that of information abundance. We are much more engaged and connected with anyone and anything now more than ever. However, with the explosion of information in our lives, our attention spans are getting shorter.
As our attention times have gotten shorter, our mind has started tuning out the content we do not want to watch/read.
This has posed an exciting albeit unique challenge to all marketers, i.e., capturing the attention of the buyers in this age of information abundance. As we market to our buyers in this new age, we now have access to new channels, strategies, and technologies. Account-based marketing is one of those strategies.
Account-based marketing means selecting target accounts and delivering focused and personalized programs, messages, and content to move them forward to your goal–an initial sale, cross-sale or upsell, renewal of their contract, or even advocacy.
Rather than broadcasting messages to a mass audience, you can now employ their resources on a targeted set of accounts and look to deliver personalized strategic campaigns.
Account-based marketing offers some real benefits to you. Let’s look at some of them:
IncreasedROI – Account Based Marketing focuses on generating pipeline and growing revenue within the right company, i.e., those with a high propensity to purchase from, stay with, and buy more. This enables you to make a bigger revenue impact than any other strategy or tactic.
Increased efficiency – Since you focus on specific accounts, most of your resources are focused on deriving revenue from those accounts, thereby increasing efficiency. This way, you minimize the resources spent on less essential buyers/segments.
Better engagement – Instead of going in the sea with a blanket, you are now going with a spear. This enables you to personalize your approach for each prospect leading to better results albeit engagement from your prospects. In this age of information abundance, targeted prospects are much more likely to engage with your content specifically for them.
Attribution– Since Account Based Marketing is increasingly precise and targeted, it makes it easier to measure the ROI of each tactic on an account-specific level, thereby leading to the effective optimization of the campaign.
Better sales alignment – With Account Based Marketing, marketers can operate with a sales mindset, i.e., thinking about accounts and how to target them. Also, they can collaborate with the sales team in identifying key accounts and presenting them with targeted messages before handing them over to the sales team.
While marketers understand the benefits of personalization, it wasn’t possible to operate at scale until today. Nowadays, personalized campaigns are powered by powerful technologies which can enable you to scale your personalization efforts.
In this new age of information explosion, marketing, selling, and supporting your customers at an account level is not only critical to your success but also something which your customers expect from you.