Account-based marketing (ABM) is experiencing a Renaissance in B2B marketing. Advances in digital technology have made this age-old technique fresh again and B2B marketers are taking notice. In fact, more than 70 percent of B2B marketers currently have staff dedicated to these programs, up from 20 percent last year. If you aren’t using ABM, you should be and if you are, you should make sure you are getting the most out of your program. To help, we’ve outlined three reasons why B2B marketers need to embrace ABM.
- ABM Makes Smart Use of Social Media to Better Understand Your Buyers
Social media marketing allows B2B marketers to get inside their prospects’ heads in personal and relevant ways. Social networks let marketers get to know the various stakeholders in their target accounts and listen to their needs through the likes of LinkedIn and Twitter. This data offers a treasure trove of data about prospective buyers. It gives marketers insights into which content their prospects share, what events they attend, what format they like to consume content, what their biggest pain points are and what their customers are complaining about.
After listening to these target accounts on social media, B2B marketers can respond with social content that speaks directly to those issues. Marketers can also run micro-targeted ads with offers that link to personalized landing pages. By combining ABM with social listening tools, B2B marketers are able to learn important news about their customers and prospects and use this data to reach them with personalized content, at the right time.
- ABM Helps You Warm Up Leads & Captures Useful Data
ABM allows B2B marketers to reach key decision-makers at target accounts with branded messaging before the sales pitch. This helps B2B marketers generate and nurture leads by familiarizing prospects with the brand early on. ABM makes effective use of microtargeted paid advertising, drip marketing campaigns, direct mail, events and retargeting, which helps drive leads and cultivate relationships. By using data to track leads from the beginning, B2B marketers have better insights into which content, products and services are appealing to the buyers, which helps companies communicate through the sales pipeline.
For instance, any time a prospect fills out a lead capture form, the ABM program has additional data that can be used by both sales and marketing. The data can help marketers develop personalized content and help sales close deals.
- ABM Is the Key to Retention & Upselling Your Current Customers
While ABM is a great way to generate new leads, it is also a fantastic tool for retaining, engaging and upselling current customers. This is an important driver since it’s actually easier to convince an existing customer to pay more than it is to find a new one. According to the book, “Marketing Metrics,” B2B marketers have a 60-70 percent chance of converting an existing customer, while converting a new prospect is only 5-20 percent. It also costs less to market to existing customers than it is to convert a new buyer. According to Forbes, it costs 7x more to acquire a new customer.
By focusing on your existing customers, B2B marketers enhance the entire customer journey and drive business with people that already know, and like, their products.
ABM is giving B2B marketers new levels of insights about customers and prospects and it can no longer be ignored.