Account-based marketing (ABM) involves a highly-tailored approach to growing your business. ABM combines sales and marketing efforts to specifically target certain high-value client accounts. The objective is to create a unique and personalized experience for potential customers.
With ABM, less is more.
As noted on the Hubspot blog:
“The saying ‘quality over quantity’ applies to account-based marketing. The process requires you to invest significant time and resources in engaging and delighting a group of carefully-chosen, high-value accounts, versus trying to quickly close deals with less-qualified leads who may not be the best fit for your company in the long run.” (Emphasis added).
Ultimately, ABM is all about treating an individual prospect or account as a market of one, as if it is the only pitch you are making.
In contrast to ABM, common marketing efforts include email marketing, phone calls, and search engine optimization. While these methods have value, it can be difficult to make these efforts unique to each of your prospects. Instead of going a mile wide and an inch deep, ABM focuses on methods that allow for personalization. For example, customized direct mail, custom reports or relevant case-studies, and other efforts that allow for personalization may be more effective. These methods may also be used in conjunction with traditional broad-based marketing initiatives.
In one example of effective ABM, a security solutions provider sends a gift box to top accounts to help with engagement:
“We send out a gift box and soon after we can see them coming to our website, starting to download our free content, and clicking on the ‘talk-to-us’ buttons. Independently these tactics wouldn’t work well, but put together, they are very effective.”
The mix of efforts to reach each individual account may be different, which proves the point of ABM. After all, it is a customized approach.
This leaves small business owners like you and me with a big question: How can we think outside the box to implement account-based marketing for the accounts that are most important to our business?