As a business, you’d want to place your bets on avenues that bring you the most returns. If there are any unfruitful endeavours, then you dismiss them instantly. That’s the way of the business world. Every step you take, you evaluate a few alternatives and pick the one that promises the highest output with the least input.
The foundation of account based marketing is pretty much the same. When you focus your efforts on high-yielding client accounts instead of the many insubstantial ones, then the effort to reward ratio will always be in your favour.
Here’s how ABM strategies will transform your business efforts:
Chase After the Right Fit
If you’ve relied on the ‘more quantity more returns’ formula until now, then it’s time for a makeover. It’s true that if you broaden your target, there are more chances of you finding customers. But there are a few questions you should ask yourself:
- Are these customers high-value leads?
- Is it possible that they could be repeat buyers?
- Do they have a powerful standing in the market?
- Will the revenue justify the resources invested?
Now, there is no way you can guarantee these situations unless you implement ultra-focus targeting. Surprisingly enough, those high-value leads you discovered from narrowing your search field could provide returns worth more than all the low-value leads put together.
A structured tiering process will help you arrange your leads from high priority to low priority and make the best use of your marketing resources.
No More Prolonged Sales Cycles
Is your sales team constantly experiencing cycles that drag on for months? This happens when you invest time in all possible leads without reviewing their probability of conversion.
Maybe it isn’t just a Utopian concept that sales cycles can be cut in half. With the response rates from ABM strategies reaching a new high of 47%, it is a sure way of acquiring all your favourite clients faster than ever.
A more streamlined and target-oriented approach will help drastically reduce the sales cycles and allow you to allocate more time to each account. You will no longer have to deal with those accounts that not only drive you up the wall but also deliver unimpressive ROI.
End the Battle between Marketing and Sales
It is a true irony that the marketing and sales teams are at constant loggerheads with each other when they’re ideally supposed to be the most synchronized pair. This strain occurs due to marketing objectives that are often misaligned with the sales objectives.
30% of marketers noticed an improvement in sales and marketing efficiency with the implementation of ABM strategies. Account-based marketing can help the two teams work in harmony and stay accountable to each other rather than play the blame-game. These united efforts will ensure that deals close faster and revenue keeps growing.
Give Your Customers a Brand New Experience
Why does one-on-one tutoring promise better results than a classroom scenario? The attention is focused on a single student with his/her unique struggles understood and resolved.
A business is no different. If you cater to fewer clients, the chances of providing them with highly personalized services soar up. It is common knowledge that the most loved clients tend to stay loyal to your brand. With account-based marketing, you can:
- Address each client’s pain points effectively.
- Allot more resources and time to each client.
- Closely monitor your marketing efforts to make improvements.
Launching an ABM strategy will need the cooperation of the marketing and sales team. Most businesses are afraid to change due to the initial challenges involved but keep in mind that the investment is worth it. Once it’s up and running, your business will never turn back.