In 1993, the book “Towards the Future One by One” was published. Instead of taking a generic marketing approach, he suggested that customers wanted a more personalized shopping experience.
This may not seem particularly revolutionary today, but there was a time when marketing was less about numbers and more about relevance to the audience.
The book was originally an approach known as Account-Based Marketing (ABM), which is now used in many areas of life. Whether it's subscription services like Netflix that make recommendations based on past preferences, or Amazon that always shows you the type of product you want, ABM is everywhere.
Now that 94% of B2B marketers are using it, let's take a closer look at what ABM is and how it can be a powerful tool for your business.
What is PRO?
The Pareto principle states that 80% of a company's revenue comes from 20% of its customers, which shows the importance of focusing on the most profitable customers. ABM is exactly that: companies take a highly personalized, data-driven approach. Collaboration between marketing and sales teams is strengthened, ensuring that key accounts are accurately reached with the most effective messages.
Essentially, companies are “flipping the curve” of traditional marketing and targeting the customers they most want to grow and retain. Considering that only 0.75% of leads generated through traditional marketing processes result in sales, a more prioritized and organized approach is definitely worth it. It's time to stop casting a wide net and start targeting your most popular accounts with precision and determination.
There are three recognized ABM methods.
From one to many
A more traditional approach that aims to increase awareness of your brand throughout your addressable market (TAM) while maintaining the all-important personal touch. Although this approach spreads your message widely, it often yields little profit.
One-one minute
This is a compromise when it comes to missile defense. It targets similar groups of accounts, offers a more personalized approach, and offers higher volume and lower investments than a one-to-many account.
In sequence
This method goes against the current flow of memorable content. Spam, SMS, etc. This should become a thing of the past. One to One ABM is ready to help you in this matter.
Consider letting your valued customers know that you are the best solution to their problems. It also reminds them how relevant you are to their individual needs and goals.
It's like walking into a coffee shop and the barista already knows what you want to drink. A connection is created and the barista provides the necessary touch that makes you feel valued and understood.
So if you want to make your consumers feel special, this hyper-personalized approach is for you. Although it requires a lot of time and investment, it provides a very high return on investment. 85% of marketers say personalized marketing helps them maintain and grow relationships with customers. But this does not happen overnight: the main thing is to plan and follow the right steps.
ResourceiT's five tips for successful missile defense?
1. Choose the best accounts
Who would you most likely sell to? Which existing accounts are most active? Are you showing features that entice customers to buy from you? By asking yourself these questions, you can create your ideal customer profile (ICP).
2. Know your market
You need to delve deeply into your clients' business. Knowing the size of your industry or company is not enough. Explore their technology stack, get to know them personally, and understand where they are in their buying journey.
3. Participate the right way
Once you've followed one or two tips, it's time to create content that will appeal to the right people. Make sure you personalize it based on math, personality, and time.
4. Cooperate with sales
By constantly providing context and information to sales teams, they know when, how and why to engage with customers. The days of “throwing evidence at the wall” are probably gone forever.
5. Track information
By tracking key trends, you can unlock the potential to open up a new pool of potential customers. Discover new accounts and characters that will open doors you never knew existed.
87% of marketers say ABM campaigns outperform other marketing investments. So what are you waiting for?
To learn more about ABM, download our complete guide to ABM, “ABM – Unlock the True Potential of Your Business” here.
This article is sponsored by ResourceiT.
