The belle of the ball: account based marketing
Have you ever had a random thought infiltrate your mind at the most inopportune moment?
Well, it happened to me this past weekend during a match as I was participating in a local squash tournament (which, might I add, I ended up winning. Yay me!).
While in the midst of trying to unravel my opponent’s game, my focused train of thought was invaded by the recent Marketo Summit’s belle of the ball: Account Based Marketing (ABM).
I know what you’re thinking: “great, a new marketing buzzword! I better make some room on my arm for a new tattoo.” Well, I’m here to tell you that you won’t regret this buzzword tattoo as you do your “Think Outside the Box” ink.
That’s because the practice of ABM actually delivers valuable results throughout the funnel, particularly at the top where nearly 98 percent of your web visitors are completely anonymous.
But how, Danish? How!?
Stop trying to drive up your word count to appease your editor and tell me already! Okay, okay. Here’s the skinny.
ABM works because it’s a strategy which directs your lead generation efforts towards a key group of specific accounts. While your lead generation initiatives continue to draw in the numbers, your ABM tactics (working hand-in-hand with real-time personalization) help you take control over the early-stage marketing process (TOFU) by targeting your campaigns to specific customers (qualified through ABM) the moment they enter your funnel.
Essentially, you’re generating leads that are already qualified — though this doesn’t mean you ignore all the other inbound leads. Think of it instead as a more refined and defined approach to TOFU marketing. By identifying your strategic accounts, you make them the focus of your early-stage marketing efforts because they are more likely to help you create revenue and meet your high-level goals.
When you consider that 79 percent of marketing leads never convert into sales (MarketingSherpa), you can see how valuable the ABM approach can be. When you identify your visitors from the get-go, not only do you avoid mismatched marketing messages, but you gain actionable data about your conversion process and how your marketing efforts relate to your sales goals.
If “Knowledge is Power”, then ABM puts the power back in your hands. (Hey! That’s another great buzzword tattoo idea!) I know you have questions. Who doesn’t? No, I still don’t know what happened at the end of Lost. But unlike that trainwreck, ABM isn’t hard to figure out once you understand how it fits in with your existing practices and tools. If you’re happy with your current trajectory, then you’ll be pleased to know that implementing ABM doesn’t upset the status quo — or your budget.
In future blogs we’ll look at how ABM fits in with RTP, Marketing Automation, analytics and the steps you need to launch your own ABM campaigns. So stay tuned!
For now, excuse me while I go count my squash tournament winnings and polish my trophy.
And rewatch that final Lost episode. Again.