Similar to key account marketing or relationship marketing, account-based marketing (ABM) is an extremely focused approach to sales and marketing where you discover and delight a specific audience. In ABM, you identify, target, and build strong relationships with high-value, best-fit accounts to close deals with them. You consider a target account as an individual market and the stakeholders or contacts within it as potential customers.
One of the factors that sets ABM apart from the traditional go-to-market strategy is the targeting of the most suited or qualified accounts, from the outset. This helps B2B companies to improve their ROI, optimize their usage of sales and marketing resources, generate more conversions, drive attributed revenue, and boost customer loyalty. B2B marketers saw an increase in average annual contract value of 171% after implementing an ABM strategy.
ABM is a great way to ensure tight alignment between sales, marketing, customer service, and accounts teams. Moreover, it increases brand relevance among target accounts, creates business growth opportunities, strengthens account relationships, and drives repeat purchases. Note that 91% of companies using ABM were able to increase their average deal size.
ABM enables B2B companies to take a hyper-personalized and hyper-targeted approach to potential buyers. ABM requires personalized, engaging, and tailored content that addresses the specific needs, pain points, expectations, and type of solution target accounts want. It’s also important to diversify your ABM content and choose the best channels to distribute it if you are to maximize results.
Powered by proprietary B2B data and AI, an ABM platform is one of the most commonly-used ABM tools. It enables coordination between different teams, ABM campaign measurement, revenue attribution, multichannel engagement, and precision account targeting. B2B data plays a key role in supporting the functionalities of ABM platforms, which include account insights, smarketing, personalization, air cover for sales and marketing, and account-to-ICP matching.