With 79% of B2B marketers using ABM in 2020 and many more considering how they can factor this into their marketing strategy, it would be fatal to ignore this important marketing trend. In this guide, we’ll look at the growing popularity of account-based marketing and why it can be so beneficial for B2B brands.
Who is using ABM?
Over three quarters (79%) of B2B marketers are using ABM in 2020, but how integrated are these strategies with their marketing efforts? Well, 28% said their techniques are already fully synchronized, with a further 44% stating that their ABM efforts are well established, while one in five (20%) are still scaling up.
What’s more, many businesses are still unaware of the true potential of account-based marketing strategies. In fact, one in 10 have only begun implementing these techniques in the past six months and 23% have only been doing so for a year. ABM is clearly new concept to many, but figures for those implementing and using it are on the rise.
Why are more marketers using ABM in 2020?
There are a number of reasons why ABM has risen in popularity and why it will continue to do so in 2020 and beyond. Firstly, GDPR and stricter data protection laws have had an impact on mass marketing and it is no longer as easy as it once was to target your audience. What’s more, businesses have come to realize that the more targeted your campaign, the better the results - so it really is a case of quality over quantity.
Plus, if the large number of B2B marketers using ABM isn't enough to convince you, then the list of benefits certainly will. Here’s six reasons why more marketers are using account-based marketing and why you should too.
1. To reduce the sales cycle
One of the biggest benefits of targeting existing clients is that it can drastically reduce your sales cycle. After all, you’re no longer targeting people at the beginning of their buyer journey and it is easier to recognize which of your existing prospects are most likely to convert. With historic data, you can also predict how quickly your teams will close a sale with a specific account.
2. To deliver a higher ROI and less risk
B2B marketers that are using ABM techniques have said they're already seeing great results. In fact, 80% said they have seen higher average deal sizes on their ABM accounts when compared to their regular (non-ABM) accounts.
What’s more, because ABM is targeted, there’s less risk and therefore less waste. This targeted approach means campaigns are no longer a shot in the dark, betting on multiple prospects with no guarantee. It’s perfect for using the least amount of resources while achieving the highest return on investment. What’s more, it’s easier to map a clear path, to see better results and to measure ROI using ABM, which makes it easier for the sales teams to understand how to consistently grow their accounts.
3. To create a more personal approach
It’s no secret that consumers prefer to receive personalized communications as opposed to being randomly targeted with something that provides them with no value. In fact, 75% agree that they prefer to receive personalized offers from businesses.
The entire premise behind ABM is to specifically target prospects, keeping their needs very much at the forefront, as such, these techniques are the perfect way to offer your customers a more personalized approach.
4. To build strong relationships for sustainable growth
Using ABM to create the personal approach we’ve discussed above, the team are able to forge long-lasting and authentic relationships with customers and clients. With that trust, marketers can create a sustainable sales funnel and position their business as an industry leader.
5. To align the sales and marketing departments
Account-based marketing is great for not only building client relationships, but also encouraging collaboration internally, helping to align your sales and marketing teams. The two teams will need to work closely together to compile a list of target accounts and align sales and marketing initiatives to achieve the best results.
6. For setting goals and making analytics simpler
Last but not least, ABM makes reporting simpler than when you’re running blanket marketing campaigns, so it’s easier to see if and how you're achieving results. This makes it easier to retarget and find the best marketing strategies. With fewer metrics, it’s easier to compare accounts and this can help the team to set more precise goals moving forward.
Looking for more advice on how you can effectively run account-based marketing in your business? Check out our comprehensive guide, here.