Companies that spend less on their marketing programs and generate better and bigger deals using a super-targeted approach to marketing are using an approach that you might have heard about—account-based marketing.
I have been blessed to be working with IT solutions company with a complex solution, and a finite market. I learned first-hand just how account-based marketing works.
They recently completed a campaign that cost $50,000. This account-based marketing effort was laser focused on ideal prospects (right size and right criteria); and the right role (targets with the right titles). The company only reached out to organizations that could be high-value clients.
That means they did not waste effort on a scattershot approach. Their time and money was applied to generating leads that paid off, and included extensive nurturing across multiple buying cycles.
Guess how much a traditional, less focused approach that involved reaching out to everyone in the market would have cost? More than 3X as much, costing around $170,000.
If you are still struggling with the same old issues marketing and sales has struggled with for years consider the following comparisons between traditional marketing and account-based marketing.
Vanity Metrics vs. Target Account influence. Lots of phone calls and emails are not better. What really counts is meaningful, personalized engagement with the folks in a position to buy.
More Leads. vs. Better Leads. It is the age old quantity/quality issue. Sales really do need fewer leads—as long as they are highly qualified. Otherwise, all the leads are wasted.
Satisfied Customers vs. Raving Fans. ABM is not about one-off deals, but forging the strong relationships that last past the close.
Small Deals vs. Big Deals. It is the enterprise deals that count. Smaller accounts can be a distraction both before and after the sale.
Silos vs. Alignment. When sales and marketing work together to drive revenue (and that needs a process ) everybody benefits—the prospect/client, the team members, and the organization as a whole.