Introduction to Account Based Marketing
Account based marketing (ABM) is a customer engagement strategy that focuses on targeting individual accounts and delivering personalized messages to the right person at the right time. It is also known as account-based selling, account-based service, or target account marketing.
The main goal of account-based marketing is to focus on the most valuable accounts and customers. This means that companies will spend more time and resources on these accounts, which will make them more profitable in the long run. ABM allows marketers to take advantage of technological advances in data collection and analysis, which allow them to pinpoint the best customers with precision.
This strategy is about understanding what drives your customers and then building a relationship with them. It’s about understanding their needs and wants, and making sure that you can provide them with the best possible experience. This strategy is not just for B2B companies; one can apply this to any business, or even personal relationships.
Successful ABM Campaigns
“The American Cancer Society” Campaign
The American Cancer Society ran a campaign to target cancer survivors who had been diagnosed in the past three years. They wanted these people to receive information about early detection and prevention of cancer recurrence. They reached out to them with targeted messages about their services and programs.
The ABM campaign by General Electrics
The first successful ABM campaign was launched by GE in 1997. The company wanted to sell more of its generators in California, so it created an ABM campaign that targeted customers who were likely to buy generators after a major earthquake. The campaign was successful as sales increased by 22%.
Volkswagen ABM campaign for Passat Model
Volkswagen launched an ABM campaign for their Passat model in Germany. The company wanted to attract buyers who had previously bought cars from other manufacturers such as BMW or Audi. They created different versions of ads for the Passat and sent them out to prospects with similar characteristics as their target audience. The results were impressive – VW sold 6,000 more cars and had a 100% adoption rate.
The Dyson Campaign by Ogilvy & Mather
This is one of the earliest examples of an ABM campaign. The agency used Facebook to target the audience who were most likely to buy a Dyson product. They created a page on Facebook that looked like a virtual store and offered exclusive offers to those who liked the page. The campaign was successful because it focused on connecting with people in an emotional way and providing them with content that they would find interesting, rather than just focusing on selling their products.
Importance of Account Based Marketing
- ABM simplifies the process, serve the intended audience, increasing the Return on Investment (ROI).
- ABM aligns marketing and sales to ensure maximum efficiency.
- With personalized touchpoints, ABM enhances customer experience.
- ABM helps in providing a clear understanding of the customer perspective through proper analysis and measurement.
- ABM guides precise customer selection for personalized service.
Implementation of Account Based Marketing
- STEP 1: Understand the factors and discover your High-value accounts
- STEP 2: Identify key internal players
- STEP 3: Curate content, specific to them
- STEP 4: Leveraging communication channels
- STEP 5: Align sales & marketing to execute targeted campaigns