3 Benefits of Account Based Marketing and How to Achieve It
Account Based Marketing (ABM), also known as Key Account Marketing, is best known as a marketing strategy built around account awareness. Rather than casting a wide net with a broad marketing message, ABM targets individuals with a personalized campaign based on interest, geography, stage in the sales cycle, purchase history, etc. It is meant to engage and attract accounts with information that matters to them.
The 3 Benefits of ABM
To better understand Account Based Marketing, let's look at its benefits.
1. Personalized Marketing/Message
Based on a ITSMA Study, almost 80% if marketers that measure their marketing ROI said ABM significantly outperformed non-ABM efforts. In today’s age of digital marketing, users are savvy enough to sense a generic message. By tailoring a specific campaign based on their characteristics, you will increase engagement and interest.
2. Shorter Sales Cycle
Sharing the right message with the right stakeholders has been proven to move an opportunity through the sales funnel faster. Using the right CRM to gather valuable information can help you nurture the account through every stage of the sales cycle.
3. Increased Lead and Opportunity Engagement
To convert a lead to an opportunity or an opportunity to a customer you need engagement. Whether it’s engagement through salespeople or through ABM, both channels require a message meant to move each account to the next step in the sales cycle. For example, a customer in the proposal stage may be better off receiving a marketing campaign featuring your ROI rather than a generic message covering bells and whistles of your solution.
CRMs to Help Achieve ABM
The best tool to automate ABM is a solid Customer Relationship Management (CRM), preferably with integrated marketing. Aside from the customer analytics it can provide, a CRM can be customized to categorize prospects/customers based on interests, stages in the sales cycle, purchase history, etc. This type of information is invaluable when organizing an ABM campaign.
Let’s look at some of the more popular CRMs.
When it comes to performance and reputation, it is hard to beat Salesforce CRM. It offers a user friendly interface and integrated marketing solutions...at a price.
Marketing Cloud is Salesforce’s version of integrated marketing engine which is tightly integrated into the CRM. Simply checking a box on the account/contact page or building an automated trigger with Salesforce’s Process Builder can provide a fully automated ABM solution delivering the right message to the right contact.
Marketing Cloud has a number of tiers based on the features you are looking for. Salesforce requires you to contact them for pricing.
Marketing Cloud is an add on to the Salesforce Editions one must already have in place
Professional Edition- $75 per user per month (additional cost based on the number of emails sent)
Enterprise Edition- $150 per user per month (additional cost based on the number of emails sent
Zoho offers a user experience much like Salesforce without the support structure.
While not as user-friendly as Salesforce’s Marketing Cloud, Zoho Campaigns provides a solid solution when it comes to ABM. It offers a tightly integrated marketing engine with automated triggers for campaign management.
Email based as low as 500 emails for $3 all the way up to 100,000 emails for $200
Subscriber based as low as 500 subscribers for $500 all the way up to 100,000 subscribers for $350
Hubspot is popular among marketers, but more “clunky” when it comes to standard B2B CRM applications. Hubspot markets themselves as a “free” CRM, but it lacks basic functionality under the free edition. For standard editing that most businesses need, you will need to spend $50 per user per month. This includes the Marketing Hub which offer ABM and automated marketing.
Email Marketing Engines that Provide ABM
If paying for a CRM subscription and/or its marketing piece is not an option, email marketing services such as MailChimp and Constant Contact offer customer database management without the sales forecasting and support case functionality. Used with a limited or free CRM (like the ones mentioned above), these email marketing solutions can be integrated with your CRM to handle contact management in one solutions and email marketing in the other. While an integration is not always ideal, it does offer an inexpensive option to be used with robust email marketing that can target contacts based on specific criteria.
There is a shift in marketing engagement. Prospects are being bombarded from every angle and they are experiencing information overload. In order to break through this, one must deliver the right message at the right time.