Due to the rapid adoption rate of the internet in our lives, we have moved from an age of information scarcity to that of information abundance.
We are much more engaged and connected with anyone and anything now than any time ever.
However, with the explosion of information in our lives, our attention spans are getting shorter.
As our attention times have started getting shorter, our mind has started tuning out the content that we do not want to watch/read.
Your consumers’ average attention span is 8 seconds, down from 12 seconds in 2000
This has posed an exciting albeit unique challenge to all the marketers i.e. capturing the attention of the buyers in this age of information abundance.
As we market to our buyers in this new age, we now have access to new channels, strategies, and technologies. These strategies can enable marketers to deal with the challenge related to capturing attention.
Account-based marketing is one of those strategies.
What is Account Based Marketing?
Account Based Marketing means selecting target accounts and delivering focused and personalized programs, messages, and content to move them forward to your goal — whether that’s an initial sale, cross-sale or up-sell, renewal of their contract, or even advocacy.
Rather than broadcasting the message to a mass audience, you can now employ your resources on a targeted set of accounts and look to deliver strategic campaigns personalized to those accounts.
Why should you do it?
Account-based marketing offers some real benefits to you. Here are 5 key benefits that Account Based Marketing offers to your firm:
1. Increased ROI
Account Based Marketing focuses on building pipeline and growing revenue within the right company i.e. those with a high propensity to purchase from, stay with and buy more.
This enables you to make a bigger revenue impact than by using any other strategy or tactic.
2. Increased efficiency
Since you are focussing on specific accounts, majority of your resources are focussed on deriving revenue from those accounts thereby leading to increased efficiency.
This way you are minimizing the resources spent on less important buyers/segments.
3. Better engagement
Instead of going in the sea with a blanket, you are now going with a spear
This enables you to personalize your approach for each prospect leading to better results albeit engagement from your prospects.
In this age of information abundance, targeted prospects are much more likely to engage with your content that is specifically for them.
Since Account Based Marketing is increasingly precise and targeted, it makes it easier to measure the ROI of each tactic on an account specific level.
You can then use this knowledge to effectively optimize your campaign.
5. Better sales alignment
With Account Based Marketing, marketers can operate with a sales mindset i.e. thinking in terms of accounts and how to target them.
Also, they can collaborate with the sales team in identifying key accounts and presenting them with targeted messages before handing them over to the sales team.
While marketers understand the benefits of personalization, it wasn’t possible to operate at scale until today. Nowadays, personalized campaigns are powered by technologies which can enable you to scale your personalization efforts.
In this new age of information explosion, marketing, selling and supporting your customers at an account level is not only critical to your success but also something which your customers expect from you.
The definitive guide to Account Based Marketing by Marketo
Want to know more about how you can adopt Account Based Marketing in your organization? Please comment below