Generic mass marketing practices that cast a wide net without an intended target fail to deliver the competitive edge needed to differentiate B2B or professional services firms. A better approach is found in account-based marketing (ABM). For those less familiar, ABM relies on highly customized, hyper-targeted marketing campaigns that target specific companies and decision-making personas at those companies to drive longer-lasting engagement. Instead of targeting generalized personas, ABM targets specific target business accounts and the related decision makers employed at that account. Industry data from Flip My Funnel indicates companies using ABM can boost marketing-driven revenue by 208%.
Why Account-Based Marketing Drives ROI
For professional services and B2B firms, the goal isn’t simply to cast a wide net and hope for the best. Real ROI is realized when you can identify who your target customers and companies are, why they are your target, and what revenue opportunities can be realized with each of these specific accounts. ROI is easier to define with ABM because you have specific targets to customize campaigns toward — and defined goals to measure against. You have an opportunity to customize marketing strategies around their individual pain points and needs. You also have an opportunity to size or package your tactics according to anticipated customer lifetime value. ABM allows your team to better validate your approach to know why, when and how your efforts are received with each targeted company. This proof helps better engage contacts with carefully curated campaigns that lead to stronger relationships and recurring revenue opportunities.
Why Account-Based Marketing Builds Relationships
ABM approaches go back to simple psychology. Customers prefer personalized offers. Their own friction points are unique, and they expect companies to engage with them based on these specific needs. Automated, generic marketing campaigns are easy to spot and sift into spam filters. Your firm is less likely to build longstanding, meaningful relationships through mass campaigns. Offering identified prospects a personalized, targeted interaction gives them a glimpse into what working with your firm looks like. It’s the perfect opportunity to prove how your services fit the needs of their organization. You can offer services tailored to specific use cases, which drives home that you will be able to provide them custom-tailored services. Collectively, an ABM approach allows your firm to develop stronger, long-lasting relationships that are built on a mutual understanding of what is best for everyone in the partnership. This is a win-win for both sides and your customers will more likely recognize these efforts with long-standing loyalty.
Why Account-Based Marketing Helps Your Sales Team
ABM approaches create a better measured system for your sales team to lean on to qualify who should be considered a customer. Generic marketing practices leave gaps between sales and marketing, while ABM bridges the qualification gap between your marketing and sales goals. Sales teams are tuned into what their customers want, and marketing should rely on those characteristics to craft personalized messages. ABM creates a system to achieve the higher-level insight that companies today desire to stand out from the crowd. ABM leads to a more collaborative approach that can create a measurable, targeted marketing framework that generates all the core benefits mentioned above. Collectively, ABM helps marketing and sales speak the same language so they can better identify target customers/companies. They are then better equipped to learn the language needed to attract those specific accounts and how to nurture those relationships through effective sales and marketing funnels. When it comes to generating business, your firm should focus on engaging the right prospects, not attracting just anyone. That’s the true value of ABM.
Performance Marketing Pros is a financial industry marketing consulting and services business. We help financial businesses achieve next level growth through proven marketing strategy and tactics designed by marketers with over 20 years each of experience in the financial industry. Reach out for a free consultation.