Every sales professional hates wasting time on “lukewarm” prospects and only wants to work with strong opportunities, aka high-value prospects.
But reality is often quite different, and sales may slip into the grey zone of low-value prospects.
Luckily, I know what can help you avoid that pitfall.
Let me tell you about account-based marketing (ABM) and how it can help your business focus only on winning opportunities.
These days, ABM is a very trendy strategy, and not without a reason. Why? Because it flips the traditional prospecting upside down. 🙃
ABM in a nutshell
ABM is a strategic (and revolutionary) approach to sales and marketing that uses highly targeted and personalized communication to win new business from a specific company or an account.
Instead of launching a broad marketing campaign that attracts thousands with an aim to nurture only the few that express their interest (the “spray and pray” technique), ABM targets specific companies in order to engage with key decision-makers and then build on that relationship – all with the aim to open up new sales opportunities in the future (the “land and expand” technique).
Companies that have used ABM for at least one year have seen a 10% increase in revenue, 19% reported more than 30% revenue growth.
However, let’s address the elephant in the room: ABM requires a lot of time and effort, so it's not for everyone. Yet, it works wonders for building relationships that last.
And here are 6 reasons why you should consider ABM:
1. Better resource allocation. ABM allows businesses to focus their marketing and sales resources on a small number of high-value accounts that are most likely to convert. This reduces wasted resources and increases overall efficiency.
2. Shorter sales cycles. ABM campaigns can accelerate the sales process by providing sales teams with sales-ready leads, resulting in shorter sales cycles.
3. Higher chances of closing deals. ABM campaigns can increase the likelihood of closing deals, with companies that use ABM becoming 67% better at closing deals when they sync their sales and marketing.
4. Unique, personalized experiences. ABM encourages businesses to create unique experiences for each account, increasing engagement and trust with prospects and customers.
5. Improved reputation and relationships. ABM can improve a business's reputation by 84% and relationships by 80%.
6. Higher ROI. ABM can lead to higher ROI. Research proves that 76% of marketers are achieving higher ROI with ABM than with any other marketing strategy.
How to use ABM to find new high-quality leads
Account-based marketing is like offering a personalized VIP experience to your potential clients. Instead of casting a wide net hoping to catch a bunch of fish, ABM focuses on targeting specific high-value accounts with tailored strategies.
Your sales team will be more successful if they use this “exclusive & discerning” approach while prospecting. Here is how:
Identify our ideal accounts. ABM starts with identifying your dream clients or ICPs – those big fishes you'd love to reel in. These are accounts that align perfectly with your product or service.
For instance, if you're selling software for healthcare, your dream clients might be top hospitals or healthcare providers.
Be personal in your outreach. Once you've pinpointed these accounts, it's time to get personal. Craft tailored messages, emails, or even personalized content catered specifically to address their pain points, challenges, and interests.
For example, sending a customized video showcasing how your product can solve a particular issue they're facing can grab their attention.
Use multiple channels. ABM involves a multi-channel approach. Use a mix of LinkedIn messages, targeted ads, email campaigns, and direct mail to reach high-value accounts.
For instance, sending a package with a personalized note and a personal invitation to a VIP event can make a memorable impact.
Build relationships through engagement. It's not just about making the first move; it's about building a lasting relationship.
Engage with their content, attend their webinars or events, and offer genuine insights. By demonstrating your expertise and genuine interest, you solidify your position as a trusted advisor.
🤓 To sum up, ABM flips the traditional sales funnel by targeting specific accounts first and tailoring your entire approach to suit their needs. It's like rolling out the red carpet for your dream customers and offering a customized experience they simply can’t resist.
“ABM approach is like rolling out the red carpet for your dream customers.”
Why CRM should be at the heart of your ABM campaign
To say that CRM plays an important role in your ABM strategy is an understatement.
In fact – it’s critical!
A CRM solution can help B2B organizations manage and finetune their interactions with key accounts. Here are several ways in which a CRM solution supports the ABM strategy:
Account information centralization
CRM systems are like centralized data repositories where you store all information about your target accounts. From basic contact details and communication history, to buying behavior, customer support interactions and much more.
Having all this information in one place, accessible to all, and just a click away helps you offer an even better personalized ABM strategy.
Data integration
The fact that you integrate other data sources and tools (e.g. ERP) with your CRM solution is a major advantage that expands your possibilities. It provides a panoramic view of the target accounts.
Adding data from marketing automation platforms, analytics tools, or any other relevant sources ensures that the ABM strategy is well-informed and data-driven. Meaning – no more guessing, only facts.
Segmentation and targeting
CRM systems can help you segment your accounts based on various criteria such as industry, size, location, or engagement level. When you know exactly whom to target, you can more easily identify high-value accounts, and get rid of those that don’t match. Also, you can better tailor your marketing efforts to meet their specific needs.
Lead scoring and prioritization
ABM strategy often involves dealing with a smaller set of high-value accounts. A CRM solution can incorporate lead scoring models that prioritize accounts based on their likelihood to convert. This helps your sales and marketing to prioritize and focus only on the most promising opportunities.
Communication and collaboration
You already know that CRM solutions ease communication and collaboration among teams. But did you know CRM can do magic in uniting your sales and marketing? And this unity of the two main teams is the cornerstone of a successful AMB strategy.
CRM platforms help ensure that everyone has access to the same information and is working towards common goals – all to make ABM a success.
Performance tracking and analytics
A CRM is the tool that can help you analyze and evaluate the performance of your ABM campaigns. Marketers can track the engagement of target accounts, monitor deal progression, and examine the effectiveness of different strategies. These insights are very important for future refinement and optimization of your ABM approach.
Workflow automation
Automation features in CRM solutions can streamline repetitive tasks, such as data entry, lead assignment, and follow-up communications. This allows sales and marketing teams to focus on strategic activities and maintain a consistent approach across the ABM strategy.
Final thoughts
That’s all I have to say about ABM and its powers.
I strongly believe that it is the CRM solution that serves as the basis for implementing and executing a successful ABM strategy.
CRM provides the necessary infrastructure, data management capabilities, and collaboration tools to engage with and nurture high-value accounts. And those are the prospects you should be after.
Once again: no more “spray and pray”, but rather “land and expand” for both sales and marketing.
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