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At the most basic level, marketing is simply just spreading the word about a product in order to bring in new customers, right?
Well, despite sounding easy, the real world of marketing is actually bloody hard. There’s so many new trends, strategies and tactics popping up all the time that it can be a real challenge to keep up. New Pinterest ads here, reading up on IGTV strategies there…
So no, it isn’t easy.
Far from it, actually.
But there’s no ignoring that marketing plays a crucial role in the success of your business. Without a decent effort, the best you can hope for is to remain right where you are because there’s no possibility of growth if you don’t market your products.
Recently, account-based marketing has gained quite a lot of traction and popularity. It’s a marketing effort used by B2B companies, but with B2C methods and ideals in order to have a more focused and personalised marketing campaign. Do you want to learn more? Why, of course you do!
The Rise of Account-Based Marketing
Account-based marketing has recently grown more popular here in the UK. And the reason? Well, I can only speculate – but it might have something to do with the fact that inbound marketing is becoming increasingly more challenging.
Consider the fact that just 12 years ago, the average number of cold calls needed to close an appointment used to be one in every 3.68 attempts. These days, it takes eight calls in order for the decision maker to agree to a callback or a meeting.
Imagine that inbound marketing is all about attracting the prospect to your door. In comparison, account-based marketing is going out there and showing them why they should come in. But don’t think that these two are polar opposite – ABM is able to work together with inbound efforts to increase the chances of generating more leads.
Why Account-Based Marketing Works
Let’s face it, nobody wants to feel like they’re just another face in the crowd.
And nobody, from the biggest corporation to the smallest startup, wants to receive marketing messages that shows it was repeated time and again to every single prospect on a list. Come on guys, you can do better than that.
Basically, customisation is key in 2019.
You don’t want to be one out of many. You’re unique, damnit! When a company is marketing their brand to you, you rather like the feeling that they researched you beforehand and know what your needs are. And when someone goes the extra mile to personalise their offer, they’ll be able to connect better with their leads.
This is the reason why 97% of marketers who made use of ABM in their campaigns say it resulted in higher return on investment compared to other marketing approaches, according to a recent survey. And it doesn’t take half a decade to come into effect either, as ABM users said that after using the methods for a year, they were able to observe a 10% increase in revenue – and 19% of those even experienced a growth of 30% or higher.
Piqued your interest? Here’s how to get started with ABM
Account-based marketing, just like any other marketing tactic, can take some time before you’re able to wield it effectively. However, we at Fierce Digital have done it for a while now, so we’ve laid out some of the steps that will help you get started.
Don’t just create your own ideal buyer persona
You’ve probably been told that the first step is always to create your own ideal buyer persona – in other words, thinking of the right people to target. With account-based marketing, you’re most likely dealing with businesses rather than individuals.
Instead of contemplating the ideal age, education and interests, you should instead focus on their industry, key decision markers, company location, as well as pain points.
Craft targeted content
Today, the content your company writes up must be more personalised rather than something which can be disseminated to everyone and their grandmother. This means that your content must answer specific issues that are relevant to a single account, or maybe a particular industry.
Connect leads to workflow
Always gather your important customer data in your CRM system. Once you’ve done this, you can then arrange them and associate them to the proper account. Also take note that different stages of the purchasing process might need different pieces of information, so make sure you organise them well and associate the right info to the right account.
You must also append any outdated information as the process continues, as well as keeping track of the progress of each account.
Align marketing and sales around ABM
Always make sure that your marketing and sales efforts are aligned with ABM – it usually results in increased revenue, you know. The sales version of ABM is ABS (Who would’ve thought!), and it’s similar to ABM in that it targets specific accounts and their needs, only this time with sales tactics.
You should be good to go, as long as you keep your sales and marketing in line.
Track results and generate reports
Always ensure you keep track of all the impact marketing has made throughout the sales process. This way, you can tell what works for you and what doesn’t – and then let you adjust accordingly. This won’t help you only with the account you’re currently handling, but also with any future accounts that are similar in some aspects.