What is Account-Based Marketing: Quality Over Quantity?

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What is Account-Based Marketing: Quality Over Quantity?
Regardless of your tools and software, sales depend on getting leads through the sales cycle. Our apps can help you retain your customers and simplify the sales and delivery process, but expanding your business requires an internal strategy. With ever-increasing competition, the demand for new leads ensures an ever-increasing cost. However, this doesn’t mean B2Bs should scale back their lead generation efforts – it means they need to rethink how they interact with them.

Rather than targeting a broad group of potential customers with aggressive loan officer email database marketing, account-based marketing views each potential customer as an individual market or “account.” This way of thinking centers your team around the most personalized customer experience possible, guiding potential customers through a uniquely tailored B2B buyer’s journey. Ultimately, this increases the value of your product, ensures a longer lifecycle, and creates lasting relationships for future sales.

Account-based marketing is a way for businesses to elevate the value of the sales leads they already have and maximize the profits those leads can generate over time. Consistency, a defined audience, and collection of buyer data are vital factors in building a sales funnel that fits any market.

Why focus on account-based marketing now?
Simply put, ROI . As many companies cut their marketing budgets, teams were forced to shift spending away from new leads and profit from existing ones. The result? The 2020 ABM Benchmark Study reports that 75% of companies saw improvements in their ROI using account-based marketing and were able to cut wasted spend in the process.

Building sustainability and long-term ROI
Another study by Demand Generation Report (shown below) in October showed us how a well-structured ABM initiative can transform a brand’s overall marketing direction. Namely, it seems that most companies agreed that it was by far the best way to build profitable B2B sales and marketing alignment.

53% found more efficient use of marketing resources
51% improved their sales and marketing alignment
37% found a more reliable ROI
36% built longer lasting B2B relationships
28% found improved reporting potential (possibly as valuable as ROI)
27% optimized their sales funnel
19% successfully created a streamlined B2B customer acquisition process
ABM for brands 1
Forrester summed it up best with “Modern B2B buyers want to be treated as partners, not targets.” The mindset of viewing your buyers as targets won’t get you very far, results in lower-value leads, and ultimately stunts your brand’s growth. Reaching out to your buyers as partners, on the other hand, helps you understand their needs, how you can create greater value, and ultimately improve how your company views a customer-centric approach, setting you up competitively in the market.

As we mentioned when discussing B2B eCommerce Demands , 50% of buyers identified improved personalization as a key feature for vendors they want to work with . Brand trust, which 70% of survey responses claimed is more important than ever , is the other metric that account-based marketing correlates with, but we’ll cover that more in our next blog. Because of this, utilizing account-based marketing helps you retain and develop your leads at a stronger ROI while optimizing your overall sales funnel and product/service.