It was last autumn when a coworker mentioned to me that account-based marketing was gaining popularity in the digital marketing world. She was right, according to a 2016 study by Sirius Decisions. Their research revealed that over 70% of B2B marketers were increasing their ABM initiatives and dedicating staff specifically to account-based marketing. In 2015, a mere 20% of companies had implemented ABM programs. Furthermore, according to ITSMA, approximately 85% of marketers who track ROI report that account-based marketing provides better returns than any other marketing strategy!

Image via Slideshare At the time, I was working in customer success, but my marketing background piqued my interest immediately. Throughout my career, I’ve consistently observed a struggle to effectively coordinate sales, success, and marketing efforts across various companies. Could account-based marketing be the solution we’ve been searching for? The concept of targeting specific high-value accounts seemed promising but daunting. How could we effectively implement this within a typical 40-50 hour workweek? Before tackling that question, we first need to address a fundamental one: What exactly is account-based marketing?

Defining Account-Based Marketing (ABM)

Account-based marketing is a focused marketing approach where marketing efforts are directed at individual key business accounts rather than adopting the traditional one-to-many method. Essentially, high-value accounts or potential clients are pinpointed, key individuals within these businesses are targeted, and then marketing strategies across various channels are employed to engage with their unique preferences and requirements. Consider account-based marketing as personalized marketing amplified.

Elyse Flynn Meyer, President and founder of Prism Global Marketing Solutions, states, “Account-based marketing concentrates on a select group of significant, large accounts, or those with the greatest potential to boost your profits. Due to their revenue potential and influence on sales and marketing, it’s crucial to deliver a high-touch, highly targeted message to these individuals.”

Is Account-Based Marketing Right for You?

Now that you have a better understanding of ABM, you might be wondering if it’s something worth your attention. One compelling reason to consider account-based marketing is its proven effectiveness in generating ROI. In fact, according to a study by the Altera group, 97% of participants indicated that ABM provided a somewhat higher or significantly higher ROI compared to other marketing initiatives.

While “account-based marketing” is a trending topic, it’s not a universal solution for every business. ABM is generally a B2B marketing strategy employed by large-scale sales organizations with over 1,000 employees. This is because multiple stakeholders are typically involved in the sales process. If your company has less than 1,000 employees and isn’t in the B2B sector, it doesn’t automatically exclude you, but it’s essential to evaluate its suitability for your business model and sales/marketing cycles. If you’re a smaller company with limited time and resources allocated to marketing, directly targeting specific accounts might not be feasible. If you find the idea intriguing and want to give it a try, go for it! Why? Account-based marketing aims to initiate the sales process with higher-value prospects sooner, maximize ROI from marketing campaigns, and harmonize marketing, sales, and account management for sustained success. That sounds pretty fantastic, wouldn’t you agree? While implementation might seem a bit intricate, once you have a solid strategy in place, the rewards can be substantial and well worth the effort. It’s also worth noting that there are ways to automate account-based marketing if you possess accurate data and a system that facilitates communication between sales and marketing. One example is Terminus, a SaaS platform that seamlessly integrates account-based marketing with automation.

If you believe ABM could be highly beneficial for your company, follow these six steps to get started!

Implementing Account-Based Marketing Effectively: A Six-Step Guide

Account-based marketing is similar to mastering a new language. Instead of targeting demographics or personas, your focus shifts to specific companies. This change in perspective requires a strategic and tactical approach for optimal results. The following steps will set you on the right path with ABM.

#1: Identifying Your Strategic Accounts

Marketers are accustomed to defining personas, but account-based marketing is not about differentiating between “Chatty Cathy” and “Enterprise Eric.” Instead, ABM focuses on targeting an entire organization rather than individuals. This is a crucial difference and the foundation for a successful start. Begin your account-based marketing journey by analyzing the common characteristics of organizations that contribute the most significant MRR (monthly recurring revenue) to your company. Define factors such as industry, company size, geographic location, annual revenue, upselling potential, profit margin, etc., for the accounts that generate the highest long-term profits. These are the types of accounts you should be pursuing.

