Use Account-Based Marketing to Generate Demand
Learning Objectives
After completing this unit, you’ll be able to:
- Explain the importance of account-based marketing.
- List three steps for scaling successful account-based marketing campaigns.
The Power of Account-Based Marketing
Account-based marketing (ABM) targets accounts most likely to buy a product or service. A successful ABM campaign is highly personalized and tailored to the accounts it targets. It also allows marketers to boost win rates, develop strong account relationships, and increase customer lifetime value. Marketers—especially those in B2B—can also make the most of tight budgets and limited resources with a clear ABM strategy.
To be scalable, however, successful ABM campaigns require a solid playbook and team collaboration. Start your ABM strategy off right with these three steps.
Three Steps for Generating Demand with ABM
- Build a demand strategy.
- Align with sales.
- Close out the win.
Step 1: Build a Demand Strategy
In sports, talent on the field or court is only part of the equation—teams also need a shared strategy and game plan to win competitions and advance to the next level. The same principle applies to any account-based marketing campaign. Before you can win new accounts, you must first build a strategy.
You can do this by thinking like a coach. With their birds-eye view of a playing field, coaches are in a prime position to analyze game performance and craft a strategy specific to their players. As a marketer, it’s your task to review any data you get about web engagement, landing page clicks, and content to pinpoint whether your tactics worked (or didn’t work). Use this information to build a playbook filled with specific actions your players (that is, your marketers) can execute, such as automation of leads to sales or a personalized upsell campaign.
Leading with a strategy grounded in performance is more likely to drive demand, inching you closer to the prize: a closed deal.
Step 2: Align with Sales
Once you’re generating demand with a solid strategy, it’s time to align your marketing and sales efforts. But this can be difficult in the B2B business world. As a marketer, you might see a result of a campaign that a sales team member doesn’t. This is similar to what happens on a field or court—players have one perspective about a game, based on what is in front of them, while coaches have a different view. To win a game, both perspectives have to align.
With ABM, the key to marketing and sales alignment is communication. Be sure to communicate all marketing insights directly to your sales team. If lots of buyers are engaging with your ABM campaigns, your sales team needs to know this right away. It’s especially important to keep your team in the loop about engagement. Which customers within an account are engaged? What campaign are they engaging with? When did this engagement happen?
Share answers to these questions with your sales team to ensure they are aligning to your marketing strategy and, in turn, engaging with customers in a meaningful way.
Step 3: Close Out the Win
Closing out deals is important, but it’s not the endgame. It’s equally important to manage your customers’ health beyond a win, just as physical therapists manage players’ health throughout their careers. This enables you to build strong account relationships with high customer lifetime value.
How can you close out a win in this way? Work closely with your customer service team. Keep them in the loop about everything (and vice versa). Which accounts need extra attention right now? Where are there more opportunities for sales? Ask these questions often and discuss answers regularly with your service team. Loop your sales team into these conversations as well. An ABM campaign is most likely to take off when marketing, sales, and service teams are all on the same page.
Create Demand with Account-Based Marketing
A strong account-based marketing campaign is essential for demand generation in a digital-first world. By building a clear demand strategy, aligning with sales, and closing out wins, you can maximize ABM’s potential.