If you follow this blog regularly, you undoubtedly know the immense impact big data can have on developing a marketing strategy that yields a maximum return on investment.
From predictive analytics to automation, lead scoring to demand generation, big data now plays an absolutely critical role in the ultimate success of your campaigns in an increasingly competitive marketing environment.
The general approach to leveraging big data focuses on a marketing team’s ability to scale an approach. “How can we do more - touch more leads, be more personal, identify more upsell opportunity - without increasing the workload of the team?”
While big data is an unquestionable driving force behind scaling marketing efforts, it can contribute to your strategy in the exact opposite way, too.
A recent post here on the SmartForms blog introduced the concept of account based marketing (ABM) and explored how to actually implement an ABM strategy in your business.
This post takes things a step further and dives deep into the “why” behind account based marketing.
How does an account based marketing strategy actually impact the success of your campaigns?
How does it improve the efficiency and effectiveness of both sales and marketing alike?
You’ll learn four reasons to move to an account based marketing strategy. Here they are.
#1. Better Return on Investment
If this statistic alone does not convince you of the value in account based marketing, perhaps nothing will:
85 percent of marketers using account based marketing as part of their overall strategy believe it yields a higher ROI than any other approach.
That means the majority of your peers who have been savvy to the new trends in account based marketing are reaping the benefits. Are you?
You may wonder:
What exactly is it about account based marketing that makes it that universally loved and admired?
When your business pours all of its efforts into developing a campaign designed to focus on a small number of maximum-yield clients, you set yourself up for success in a couple key ways:
Goal setting becomes easier.
Even with the advancement of big data in the era of digital marketing, setting goals for campaigns still remains a challenge for many marketing teams. Yes, targeting is better than ever and therefore a good demand generation marketer can forecast the impact of a specific campaign within a reasonable degree of accuracy.
However, the unexpected always lingers; inaccurate segmentation, seasonality issues, and an ever-evolving market can sway a campaign off-course. While clean data remains the best possible defense against such issues, the truth remains that even the most sophisticated big data marketing strategies are subject to inaccurate forecasting.
Account based marketing solves that problem by turning your entire team’s focus toward a smaller account load that, when appropriately selected, holds the most potential opportunity for your business. Goal setting inevitably becomes much easier. Marketers need only look at the potential size of prize and establish reasonable benchmarks to build a framework for how they plan to tackle the account.
From there, it’s all about effectively implementing the strategy and then accurately measuring results. Not so coincidentally, that’s the second reason marketers love account based marketing.
Measuring and reporting on ROI is a breeze.
At the end of the day, every strategy needs to tie back to an increase in company revenue. There needs to be easily-demonstrable ROI for any campaign to be deemed “effective.” Luckily, account based marketing makes that easier than ever.
Because goals are significantly clearer in an account based approach, the ability to measure your success versus those goals improves. Marketing teams can easily track and report on the effects of specific marketing tactics on a small, targeted group of potential customers (which also gives them the flexibility to quickly pivot if any particular approach is not working as planned).
When you bring it all together, it is easy to see why teams love account based marketing. They are not the only ones who appreciate the personal touch.
#2. Your Customers Will Love You For It
Customers appreciate an account based marketing approach because of the level of “white glove treatment” they receive. Unless expertly packaged, scaled marketing efforts inevitably appear to your leads as exactly what they are: a “quantity over quality” play.
On the other hand, account based marketing focuses exclusively on quality. Customers feel that your company is much more of a trusted partner rather than a vendor and therefore are much more likely to trust your sales team when it is time to make buying decisions.
Speaking of sales, the relationship between sales and marketing is unquestionably the third major reason to move to account based marketing.
#3. Better Alignment Between Sales and Marketing
When sales and marketing work together to create an account based marketing plan, you are forcing the two teams to agree upon a shared objective. With both teams focused on the same goals, a door opens for better collaboration. Sales teams are now incentivized to support marketing with valuable customer insights and marketing teams now have a specific reason to support sales past the middle of the funnel.
#4. Your Competition is Potentially Already Doing It
A report from SiriusDecisions showed that account based marketing spend increased 19 percent between 2015 and 2016. With more companies growing increasingly aware of the benefits of account based marketing, it is crucial your business gets ahead of the trend or you risk getting left in the dust of your competitors.
ReachForce SmartForms Can Help You Get There
SmartForms is an integral tool in the optimization of an account based marketing strategy. To learn more about how ReachForce SmartForms can help you optimize lead generation and improve your impact on revenue, sign up for a free trial and get a demo today.