Account-based marketing, or ABM, is a B2B marketing strategy that allows a sales team and a marketing team to align their strategies by targeting specific accounts, treating these accounts as isolated, individual markets.
Implementing ABM campaigns to target high-value prospects can create fantastic results for your team, but because each account comes with such a unique set of considerations, it can be difficult to know which ones are worth targeting and which ones would be better left to a more traditional approach.
There are four key elements you should take into consideration when identifying and selecting potential ABM accounts:
1. Size of Potential Yield
Identify target accounts that will produce maximum revenue. Don’t spend your time targeting accounts with ABM if a success will result in a low or medium yield. A proper ABM campaign should reward high levels of effort with high levels of results – identify the whales.
2. Product Relevance
Make sure that any accounts you are considering for an ABM campaign have a need for your company’s highest priority products. The relationship between your two companies will fall together as smoothly as possible if there is a mutual compatibility in terms of products/services
offered and the needs of both parties. Do not attempt to force a relationship that will not come to fruition.
3. Relationship With Competitors
Accounts that have done business with competitors will have a more in-depth knowledge of market differentiators and will be able to speak the language of the industry. If you know who is doing business with your competition, you’re already one step of the way toward getting your
foot in the door. Make sure that your company’s differentiators are clear, and back up all of your claims with proof points to show that you have the evidence to back up your messaging.
4. Effectiveness of Strategy Type
Lastly, be selective with the type of strategy you implement for your ABM target. Some companies will respond more highly to a testimonial or case study, while some others may be more receptive to education on product differentiators. Know your audience, and remember that there is no one-size-fits-all solution in account-based marketing.
Keeping these four key elements top of mind during your selection process will help ensure that your ABM campaigns will be a success.
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