What is Account-Based Marketing and Its Benefits?
Modern technology has transformed attention into a valuable commodity and created an “attention economy.” It has become more and more challenging for companies to capture the attention of prospective consumers when competing against the noise of generic advertisements and emails. Now, more than ever before, potential customers are keenly aware of when they are being sold, and they are quick to withdraw their attention. However, therein lies a unique opportunity to crush the competition and command consumers’ attention that only the most technologically advanced companies are taking advantage of, account-based marketing.
What is Account-Based Marketing?
Account-based marketing (ABM) is a highly effective marketing tool that targets accounts within a specific market. ABM works by encouraging high-value accounts to engage with content based on specific attributes and needs of said account. In other words, high-value accounts get targeted, and various strategies are enacted to appeal to intelligence-based personas. In this way, account-based marketing can garner the highest possible return on investment. It does so by using the most advanced techniques to produce more leads and align sales with marketing. Cutting-edge companies have reported a 171 percent increase in average annual contract value after implementing ABM.
As with all marketing techniques used at Joseph Studios, the scope of account-based marketing expands beyond lead generation in a holistic way to extract every ounce of value from your most lucrative accounts. This enables you to take advantage of the opportunity to cross-sell and upsell. The critical component of ABM lies in creating personalized content for the highest stakeholders in the company. It is crucial to use account-based marketing and an intelligence-based approach when interacting with high-value customers due to the potential revenue generated from these sales. Highly targeted messages that used ABM achieved higher ROI in 97 percent of marketers when compared to others methods.
Benefits of Building a Profitable Account-Based Marketing Strategy
A profitable account-based marketing initiative can provide comprehensive metrics, increase revenue and optimize your efforts. Using ABM, your team will no longer waste their time on low-value accounts. Zeroing in on high-value accounts allows marketers to focus their efforts on crafted programs for a specific audience. Account-based management is personalized so that it is nearly impossible for customers to resist engaging with the content.
This marketing method begins with the lower levels of the organization. It gradually moves its way to the highest level of decision-makers, using a careful balance of sales skills and marketing knowledge to create engaging content that nearly guarantees a sale. ABM generates 208% more revenue in companies that have aligned their sales and marketing teams. Additionally, account-based marketing is a more straightforward and more effective way to measure the success of your marketing campaigns because the data collected is much more personalized because of your focus on a smaller subgroup of consumers.
The first component of account-based marketing uses advanced analytics to determine which accounts are worthy of your energy and result in the best ROI. Next, personalized campaigns are run across your marketing channels, rather than painstakingly monitoring each account individually. In doing this, you can measure your account-based marketing strategy and build account dashboards that allow you to view specific programs and accounts for revenue-based account analytics all in one place.
How We Can Help: Segmentation
At Joseph Studios, we are hyper-aware that consumers get bombarded with generic emails every minute of the day. This can lead them to feel that your business’ marketing attempts are simply more spam piling up in their inbox. The one-size-fits-all approach to email marketing is so outdated that 94% of marketers rate personalization as “important,” “very important,” or “extremely important” for meeting their current marketing objectives. Treating all of your email subscribers as though they will respond to the same content is counterproductive because it will cause you to lose the high-value accounts that do not resonate with your emails.
We can deliver content that resonates with specific audiences based on their psychological profile through segmentation and intelligence-based marketing, giving you a significant advantage compared to your competition. Clients that invest in Joseph Studios’ Tier 3 email automation campaign report triple the number of sales opportunities in the past 30 days. In fact, according to Campaign Monitor, emails with personalized subject lines are 26% more likely to be opened, and marketers report a 760% increase in email revenue from segmented campaigns.
Each of your customers has distinct needs, and email segmentation takes advantage of this. Customers may buy the same products, but their demographics, lifestyles, and behaviors may be vastly different. Through segmentation, marketers can group subscribers based on whichever characteristics they choose and then send content that resonates with their target audience instead of overwhelming them with the same generic message.
Quality is more important than quantity when it comes to attracting high-value customers. In this case, although you may be engaging with a smaller number of customers, the targeted people will be more likely to respond to your call to action. Segmentation allows you to have a more personalized and lucid grasp of your consumers’ responses based on the data points of geographics, demographics, psychographics, and behavior. With this information, you can tell which readers are most likely to respond to cross-selling or upselling and what inspires customers to make purchases.
Attracting High-Value Customers with Drip Campaigns
While we can use segmentation to understand our clients, drip campaigns are another tool that is essential to the success of your email marketing campaign. Drip campaigns allow you to remain in touch with your prospective clients by sending them planned, personalized content at specific times to be sure that they stay engaged. This marketing method refers to a communication strategy that sends pre-written, automated emails to consumers at specific times. It’s common for drip marketing campaigns to be referred to as marketing automation or autoresponders, but the definitions are identical. Businesses that use marketing automation to nurture prospects experience a 451% increase in qualified leads.
Drip email campaigns work by sending an automated email at a specified time or based on the customer’s first interaction with the website. For instance, a drip campaign may begin with a welcome email once the customer creates an account. From there, the goal is to keep clients engaged by reminding them of abandoned shopping carts, rewarding them with customer loyalty incentives, and guiding customers to popular content or nurturing leads for conversion.
With almost 740 million members and more than 55 million registered companies, it is imperative to take advantage of LinkedIn. Potential clients are swarmed with subpar social media profiles, and crafting a tasteful, engaging LinkedIn profile is paramount in enticing new customers and keeping your current customers engaged. Your LinkedIn profile is the modern equivalent to your storefront and should be maintained as such. A compelling LinkedIn profile should have a clear and concise goal, whether it’s generating new leads or raising brand awareness. It is vital to optimize your LinkedIn profile to lure in the largest amount of potential high-value accounts. This is accomplished by inserting keywords that customers may use to search for your services and adding links to your page to increase your search ranking.
Furthermore, you must share engaging content so that clients are inspired to share, like, and comment on your posts to boost traffic on your page. Employing LinkedIn to connect with customers within an organization is the best starting point for a multi-touch marketing campaign. From there, we can craft intelligence-based personas to appeal to your client’s unique psychological profile. These intelligence-based personas are ideal for closing sales with any type of client you may encounter. At Joseph Studios, we can break down what interaction is most likely to captivate your audience and which tone is most instrumental in closing sales with them.
Every second spent composing another generic email to be blasted out at hundreds or even thousands of potential clients is time wasted. Leave the business of marketing to the professionals so that your business can focus on the creation of quality products and services. Capture the valuable attention of your prospects and increase your sales to unprecedented levels by investing in Joseph Studios’ account-based marketing program today.