People often think that sales and marketing are cut from the same cloth. However, that isn’t the case. In fact, they are two very different things that companies employ for a common target. Their work and functions are distinct, yet both are necessary to sustain the organization.
So, basically, sales and marketing precede each other. Marketing fulfills and solidifies the work funnel, and then sales pitches it to the client to close the deal. That is how things work in a traditional inbound marketing model.
However, that is not the case for Account-Based marketing or ABM. In this scenario, the line between Sales and Marketing is minimized. In fact, nowadays, ABM is a necessity for B2B companies.
Often utilized by enterprise-level organizations due to their tailored account-centric focus, account-based marketing (ABM) is a strategic business marketing approach where individual customer accounts, or markets of one, are seen and communicated with as distinct entities.
This marketing strategy's main job is collaboration between the marketing and sales teams. It finds a set of targets within the dedicated market and then syncs the sales and marketing teams to effectively land the customer.
With ABM, the sales and marketing teams effectively collaborate to strategize and send tailor-made content directed toward the client. The benefits? It works well in a specified industry where, with a perfect blend of marketing tricks and sales pitches, companies can upsell and cross-sell, effectively increasing their customer retention.
ABM also includes sales parts where personalized texts and messages could be used, which play a crucial role in sales and marketing.
Account-based marketing is widely different from everyday outbound marketing. In the latter, companies must send thousands of promotional content lists. However, in the former, i.e., ABM, custom campaigns are sent to the targeted clients or persons.
Another critical difference between the duo is that ABM offers a one-to-one experience along with providing a much more dynamic approach for both the marketing and sales teams. Furthermore, ABM campaigns for targeted clients often run for a long time, whereas the same isn’t the case with outbound marketing.
Many marketing executives make the mistake of thinking that ABM is one complex strategy. However, even though it is broad, it is much more accessible when divided into different parts where the executives can reach all their target contacts.
There are three main types of ABM:
Through these, marketing and sales executives can run a successful campaign even if their target is the head of a company or its hundred employees.
The spearfishing or one-to-one ABM campaign is usually meant for the big fish. For example, it is traditionally used to target a company's decision-makers, like Presidents or CEOs, and people who occupy the top strata of the hierarchy.
These kinds of ABM campaigns take the most time, are the most expensive, and are the most complex. Thorough research on the target is required to connect with them on a personal level.
Spearfishing campaigns on a significant level can become a burden to the company. Hence, the next best thing can be the One-to-Few or Net fishing campaigns. These usually target the people in a company who might not be the final decision makers but a big part of it, like Vice Presidents or directors.
Net fishing campaigns generally take into account the common factor and common communication channel between the VPs or directors of a specific industry and cater to them.
One-to-many or Trawling is an ABM campaign that can be mistaken for traditional outbound marketing. However, there is a huge difference, and this specific campaign is far more effective than the traditional method. It generally targets a company's mid-level employees, like analysts or managers.
While these people do not have any say in purchasing a product, they might mainly use the products or services. Hence, they will be the most interested, so targeted content and ads for these people are what trawling is all about.
ABM campaigns, in general, will only reel in limited clients. However, the upside to ABM campaigns is that through these personalized campaigns, even if you sign very few deals, they could be so big that you will get several times the ROI on the money you spend on these campaigns. However, considering the nature, you should never spend your entire marketing budget on ABM campaigns.
ABM campaigns can only be successful when the efforts of a company's marketing and sales departments align. The sales team needs to create a list of targeted contacts, and the marketing team needs to segment resources to those contacts. The marketing team needs to develop messages and content, while the sales team should contribute to spreading them. Both teams must align their marketing and prospecting efforts with the campaign and contribute to research and reporting.
Without the contacts from your CRM, you cannot even start your ABM campaigns. With all the relevant data, you can use HubSpot's ABM software to run a successful campaign. It can identify your target contacts, create perfect ICP, customize audiences, compare your strategy with other unique ABM reports, and execute the campaign.
Account-based marketing (ABM) is a focused strategy that targets high-value accounts and contacts. It differs from traditional outbound marketing and sales prospecting and involves a unique blend of both techniques. There are three ABM approaches, each tailored to engage with specific contacts and fit your business's unique needs.
The success of ABM hinges on perfect marketing and sales alignment, which can be accelerated with the help of an experienced digital agency. Experience agencies enable businesses to build and nurture long-lasting relationships with high-value accounts.