In this era of transformation, most of the manufacturing units get into a dilemma as to which marketing will work the best in hitting the bull’s eyes i.e. suitable customer with a suitable message. The best marketing strategy they can opt for is Account Based Marketing (ABM).
But before digging deeper, let's get started by understanding this term- Account-Based Marketing.
Account Based Marketing-What is it?
Well, Account Based Marketing is not a new marketing plan; it has been around for quite some time but has gained popularity only in the recent years.
Account Based Marketing aims to target the accounts using customized campaigns. ABM focuses on a specific section of customers rather the whole society of customers which not only helps in saving the marketing resources but also makes it cost effective which in turn enhances the sales process.
Account Based Marketing can also be referred as key account marketing B2B strategy which works similar to inbound marketing. Unlike the traditional marketing method where in order to attract a customer an email or a cold call is made to them irrelevant of their interest, ABM has a very different approach.
ABM concentrates on a customized marketing strategy which aims at identifying your potential accounts (customers), engaging them with helpful content and establishing an enduring and profitable relationship.
ABM has proved to be the most effective tool in B2B marketing. According to ABM adoption benchmark report, about 96% of B2B companies believe that ABM has contributed to their marketing success.
Manufactures, in particular, have had a lot of profit leads after practicing ABM. They have majorly had long sales cycles and also high-value products and services along with speeding up pipeline velocity which helps in closing the deals faster.
How potent is Account Based Marketing strategy for Manufactures?
Account Based Marketing approach can be considered as a blessing for manufactures. It has proved to be one of the most beneficial strategies in the past and will continue to do so in future due to the following reasons:
ABM adopts a selective methodology in picking up its customers, it targets only the set of stakeholders who are inquisitive about buying various products or services which are offered by a manufacturer and this indeed helps in closing the deal faster and also swifts your unit in reaching the sales goals.
ABM is a customized approach to marketing through which the manufacturers can know the changing demands of the customers and indeed re-organize, re-tool and re-consider the various production strategies.
It also helps in gathering customer data. By knowing the customer's needs through customer data, the manufacturing units can target customers who have similar preferences through a single source of information.
While ABM may seem to be a rigorous strategy, it can help you attain high profits as it targets only restricted companies which can help you accurately use all your resources and also contribute in increasing the company’s revenues. It also helps in making a long-lasting lucrative relationship with the company.
Can Account Based Marketing be same for all the manufacturing units?
Account Based Marketing is not based on “one-size fits all” approach rather it has various tactics involved in it. You can choose the tactics based on the numbers of accounts to be targeted and CRM. Let us now look at the types of tactics.
Types of ABM tactics:
There are basically 4 types of ABM tactics-1:1 ABM, ABM Lite, Programmatic ABM and Bolt-on ABM.
The figure depicts the 4 different ABM tactics. Let us have a closer look at them.
a) 1:1 ABM
It majorly targets an audience size of about 1-10 accounts. It focuses on enterprise accounts and has a deal size slightly larger than the average deals. Although it includes a long and complex sales process it provides a highly personalized content to specific accounts. It has a low scalability.
b) ABM Lite
It focuses on an audience size of around 10-100 accounts. It targets majorly on an enterprise or mid-market accounts. The deal size of ABM Lite is same as 1:1 ABM and both have a similar sales process; however, ABM Lite provides strategic personalization and adapting content depending on the target accountant needs. It has a medium scalability.
c) Programmatic ABM
It targets an audience size of about 100-1000 accounts. It involves a sales cycle including multiple decision-makers and has an average deal size. It provides automated personalization during the early stages of the sales cycle and starts to provide highly personal sales conversation in the later stages. It is highly scalable.
d) Bolt-on ABM:
It is not restricted to any audience size. It can have any number of accounts. Its sale cycle depends on multiple decision makers and provides highly personalized sales conversation in the later stages of buyer's journey. It has a medium scalability.
After choosing the right tactics you can jot down the ideal ABM strategy.
How can you formulate an ideal Account Based Marketing strategy?
Here are a few points you should keep in mind while intriguing your ABM plan.
- Have a solid entrenched strategy with supporting content for it. Without a proper content, it becomes difficult to target the accounts.
- Make a strong marketing and sales team which will help you to hit the right target account. Follow certain protocols while following up with target leads.
- Most importantly identify the company with respect to its size, location, and annual revenue and then target the right accounts otherwise you might not attain the desired result and all the resources and money goes in vain.
- Since ABM focuses on customized campaigns, make sure to include personalized emails, messages for the target accounts.
- You can also conduct some planning workshops consisting of marketing and sales sessions for the accounts understanding.
Once you have these pointers ready you are good to go with your ABM plan. Also after your plan is in action, keep reviewing it time to time.
Account based Management has always proved to accredit the manufacturing units with more engaging and profitable long terms with industrial companies. Although the data maintenance in ABM is higher to digest for the manufacturing units the end results are more profitable as the right message is communicated to the right customers.
So shift to ABM marketing with just a little change in your marketing strategies and enjoy higher revenues in a shorter amount of time.