Find Out the Benefits of Account-Based Marketing

Most marketing techniques cater to the general market, hoping to attract clients, expand the customer base and establish a strong brand presence. Some of those goals are met, while others are not. There are many reasons behind that, not having any target customers being one of them. What is needed is an advanced personalized marketing strategy like account-based marketing that identifies individual accounts within the larger market and puts all their focus and attention on them. It is a concept of one-to-one rather than one-to-many. But what is it and what are the benefits of account based marketing? Find out.

What is account-based marketing?

Account-based marketing is a focused strategic approach in which sales and marketing combine to target specific business accounts and then build strategies for them. It differs from general marketing, which works on individual leads and appeals to the audience at large. In this type of marketing, data analysis identifies potential customers while engaging with them by personalized target messaging. That is especially important since only a few accounts that hold the most promise are identified. It is more efficient, result-oriented and fulfilling for businesses in the long run.

Benefits of account-based marketing

Significant return on investment

One of the foremost benefits of ABM marketing is the excellent return on investment. Since a specific account is targeted, it becomes easier to go all out with the resources at hand. According to marketing experts, using this kind of strategy leads to more significant revenues and delivers a significantly higher return on investment.

Deals can be closed quickly

In other types of marketing approaches, closing a deal is a long and winding affair. There are several individuals involved in the decision-making process. The greater the number of decision-makers, the lesser is the likelihood of a purchase. Since account-based marketing targets accounts, the possibility of closing deals quickly is higher since all the decision-makers are taken into confidence from the very beginning. Further, accounts with low return possibilities are eliminated from the very start, allowing the entire focus on those that promise the best returns.

Aligning the sales and marketing departments

No other marketing type allows the aligning of sales and marketing departments like account-based marketing does. However, studies have shown that better coordination results in higher sales wins and customer retention rates. The sales department is satisfied since they achieve higher sales, while the marketing section is happy to impact sales. It is a collective and synchronized team effort.

Customer engagement and retention is higher

It is essential to attract a customer, but it is even more important to retain one. Several studies have shown that account-based marketing leads to stronger client relationships. Since there is a personalization-based strategy involved, customer retention is also considerably higher.

The efficiency factor is high

No marketing strategy is good enough unless it is highly efficient. Account-based marketing uses marketing automation software that requires creating a process just once and then using it for several campaigns. The time and cost involved are saved significantly. Combining marketing automation with this type of marketing allows the precise targeting of all decision-makers, linking buyer’s behaviour, handling multiple accounts at once, and building cross-channel engagements within a single platform.

These are some of the benefits of account-based marketingthat you should know. It is personalized marketing at its best and undoubtedly is the key to achieve all the marketing goals set out by a company.