Unveiling the Power of ABM: Marketing Strategies That Drive 85% Higher ROI
This blog discusses the significance of Account-Based Marketing (ABM) and the strategies that companies can employ to enhance their ROI. According to studies, an impressive 85% of companies report a higher ROI when utilizing ABM strategies. But what exactly is ABM and how can businesses implement effective strategies?
ABM stands for Account-Based Marketing, a strategy where individual accounts are treated as separate markets. Traditionally, this approach focused on a 1:1 model, but it has evolved to include clusters of accounts that share commonalities, making it a 1:FEW or 1:MANY strategy. Vertical markets are an obvious commonality, but for a more impactful ABM approach, other shared attributes among accounts need to be considered.
Key Attributes for Account Scoring
To determine the most effective ABM strategy, businesses should begin by analyzing their accounts through a process known as account scoring. Several attributes can be considered during this analysis, including:
Vertical market or sub-industry of account
Potential for growth and current business value
Account business imperatives
Sales team/account executive receptivity
Account's willingness to adopt new technology
Presence of an account plan
Identified influential sponsor within the account
Geographic location of the account
Number of relationships within the account
Account's propensity to outsource
Predictive/analytical models indicating account propensity to purchase
Centralization of the buying function within the account
Implementing ABM Strategies
Once the accounts are scored and the results are mapped, businesses can interpret the data to formulate effective ABM strategies. This understanding of account makeup is crucial for tailoring marketing efforts to specific accounts, ensuring a more personalized and targeted approach.
Account Mapping Example
Consulting Services for ABM
For businesses seeking guidance in understanding their account makeup and implementing successful ABM strategies, John Hannan LLC offers expert marketing consulting services. Their team can work collaboratively with existing marketing teams or provide outsourced solutions, assisting in the scoring and mapping of accounts to optimize marketing efforts.
ABM has proven to be a highly effective strategy for businesses, leading to a significant increase in ROI. By analyzing and scoring accounts based on various attributes, companies can develop tailored ABM strategies that resonate with their target audience, ultimately driving success and growth.