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Few would disagree that Account-Based Marketing (ABM) is the most powerful B2B marketing strategy in 2023. It has become increasingly popular across all industries, with many marketers and salespeople singing its praises as the future of B2B marketing. However, B2B companies that are looking to shift to ABM oftentimes get caught up in the new marketing hotness and lack a robust and mature ABM plan.
So allow us to make one clarification to our initial statement: ABM is the most powerful B2B marketing strategy in 2023 so long as you understand the key benefits and learn how to lean into them. Here are the key reasons you should be doing ABM in 2023 and how to level-up your ABM strategy to take advantage of the real benefits of ABM.
AMB allows for more personalized marketing
According to Hubspot, one of the biggest challenges that teams face today is personalizing their marketing strategy. ABM makes it easier to not only identify companies and key contacts to market to, but it also allows for more personalized messaging that speaks to the challenges and pain points of those specific contact roles.
Studies suggest that 80% of customers are more likely to make a purchase when a brand offers a personalized experience. ABM offers the best opportunities to get to know your prospects at an organizational level and a role level, and tailor your services to their direct needs to maximize your chances of a successful sale.
Encourages synchronization of marketing and sales
The secret sauce to expert marketing is aligning with sales. When Marketing and Sales align, leads improve and close rates increase. ABM by its nature requires sales and marketing teams to work together to identify ideal customer accounts, target roles, and when it is most appropriate for marketing touches or sales outreach.
This provides the perfect ecosystem for providing an engaging experience that results in account lead nurture and conversion. Coordination of sales and marketing has been known to increase revenue by as much as 34%, and ABM is becoming the prominent method for sales to marketing synchronization.
Speeds up the sales process
ABM involves marketing to key contacts at a prospective organization and getting them involved in the sales process as early as possible. This allows decision makers to consider a purchase earlier in the process and makes it easier for marketing teams to qualify leads as sales-ready, helping to shorten the sales process and increase close rates.
Faster deals means reps can move on to the next opportunity sooner, saving time and team resources per sale. This type of coordinated, accelerated selling can also improve account-level communication throughout the sale and will certainly enhance customer support and client satisfaction after the account closes.
ABM Increases deal size
This is every Sales Leader’s favorite by-product of ABM. In a recent report about ABM, 91% of companies using ABM reported an increase in their deal sizes, with 25% of those organizations reporting their average contract value (AVC) increasing by over 50%. That is a huge increase in revenue simply by shifting their marketing efforts to focus on ABM.
When you involve multiple key contact roles in the sales process, you open up the potential for projects that can benefit additional teams and systems, which can translate to larger deal sizes and longer-term contracts.
ABM allows you to have more than one account “champion”
A good strategy of sales and marketing is to build a relationship with a contact at an organization and turn them into your “champion,” or someone who is willing to advocate your services to their executives and decision makers on your behalf. Since the B2B sales process can be lengthy, you run the risk of losing your champion somewhere during the sales or marketing cycle.
Account-based marketing ensures that you have more than one champion to market to and build relationships with at an organization, not only helping to move the sales process along, but also insulating you from losing traction due to uncontrollable factors like layoffs or employee turnover.
Allows for simplification of your CRM configurations
This is a benefit that not many discuss or even realize, but it’s a favorite of ours. By converting your leads into account objects, this allows you to drop the lead object altogether and avoid the all-too-common mess of duplicate leads, confusion between leads and contacts, and misplaced data. Stay tuned for a future blog where we discuss ways you can set up your sales stack for ABM to positively impact your pipeline.
Leveraging your CRM and tech stack for ABM
We specialize in implementing solutions in your CRM and tech stack that optimize your ABM strategy and increase your marketing ROI. If you are looking for ways to leverage tech and automation to improve your Marketing and Sales processes, reach out for a no-cost evaluation today.