The marketing department is the face of your company. It means your marketing teams must be at their best always. They must be aware of the changing market trends and adapt to the latest ones quickly. And they must do all this while being mindful of the allocated budget and the ROI expectations their company has. Those figures lie between 2-5% of the total revenue for B2B clients and between 5-10% for B2C customers.
Account based marketing (ABM) involves marketing towards individual customers who are most likely to buy the product or service. Such customer capability is determined by surveys and demographic studies, along with personal data gathering. It has started to pay rewards, especially to startups having low budgets and niche products.
Ensuring Accountability for Account-Based Marketing
Adapting to the changing markets means overhauling the fundamental marketing strategies. What worked once might not work anymore, and worse, it could backfire. Besides the messaging, the fundamental approach towards customers might need to change. Focusing on individual customers has taken off in recent years, compared to the traditional broad-spectrum approach. That’s where the ABM approach plays a pivotal role.
However, venturing into new marketing territory comes with its fair share of risks and pitfalls. It gets compounded by the fact that corrective measures of other measures won’t be applicable. Those delving into account-based marketing would do well to avoid some of the common errors by learning about them in advance along with their general solutions.
Regular habits may affect the actions of marketing professionals to a great extent. Add to that many years of formal training backing up the traditional marketing tactics, and you have a rigid thought-process setup. Such rigidity hampers the adoption of new marketing methods like ABM, which could very well require a radical approach.
Out-of-the-box thinking is the name of the game here and should be the standard operating procedure to net the results sought. Creativity is needed to beat the competition and attract the targeted customer. It will help push the marketing material beyond the intermediary personnel.
ABM relies on finding the right customer for the task, and every one of them matters if their accounts are to become beneficial assets. Going after the wrong customer would be a disastrous move when this is the case. It will waste time and budget and produce unreliable customer data that is worthless in a data-oriented world.
The root cause of faulty targeting, being unaware of who the customer/client is and their preferences, is one of the biggest mistakes that can get made. A customer survey/client interview goes a long way in informing the advertiser about their target and the best way to market it to them.
It’s best to create a personalized database for each individual, containing details like their purchase history, total sales generated, likes and dislikes, age, gender, traits, etc. Formulation of a robust, customer-centric ABM strategy becomes a walk in the park after that.
Adhering To a Volume-Based Approach
Mass marketing involves disbursing marketing content in large volumes to a large audience to attract a large enough number of prospects. This method is the antithesis of ABM, which demands a surgical precision approach. It is, thus, evident that the two won’t gel, and applying the former method in the latter’s case will only derail the operation.
A purely individual-preferences oriented approach with an emphasis on establishing strong interpersonal relationships is the foundation of ABM.
Effective and consistent communication is the key to any business relationship, and there must be continuous back and forth to keep that relationship nurtured. Good communication not only builds healthy relationships with customers/clients but also prolongs their interest.
As ABM improves ROI proportional to active customer account expansion over the long-term, retention of acquired customers takes priority. At no point should the communication quality wane.
The needs of every market segment vary asymmetrically and without synchronization between one another in many instances. Taking a one-size-fits-all approach will be a very short-sighted move on any advertiser’s part. The effects on each segment won’t be predictable, leading to unreliable data gathering and potential loss of interest on the customer’s end.
Only a structured, well-laid plan that individually tracks each segment’s performance and status can help. The needs of each market segment are satisfied most optimally always, saving resources and retaining customers.
The market soup-pot keeps constantly churning, with new situations bubbling up to the surface all the time. Account-based marketing adds the choicest of ingredients tailored to every customer’s taste, resulting in everyone getting what they desired.