Traditional Marketing vs. Account Based Marketing: Which One Fits Your Business Goals?

Account-Based Marketing

ABM, on the other hand, is a more targeted approach to marketing. It involves focusing your efforts on a specific set of high-value accounts, rather than casting a wide net to reach as many people as possible. ABM is a strategic approach that requires collaboration between sales and marketing teams to identify target accounts and create personalized campaigns to engage with them.

Understanding the Differences Between Traditional Marketing and Account-Based Marketing

Audience

One of the key differences between traditional marketing and ABM is the audience. Traditional marketing is often aimed at a broad audience, while ABM is aimed at a specific set of accounts. Traditional marketing focuses on generating leads and gaining brand recognition, whereas ABM focuses on building relationships with high-value accounts, driving revenue, and achieving business goals.

Personalization

Another key difference between traditional marketing and ABM is the level of personalization. Traditional marketing often uses a one-size-fits-all approach, with the same message being delivered to a wide audience. ABM, on the other hand, requires a high level of personalization to be effective. This involves tailoring the message and content to specific accounts, based on their individual needs and pain points.

Metrics

Traditional marketing and ABM also differ in terms of the metrics used to measure success. Traditional marketing typically focuses on metrics such as reach, impressions, and click-through rates. ABM, on the other hand, focuses on metrics such as engagement, pipeline velocity, and revenue generated from target accounts.

Benefits of Account-Based Marketing

Increased ROI

ABM has been shown to deliver a higher return on investment (ROI) than traditional marketing. This is because ABM focuses on high-value accounts that are more likely to convert to paying customers. By focusing your efforts on these accounts, you can generate more revenue with fewer resources.

Improved Collaboration Between Sales and Marketing Teams

ABM requires close collaboration between sales and marketing teams to be successful. This collaboration can lead to improved communication and alignment between the two teams, which can lead to increased efficiency and better results.

Personalized Approach

ABM allows for a highly personalized approach to marketing, which can lead to better engagement and a higher likelihood of conversion. By tailoring your messaging and content to the specific needs of target accounts, you can build stronger relationships and drive more revenue.

Account-Based Marketing Statistics

ABM has become increasingly popular in recent years, and for good reason. Here are some statistics that highlight the effectiveness of ABM:

• 87% of marketers say that ABM delivers a higher ROI than other marketing strategies (ITSMA)
• 83% of marketers say that ABM increases engagement with target accounts (ITSMA)
• Companies that implement ABM see a 171% increase in average annual contract value (SiriusDecisions)
• 91% of B2B marketers using ABM report that it is “extremely” or “very” important to their overall marketing strategy (Demandbase)

These statistics demonstrate the effectiveness of ABM in driving revenue and achieving business goals.

Implementing an Account-Based Marketing Strategy

Identify Your Target Accounts

The first step in implementing an ABM strategy is to identify your target accounts. This involves collaborating with your sales team to identify the accounts that are most likely to convert to paying customers.

Develop Personalized Content

Once you have identified your target accounts, the next step is to develop personalized content that speaks to their individual needs and pain points. This might include case studies, white papers, and other resources that are tailored to the specific challenges faced by each account.

Engage with Target Accounts

ABM is all about building relationships with your target accounts. This involves engaging with them through a variety of channels, including email, social media, and direct mail. The goal is to provide value to these accounts and build trust over time.

Measure and Refine Your Strategy

As with any marketing strategy, it’s important to measure the effectiveness of your ABM campaigns and refine your approach over time. This might involve analyzing engagement metrics, pipeline velocity, and revenue generated from target accounts.

Creating Your Account-Based Marketing Plan

Define Your Goals

Before you can create an effective ABM plan, you need to define your goals. This might include increasing revenue from target accounts, improving engagement, or increasing the number of qualified leads.

Identify Your Target Accounts

Once you have defined your goals, the next step is to identify your target accounts. This involves collaborating with your sales team to identify the accounts that are most likely to convert to paying customers.

Develop Your Messaging and Content

With your target accounts identified, the next step is to develop your messaging and content. This involves tailoring your message to the specific needs and pain points of each account, and developing personalized content that speaks to those needs.

Choose Your Channels

ABM involves engaging with target accounts through a variety of channels, including email, social media, and direct mail. Choose the channels that are most likely to be effective for your specific accounts.

