How to Implement an Account-Based Marketing Strategy

Martech Outlook | Friday, January 28, 2022

Businesses must build both a short-term and long-term plan when developing an account-based marketing strategy.

Fremont, CA: Account-based marketing (ABM) is a method in which a supplier tailors marketing and sales support to a chosen set of accounts that represent significantly higher expansion or growth prospects. Strong account-based marketing methods live up to the hype, according to survey data. After implementing ABM, respondents to a 2020 Gartner Technology Marketing Benchmarks Survey saw growth in key marketing and sales categories. Conversion rates enhanced throughout the funnel, web traffic grew, and advertising and email performance improved.

Here are the steps to implement an ABM strategy

  1. Formalize account selection process

Everything in an account-based marketing plan is predicated on a thorough and accurate knowledge of the accounts and audiences being targeted. Marketing teams should create target company personas based on the high-value clients most likely to convert or expand to formalize the account selection process. Examine the common business objectives and values shared by these target accounts, as well as the important milestones in their buying process that lead up to purchase.

  1. Coordination within sales and marketing teams

The next stage is to create a pipeline strategy based on robust, data-backed target company personas. Traditional lead generation looks nothing like an account-based marketing strategy. When sales accept a lead from marketing, marketing-led outreach comes to an end, and the sales team takes over the client engagement process. Successful account engagement strategies, on the other hand, necessitate deliberate, ongoing cooperation between marketing and sales teams.

  1. Enlist third-party targeting tools to strengthen the tech stack

Account-based marketing success requires the correct software stack and technology investments. ABM software is built to strengthen every phase of an ABM strategy, from account selection to engagement and nurturing, with reporting and analysis tools to advise any necessary changes to the strategy as it evolves and develops.

There are two approaches to provide marketing and sales teams with the resources they need to conduct a successful ABM program: Adopt an end-to-end ABM platform that handles all of the necessary functions at each stage of the process, or start an ABM program with an existing martech stack and scale as and when required.

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