One of the newer concepts to appear in marketing over the last few years is called Account-Based Marketing. It’s somewhat of a nuanced and particular type of marketing, but the results when implemented well have been so staggering that we felt it warranted a closer look.
We liked what we saw.
And you’ll probably like it too. Here’s why:
A Market of One
There’s hardly a better way of summing up Account Based Marketing than by saying it’s a market of one. One prospect. One business. One very concentrated, incredibly detailed market that caters to one single account.
So in a sense, it’s exactly what it sounds like.
How does that work though? Because in one sense this goes against the conventional “cast a wide net” approach of traditional marketing. It flies in the face of everything we’ve known and preached and practiced for decades.
The beauty of Account Based Marketing is that it allows the ultimate expression of value. And we preach value a lot.
When all you have to do is focus on winning one client, you look for innovative and fresh ways to address their needs. You focus on offering solutions and not just pushing products. You cater sales to be empathetic and all-encompassing. You’ll also start finding other prospects and winning new clients along the way because your focus is singular: Provide value on an individual basis (in terms of organizations.)
It’s the ultimate form of B2B sales and marketing integration.
Where Digital Marketing Plays In
At this point, you may be thinking – why would I need to do any digital marketing if I’m only focused on one account?
Let’s put it this way. There are no two forms of marketing that are more complimentary that digital marketing and account-based marketing because they work in tandem. The ultimate focus is on relationships.
People don’t like being sold to, which is why an account based approach that focuses on value and not sales is so groundbreaking. Since everything you do needs to have a target audience in mind anyway, why not get incredibly specific with the results you want to see or the client you want to win?
As I said earlier, in a semi-paradoxical way, you’ll be catching more fish with what feels like a smaller net. It’s not though, which is the unique way these two processes go hand-in-hand.
The Basics of Account-Based Marketing in Four Steps
1. Audience Research
Your target audience is a foundational part of digital marketing, and account-based marketing is no exception.
The B2C concept of building buyers personas is also very appropriate here, but remember you’re dealing with organizations and not just individuals.
Hone in on your audience with statistics like company size, revenue, market influence, and industry. Once you’ve established this, you can further flesh out your “buyer persona” by finding out more about specific details of the organization. Who are the key decision makers? How is the company structured? This information will help you determine how to approach your audience of one.
2. Start Making Content
Now that you’ve focused in on your account, you can start creating content for them! Focus on pain points and produce high quality, compelling content that hones in on the deal you want to make.
3. Implement Your Campaign – Wisely.
This is the part of Account Based Marketing that requires technical know-how and incredible specificity. You need to share your specifically created content in the places where your audience lives. You need to know when and where they consume content. It’s a tricky balance, but if done well it can be tremendously successful.
4. Analyze the Results
Last but not least, you should always measure your results and fine-tune your process. Finding ways to increase your knowledge of the account and tracking revenue are just a few ways this can be done – but there will always be ways to improve!
Start Finding Your One.
Account-based marketing is a significant endeavor for any business that tries it, and we highly recommend it for B2B companies that are ready to take the leap.
But there’s a lot that comes before as well, specifically with digital marketing. If you’re not already following our Ultimate Marketing Checklist, start there first. Then talk to us about fine-tuning your marketing even further. It’s what we love to do!