ABM helps to align the sales and marketing teams and encourages them to work together and represent the business in a collaborative way. This helps to save time, eliminate waste and close accounts faster. More SMBs are realizing the benefits of embracing ABM. By doing so, they can grow their businesses more rapidly, streamline costs and drive higher customer retention.
The main objective of Account-Based Marketing (ABM) is to more effectively align the sales and marketing processes to focus on building stronger relationships with a highly targeted set of customers. By narrowing down the target audience list to a smaller customer set, organizations can offer them a more robust and personalized relationship and message.
However, to do so takes many moving parts within an organization working seamlessly together. This involves different departments, processes and leveraging the latest technology platforms and tools.
At first glance, companies may believe ABM may only be effective, or even affordable, for large, enterprise organizations. However, nothing could be further from the truth. Small and medium businesses (SMBs) have more to gain and are in a better position to leverage ABM practices than even their larger counterparts. So, the question isn’t, “Is ABM effective only for large key accounts?” but rather “Why wouldn’t SMBs leverage ABM?”
SMBs have to be nimbler and more frugal with their marketing spends. They cannot afford to spread their budgets across a variety of marketing tactics. ABM is actually a much more effective and reliable strategy for SMBs than a traditional lead-based marketing strategy. Regardless only 33% of SMBs are currently tapping into the benefits of ABM, according to a recent survey. However, that number is increasing.
There are 3 main benefits for SMBs to adopt an ABM approach.
1. ABM is more efficient and easier to measure
ABM is a precise, targeted marketing strategy that is designed to win over the client on a more personal level. These focused marketing strategies also make it easier to attribute revenue to marketing efforts. SMBs that embrace ABM can see the progress of a client through the entire sales funnel—from prospect to advocate—and they can see exactly what content, outreach or event resonated with any particular account. As a result, an SMB can quickly focus its marketing efforts on what is working and discontinue those strategies that are not.
2. Potential clients onboard quicker because of the personalized approach
ABM at its core is about personalization and customization. ABM programs for a small B2B business involve a limited number of target accounts, so the campaigns are highly personalized. By focusing their efforts on a small number of companies, conversation rates increase. To do this effectively, SMBs can personalize their marketing campaigns, content strategies and even website messaging to target those specific businesses. As a result of this laser beam focus, potential clients engage quicker and are more easily brought through the buyer’s journey.
3. Sales and marketing alignment becomes seamless
In many organizations, sales are marketing departments are like two ships that pass through the night. They may get a glimpse of each other, but they are not going in the same direction. Traditionally, it was marketing’s job to generate leads and pass them over to sales for follow up with the hopes of some form of conversion. SMBs don’t have the time or luxury to hope leads turn into customers. Their sales and marketing efforts must be in sync. By bringing the focus to specific, targeted accounts, ABM helps to align the sales and marketing teams and encourages them to work together and represent the business in a collaborative way. This helps to save time, eliminate waste and close accounts faster.
More SMBs are realizing the benefits of embracing ABM. By doing so, they can grow their businesses more rapidly, streamline costs and drive higher customer retention.