Image via datapine This process will likely involve both quantitative and qualitative research. This includes collaborating with key leaders and customer-facing teams in sales and customer success to leverage their expertise, while also analyzing available data to support your assumptions. The insights gathered from employees who interact directly with prospects and customers are invaluable, as they possess firsthand knowledge. Supporting this qualitative data with concrete numbers will solidify your path to success. Don’t rush this step. A thorough understanding of your target audience is crucial before proceeding to the next stage.

#2: Time to Investigate

The next step is to collaborate with strategic thinkers in your sales department and embark on a hunt for high-value prospects. Once you’ve outlined the characteristics of your desired organizations, you need to identify those that align and delve deeper to determine the key decision-makers. After pinpointing target companies, this step involves understanding their decision-making processes, identifying key stakeholders, and learning how they make decisions. In account-based marketing, knowledge is power. Put on your detective hat, explore the inner workings of these organizations, and formulate strategies to influence the stakeholders within each one. Your CRM (and colleagues who have previously interacted with these organizations) can be valuable resources, along with social media platforms like LinkedIn and Facebook.

#3: Develop Personalized Content and Messaging

It’s time to leverage your research and craft content that resonates with these stakeholders and organizations. You should have a deep understanding of their pain points and address how your solutions can alleviate them through compelling messaging and visuals. Remember, the beauty of account-based marketing lies in its personalized approach. Your content should directly address the specific needs of each organization. Collaborate with your design team and sales department to create visually appealing content that effectively communicates the right message to key stakeholders. For inspiration, explore this Seriously Comprehensive Guide to B2B Content Marketing featuring outstanding examples of companies excelling in B2B content creation.

#4: Select the Optimal Channels for Your Campaigns

Your meticulous research and engaging content will be futile if you don’t promote your campaigns creatively and strategically. Understanding where your target stakeholders spend their time online and their mindset while using platforms like Facebook, Instagram, and LinkedIn is crucial. For example, if you’re targeting individuals within a graphic design agency, your initial research might reveal that they frequent Pinterest. Conversely, if your focus is on financial executives, targeted Google Display ads on platforms like Bloomberg, Market Watch, and Motley Fool might be more effective. Facebook and LinkedIn can be powerful tools for reaching these stakeholders because they allow you to target specific organizations and job titles within those companies. For instance, if you want to reach Google employees on Facebook, you can use demographic filters, navigating to “Work” > “Employers” and then searching for Google.

You can further refine your targeting by adding specific job titles. If you’re promoting HR software, you could target “HR Managers” working at Google. Impressive, right?

LinkedIn also offers powerful features for executing account-based campaigns. For more information, explore their resources here.

#5: Launch Your Account-Based Campaigns

The hard work of preparation is complete, and it’s finally time to launch your campaign! However, avoid unleashing your content without careful consideration. Since this marketing approach is highly targeted, avoid overwhelming prospects by bombarding them with repetitive messages across multiple channels. Use your remarketing capabilities responsibly, ensuring you’re not repeatedly targeting the same individuals with the same message. Additionally, ensure your channels aren’t solely focused on one or two individuals within the target organization. Remember, your goal is to engage the entire company and its stakeholders, not just a single person. Finding the right balance between capturing your prospect’s attention and avoiding any sense of harassment is key.

#6: Measure, Analyze, and Share Your Results

After running your campaign for 30 to 60 days, evaluate the effectiveness of your account-based marketing efforts. Ask critical questions like:

• Was our personalized content engaging? If so, how?
• Are these accounts showing increased engagement with our brand?
• Are we identifying and connecting with more stakeholders within these organizations?
• Have any of these targeted leads progressed through the sales funnel?
• Did these campaigns generate revenue?
• What can we improve moving forward? Don’t be discouraged if your initial results don’t meet your expectations. The beauty of online marketing is its measurability, allowing you to pinpoint areas for improvement. On the other hand, you might find that ABM generates substantial returns for your business. If that’s the case, keep up the great work! Need more guidance on account-based marketing? Check out these valuable resources: Marketo’s ABM resources and AdAge’s account-based marketing best practices.