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Account-Based Marketing (ABM)
The document outlines the Account-Based Marketing (ABM) strategy as a targeted approach for aligning sales and marketing efforts to enhance revenue growth and ROI. It emphasizes the importance of identifying ideal customer profiles, crafting personalized communication plans, and maintaining consistent engagement with key accounts. Additionally, it provides a phased execution strategy for implementing ABM across sales teams, detailing resource allocations, budget considerations, and performance metrics.
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Account-Based Marketing (ABM)
- 1. Account Based Marketing A Proven Processfor Growing Sales
- 2. How can Marketing support salesand supply new avenues of business
- 3. Account Based Marketing “personalized approach totarget one company, one department, or even one individual” – Convince & Convert “focused growth strategy in which Marketing and Sales collaborate to create personalized buying experiences for a mutually-identified set of high-value accounts.” - Hubspot “directs marketing resources to engaging a specific set of target accounts.” - LinkedIn Marketing Solutions WHAT IS ABM?
- 4. What is theStarting Point for ABM? Grow ROI Communication Organize a comprehensive communication plan for each industry Audience Identify our target audience thus creating our ideal customer profile Key Accounts Draw out key accounts from target audience A Brief Introduction to the ABM Process
- 5. How Do We SelectOur Target Audience? 1. Review current clients that represent ideal customers 2. Identify their industries and select the industries we want to participate in 3. Identify individual roles within each company 4. Identify competitors with same qualifications 5. Identify individuals within the competitors Steps for Identifying Our Ideal Customer:
- 6. Individualized Comprehensive Communication Plan Every industryhas its own plan Personalized marketing message Personalized content Be where your buyer is Target audience motivations = marketing message
- 7. Individualized Comprehensive CommunicationPlan: Illustrating Marketing and Sales Working Together Week Marketing Sales One Sends direct mail to primary contact in account Calls the account after mail is delivered to check in Two Emails new whitepaper, case study, or eBook etc. Emails the account to see whether they have any questions about the content Three Runs display targeted advertising campaigns Collaborates with marketing to see whether the account clicked on the ad Four Analyzes engagement metrics to see what’s worked Assesses next steps for moving forward and make adjustments (Vajre, 2016) Account Marketing Plan – Example
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- 9. Current Sales Strategy oSales find their own leads o Lead focus is a personal preference o Cold call leads o Informal process Review:
- 10. Current Strategy o Salesfind their own leads o Lead focus is a personal preference o Cold call leads o Informal reactive process o Marketing and Sales identify key accounts o Key accounts are our ideal customer o Personalized message for every account o Consistent communication plan o Proactive process ABM Strategy
- 11. Assure Your Prospects 90%of sales people give up after 3rd attempt 80% of sales require 5 follow-up calls after the first meeting 44% of sales reps give up after first follow-up call Reaching a prospect takes an avg. of 8 cold call attempts 92% of salespeople give up after four “no’s” 80% of prospects say “no” four times before they say “yes” People often buy after 9-to-12 exposures to something
- 12. Account Based Marketing prospective growth strategy toalign departments and focus sales process
- 13. DEFINE A TARGETAUDIENCE Solving marketing's biggest problem ALIGN AND OPTIMIZE MARKETING & SALES DEPARTMENT Both will be working on the same target accounts with the same goal RETURN ON INVESTMENT “Research by ITSMA found that 87% of marketers that measure ROI say that ABM outperforms every other marketing investment.” Main Benefits of ABM for BARR Credit MOVE AWAY FROM LEAD BASED STRATEGIES Focus all resources on best fit accounts
- 14. 60% of companies thatuse ABM saw a revenue increase of at least 10% within 12 months, while 1 in 5 companies experienced a revenue increase of 30% or more ABM at Work
- 15. 91% of ABMusers were able to increase their average deal size, with 25% of respondents stating that the increase was 50% or more ABM at Work
- 16. ABM outperforms other marketinginitiatives ABM at Work 171% increase in average annual contract value for B2B marketers after implementing their ABM strategy
- 17. SOFTWARE COMPANY THAT PROCESSES 35% OFU.S. MORTGAGE APPLICATIONS 12 MONTHS OF UTILIZING ABM T H E I R P I P E L I N E H A S C O N T I N U E D G R O W T H W I T H L E A D S D I R E C T L Y I N F L U E N C E D B Y A B M 1 8 , 0 0 0 + C O N V E R S A T I O N S & G E N E R A T E D 4 9 4 + O P P O R T U N I T I E S ABM at Work I N C R E A S E D T H E I R T O T A L D E M O R E Q U E S T S B Y 7 2 % .
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- 19. Next Step: Will yousupport implementing Account Based Marketing at BARR? Questions?
- 20. Execution Strategy The initialstrategy is to develop one Account Based Marketing (ABM) sales representative. The resources and metrics to consider: • 1 ABM focused sales representative • 10% of marketing time • 12–16-month campaign • Key Performance Indicators (KPI): 10% of key accounts have been converted into clients • Limited target audience and key accounts: 2 industries with 100 key accounts per industry • Digital advertising budget: $500 month • Direct marketing budget: $200 month • Telephone based strategy: contact each key account every six weeks Phase one: Getting Started
- 21. Execution Strategy cont. Afterthe initial ABM trial, we will roll out to a larger percentage of the sales force. The resources required for this strategy will increase, consider: • 3-5 ABM focused sales representatives • 40% of marketing resources • 12–16-month campaign • Key Performance Indicators: 10% of key accounts have been converted into clients • Target audience and key accounts: 2 industries with 100 accounts per industry per sales representative • Digital advertising budget: $2000 month • Direct marketing budget: $1000 month • Telephone based strategy: contact each key account every six weeks Phase two: Rollout
- 22. Execution Strategy cont. Thesales and marketing departments would be expected to refocus their lead efforts to ABM entirely. • All sales representatives will be ABM focused • 80% of marketing resources • 12–16-month campaign • Key Performance Indicators: 10% of key accounts have been converted into clients • Target audience and key accounts: 2 industries with 100 accounts per industry per sales representative • Digital advertising budget: TBA • Direct marketing budget: TBA • Telephone based strategy: contact each key account every six weeks Phase three: Comprehensive
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