Your company’s marketing strategy is probably killing it somewhere, right now, as you’re reading this—but that doesn’t mean it can’t be improved. If you’ve worked at a marketing firm for some time, you’re probably aware of patterns among the marketing team. Just like people have different aptitudes and proficiencies when it comes to their hobbies and life skills, some marketers have favorite or go-to strategies. The people who are good at social media marketing seem to excel at social media in general, and use it often. The SEO wizards are the perceptive ones at the office—often very aware of who responds well to what and why.
This is just one more way that not all marketing strategies are created equal. Pretty much every marketing tactic from the last five years has a viable ROI when employed by a seasoned professional, but that doesn’t mean each marketing tactic your company employs will be operating in a way that gives you the best ROI. This article explains how to bring your least profitable marketing campaigns back in line with your most profitable ones through the use of an account-based marketing solution.
Improving Your Audience
First things first: Your business won’t be changing marketing tactics when you integrate an ABM campaign. ABM consists of many of the same tactics that are mandatory for every marketing department: SEO, programmatic, paid advertising, social media, automated marketing. The separation here is mainly found in how you use those tactics, coupled with the number and type of people you’re using those tactics on.
If you’re a part of a large business, there isn’t much chance you’ll maximize revenue using only lead-based marketing strategies. With a shift toward account strategy, your marketing department can prioritize high-value clients in a cost-effective way, with access to tools that enable them to collaborate with sales every step of the way.
The Buoying Effect
One of the best features of an account-based solution is how easy it is to see the effectiveness of your marketing channels. With a new strategy that explicitly involves tracking real, very important individuals, you’ll have access to new, game-changing information. Soon, you’ll learn, for example, plenty of accounts are won on social media and the exact value of your re-engagement campaign (as long as it’s working properly).
When you employ an ABM strategy, you’ll measure the cost of the campaign as a whole, based on the channels that will result in the best ROI for that particular client. You’ll want to pay attention to what your probable return is on running social ads, or programmatic on corporate news sites, and by the next month, you’ll have information that describes exactly how effective those spends were.
With ABM, you get to see exactly how much your channels are affecting any given target.
This is known as the “Buoying Effect.” When you choose ABM, your marketing department will receive valuable data each month: portfolio and engagement activity for the most important prospective client/s. You’ll learn how you reached them on social media, that their impressions for your business have increased by 400% since you began targeting, and that it’s only a matter of time before they convert. One of the best things about ABM is its stellar return, but any marketing professional will tell you data en masse, a veritable pile of information about where you’re performing well and why, is monumentally more valuable than any single account you could land (yes, really).
How Engagement Inevitably Increases with ABM
If you’re starting ABM from a primarily lead-based strategy, launching a new ABM campaign is a lot like doubling the efforts of your marketing department. Your total marketing spend will increase initially, but even after the first month, you’ll have a second set of data points that are just as robust and descriptive as what you were getting the month before. That’s right, double the information. As such, it becomes imperative to automate as much as you can, right out the gate. Automating makes it easy to continue the customer experience as it scales, increase the speed of your qualification processes, and send better post-engagement content to the accounts that really matter.
This is how cross-channel engagement starts to flourish. By nature of focusing on accounts more directly, you’re moving away from the short, straightforward buyer’s journey to something that takes a level of care and premeditation. The amount of time your ABM target will stay in the awareness phase will sometimes be three or four months longer than a lead-based client. But isn’t that bad? Not at all. In reality, spending more time on your client’s radar will not only make them aware of your brand, but they’ll also feel much more comfortable making large deals, due to the level of familiarity. This is how ABM makes brand advocates, rather than quick, cheap deals. With the level of automation required to manage an ABM campaign effectively, your business will always be exactly where it needs to be when that client is ready to make a deal.
The next step is to keep track of which clients you gained through ABM, and see what they go on to do for your brand. Do they now tag you in their marketing material? Are they interested in collaborating on a white paper? Did they recommend you to other enterprise-level clients?
Our ABM clients certainly do, and we attribute that to the head start ABM grants when it comes to building a business relationship. Interested? Read more about ABM on our blog, here, and reach out to us if you’d like to purchase a comprehensive ABM marketing solution.