Account-based marketing: The big fish are caught with a harpoon

What is account-based marketing (ABM) and how does it work?

To better illustrate this strategy, it can be compared to spearfishing. In account-based marketing, you carefully select your “fish” – i.e., your target customer – and tailor everything to it: the right ‘spear’ (the strategy), the “throwing technique” (the content), and the “water” (the channel). Just like spearfishing, where you concentrate on one fish and tailor your technique accordingly, ABM focuses on efficiently winning the right customer with customized measures, such as selected communication channels and budget-friendly strategies.

In contrast to broad-based marketing, account-based marketing focuses on the needs and challenges of individual companies or customer groups. This makes it possible to develop personalized messages. This strategy promotes closer cooperation between marketing and sales teams in order to generate qualified leads for the sales funnel and strengthen customer loyalty.

In terms of how it works, account-based marketing first identifies and segments target accounts that are most important to the business. Marketing campaigns are then developed that are specifically tailored to the needs and interests of these accounts. This includes personalized content, targeted advertising, and individualized communication. The campaigns are optimized through continuous monitoring and adjustment to maximize effectiveness and build stronger customer relationships.

Who is account-based marketing suitable for?

Account-based marketing (ABM) is particularly suitable for B2B providers with products for very specific target groups or for B2B providers who target a wide range of different target groups and therefore want to focus their efforts. Furthermore, ABM only makes sense for providers who…

– sell higher-priced projects, capital goods, or solutions
– are often confronted with a buying center
– observe a customer journey with many customers
– focus on specific key accounts
– need to be present with all decision-makers there
– want to make their marketing more efficient

How do I find the right target accounts?

To find the right target accounts for account-based marketing (ABM), it is important to conduct a thorough analysis of your ideal customer profiles (ICPs). This involves identifying companies that are best suited to your product or service based on factors such as industry, company size, and region. Ideally, the target customer list should come directly from sales. To ensure that marketing activities are worthwhile and produce results, the target account list should include several hundred companies. We recommend at least 500 accounts. The following sources can help you complete your list of target accounts or find the right accounts:

– Exhibitor directories from trade fairs
– Member directories from industry associations
– Industry directories from trade media and procurement portals
– Business networks Xing and LinkedIn for contacts and the buying center
– Reference customers from competitors and suppliers
– Company recognition on your own website
– Trade fair visitors and subscribers to newsletters and social networks
– Contacts who have registered for white papers, webinars, and other information
– CRM system for potential customers and promising existing customers

What is the process for an ABM campaign?

1. Create your target customer list or target account list (TAL) based on criteria such as potential value, product compatibility, or likelihood of rapid conversion.
2. Gather information about these key accounts, particularly regarding locations, corporate structure, investments, individuals, and decision-makers.
3. Identify the main problems of the target accounts and develop personalized content and targeted messages that highlight possible solutions.
4. Experiment with different communication channels to find out where your target audience is most active, and then focus on the most effective channels.
5. Conduct specific marketing and sales campaigns, taking care to coordinate messages throughout the entire customer journey.
6. Use A/B testing to determine the relevant content and messages. Also use the tools and tracking solutions provided by your marketing automation system.
7. Consider working closely with a specialized ABM service provider to develop more targeted campaigns and optimize your budget. Ask how high the account coverage is in the campaign.
8. Continuously test, measure, and optimize your strategies to maximize ROI and improve campaign performance.

What mistakes are often made when implementing account-based marketing?

• ABM strategy without sales: Neglecting cooperation between marketing and sales leads to unsuitable key accounts and inefficient lead management.
  
• Poorly defined target customer list: An inaccurately compiled list of potential customers can lead to inefficient use of resources and missed marketing goals.
• Relying on opinions instead of data: Relying on internal opinions instead of concrete market data can lead to the wrong choice of target accounts.
• Misunderstood customer motivation: A lack of understanding of the needs and challenges of target personas can compromise the effectiveness of ABM.
• Incorrect communication channels: Using ineffective channels and tools costs a lot of money and time. Therefore, rely on marketing partners with extensive experience in this area.
• Insufficient budget/campaigns too short-term: Insufficient or short-term budget allocations can hinder the development of long-term customer relationships and campaign success.
• Cross-selling and upselling: Many marketing and sales teams struggle with so-called dream accounts. Stay realistic and focus on medium-sized companies as well.

There are numerous options for implementing an account-based marketing campaign. Start with your target customer list and develop appropriate messages and content. To implement the campaign itself, it is best to find a knowledgeable marketing partner. Account-based marketing requires a lot of experience and very specific tools to implement. Even the largest companies rely on experienced service providers who often offer free consultations.

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