Measure Your Results

As with any marketing strategy, it’s important to measure the effectiveness of your ABM campaigns and refine your approach over time. This might involve analyzing engagement metrics, pipeline velocity, and revenue generated from target accounts.

Account-Based Marketing Tips

Here are a few tips to keep in mind when implementing an ABM strategy:

• Collaborate closely with your sales team to identify target accounts and develop personalized campaigns.
• Use a variety of channels to engage with your target accounts, including email, social media, and direct mail.
• Focus on building relationships with your target accounts, rather than simply generating leads.
• Measure the effectiveness of your campaigns and refine your approach over time.

The Best Tools for Account-Based Marketing

To execute an effective ABM strategy, you need the right tools to help you identify target accounts, create personalized content, and track your progress. Here are some of the best tools for account-based marketing:

1. Terminus: Terminus is an all-in-one ABM platform that helps you identify target accounts, create personalized campaigns, and measure your results. It offers a range of features, including account-based advertising, sales enablement, and account-based analytics.
2. Engagio: Engagio is an ABM platform that helps you engage with target accounts across multiple channels, including email, social media, and events. It offers a range of features, including account-based advertising, account-based analytics, and account-based sales.
3. HubSpot: HubSpot is an inbound marketing and sales platform that offers a range of ABM tools, including account-based advertising, account-based analytics, and account-based sales. It integrates with a range of third-party tools to help you manage your ABM campaigns more effectively.
4. Drift: Drift is a conversational marketing platform that helps you engage with target accounts in real-time through chatbots and live chat. It offers a range of features, including account-based advertising, account-based analytics, and account-based sales.
5. LinkedIn Sales Navigator: LinkedIn Sales Navigator is a tool that helps you identify and connect with decision-makers at your target accounts on LinkedIn. It offers a range of features, including lead recommendations, account insights, and CRM integration.
6. Uberflip: Uberflip is a content marketing platform that helps you create personalized content experiences for target accounts. It offers a range of features, including content personalization, account-based analytics, and sales enablement.
7. Demandbase: Demandbase is an ABM platform that helps you identify target accounts, personalize your website and advertising for them, and engage with them through multiple channels. It offers a range of features, including account-based advertising, account-based analytics, and account-based sales.

Account-Based Marketing Campaigns – Examples

Here are a few examples of successful ABM campaigns:

• Adobe: Adobe used ABM to target a specific set of high-value accounts, resulting in a 220% increase in pipeline and a 21% increase in deal size.
• Blackbaud: Blackbaud used ABM to target key accounts in the nonprofit sector, resulting in a 50% increase in marketing-qualified leads and a 10% increase in sales win rate.
• Terminus: Terminus used its own ABM platform to target high-value accounts, resulting in a 733% increase in pipeline and a 25% increase in revenue.

Courses for Learning Account-Based Marketing

If you’re interested in learning more about ABM, there are a variety of courses available online. Here are a few to consider:

• ABM Mastery: A comprehensive course that covers all aspects of ABM, including strategy development, account selection, and campaign execution.
• ABM Essentials: A course that covers the basics of ABM, including identifying target accounts, developing personalized messaging, and engaging with target accounts.
• ABM Certification: A program offered by the ABM Leadership Alliance that provides certification in ABM strategy and execution.

Which Approach is Right for Your Business?

Choosing the right marketing approach for your business depends on various factors, including the size of your business, the target audience, and the goals of the marketing campaign. For instance, if your business is targeting a broad audience and looking to build brand awareness, traditional marketing may be the right approach. However, if your business is targeting specific high-value accounts and looking to generate leads, ABM may be a more effective approach.

Moreover, both traditional marketing and ABM can be used together to create a comprehensive marketing strategy. By combining the two approaches, businesses can leverage the benefits of both and create a more effective marketing campaign.

Conclusion – Choosing the Right Marketing Strategy for Your Business

In conclusion, traditional marketing and ABM are two very different marketing strategies with different goals and approaches. While traditional marketing can be effective for generating leads and building brand recognition, ABM is a more targeted approach that focuses on building relationships with high-value accounts and driving revenue. By understanding the differences between these strategies and choosing the one that best fits your business goals, you can achieve better results and drive more revenue.