Account Based Marketing - B2B Marketing Strategy Of Choice
Definition:
Marketing focused on a target group of accounts/companies and the people within them.
Background:
Account Based Marketing has risen from a Silicon Valley buzz word to now be the trusted and accepted way for brands to market to their customers.
It means creating a list of companies, a brand wants to work with and committing to marketing to them for 6-12 months.
A New Approach To The Marketing Funnel
Account based marketing turns the marketing funnel upside down. Instead of a "shot gun" approach with a very wide top of the funnel and a narrow conversion at the bottom. Account based marketing instead makes the top of the funnel very narrow, focusing on a select group of companies, and the bottom of the funnel very wide. Very wide because typically when an account is closed the plan is to then land and expand and secure more work.
Is Account Based Marketing Right For You?
Account based marketing works well for business to business companies. Companies that can define a group of other companies they want to work with. The narrow focus at the top of the funnel means a greater focus of risk. You have to be pretty sure the companies you are selecting are the right ones for you. If they aren't there could be a big hole in your marketing funnel!
3 Tips For Account Based Marketing Success
Tip 1:
Decide if it's right for you. Account Based Marketing isn't for every business type. But it can be the best way to grow market share within key segments and target clients.
Tip 2:
Invest for long term strategic success. You have to invest and back your strategy with account based marketing. Aim to build marketing awareness and positioning over a period of 3 to 6 months. Become the only thing your chosen companies think about. This will yield to a higher chance of securing that company when they are ready to talk about the problems you solve.
Tip 3:
Build a plan which can keep you working on the companies, even if at first you don't get penetration. The reality of sales is that only 3% at any one time are ready to buy. Which means you need to have a strategy of working the account for 3-12 months. Multi touch, multi angled, building engagement across the company so that when they are ready to buy you are who they call.
At Sella we practice what we preach. Talk to us about how we could help you implement an account based marketing approach that gets results.
