There are a lot of misconceptions about marketing, even in 2022. Many people believe cliché advice about marketing. A lot of this advice comes from business school professors that emphasize the importance of aimless networking activities. Marketers also hear a lot of advice from marketers in unrelated fields that neglect to emphasize the nuances of adapting to strategies. B2B marketers, in particular, are often given poor advice. They are encouraged to spend their time hitting up different networking events until they find the right leads.
This approach is not very effective in real life. It would be better off using account-based marketing strategies instead. Around 70% of marketers used account-based marketing in 2021. This was an increase from only 55% the previous year. This clearly shows that more marketers are starting to appreciate the benefits of this remarkable approach to marketing.
But what is account-based marketing? What ABM tactics can marketers use to make the most of it?
Overview of account-based marketing
Account-based marketing is a strategy that focuses on reaching the most targeted leads possible. They will invest their effort in reaching leads that are most valuable long-term.
This is a much better strategy than simply attending random networking events and trying to latch on to any possible connection that you form. You have to remember the Pareto Principle when you are engaging in any form of marketing. Your efforts will pay off more when you qualify your leads appropriately and give them the investment they deserve.
Account-based marketing has a much higher ROI then most other marketing strategies. However, you still have to develop a sensible strategy first.
Here are some ABM tips that B2B marketers can benefit from.
Qualify your leads appropriately
You need to do your due diligence when researching any potential client. It is imperative that you rank your leads based on potential long-term value. Here are the variables that come in to play:
- The probability that the lead can be converted into a paying client
- The amount of revenue that you can earn from successfully client
- The likelihood that the client will make good on their financial obligations
Lead scoring is a complicated process that requires both a detailed understanding of financial management and the nuances of your target market. There are a lot of machine learning tools that help make lead scoring more accurate and efficient. They will be part of any serious ABM strategy.
Create unique offers to specific leads
The concept of ABM focuses on tailoring your strategy to each individual lead. Once you have completed your lead scoring analysis and identified the prospects that you want to focus on, you will need to start cultivating your strategy for reaching those potential customers.
You will need to start by creating specific offers for individual leads. This can involve creating personalized content marketing campaigns and assigning dedicated account representatives for your highest priority leads.
These offers should be developed with specific goals in mind. The primary purpose in the early stages of an ABM campaign should be to get a meeting with a prospect, so you can hopefully convert them into a paying customer.
Take advantage of retargeting strategies
Google, Facebook, Pinterest and many other platforms allow you to retarget people that have seen your advertisements. It used to be possible to retarget your marketing to prospects across different marketing channels. Unfortunately, Google has recently started doing away with third-party cookies, which makes that impossible. However, retargeting is still very effective even within the same advertising platform.
You want to take full advantage of retargeting capabilities when you are implementing an ABM strategy. You can tweak your advertisements for different leads based on prior engagements and the stage in the conversion funnel that they are in.
Try to gain access to key decision makers
Many marketers try to work from the bottom up. They build a connection with a recent college graduate at the bottom of the organization and try to get them to you refer them to someone with the authority to make a decision. This is often not the most efficient way to reach somebody that can actually hire your company.
You should try to get access to the decision maker as quickly as possible. If you have a direct connection to them, then you should use it rather than finding a roundabout way that involves going through layers of lower ranking employees. You can also consider trying to build a connection with someone in an even more senior position than the final decision maker. For example, the head of the marketing department might be responsible for deciding whether or not to do business with you. You might talk to me company president and get referred down to that decision maker. You will have an easier time making your case when you can say " the president of your company suggested that I speak with you."
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