Have you ever run a paid social media campaign with a decent budget and large audience, and while you got plenty of clicks to drain your funds, no one converted to a paying customer? It leaves you with many questions: Did we have the wrong audience? Is our messaging missing the mark? Do our potential customers not like our new logo?
There's no worse feeling in marketing than telling your boss the money is gone with no return. Sure, there was some brand awareness and it was a learning exercise, but you have no new leads to show for it. Perhaps someone a few years ago in this predicament had the brilliantly simple and old-fashioned idea - why don't we market to our ideal customers directly?
Minds were blown, and an old way of selling came back into fashion.
While mass marketing is pretty effective for B2C companies who target a vast audience, have a short sales cycle and a small conversion rate, B2B marketers can sometimes struggle to show ROI using this formula due to the nature of B2B deals - a smaller pond, high cost-per-click, longer sales cycles, and far more hand holding required.
While mass advertising does have its place in creating top-of-funnel awareness and consideration, marketing and sales teams usually know exactly who their ideal customers are, and taking a more targeted approach can be an effective way to engage and convert potential customers (rather than waiting for them to notice your ads). Say hello to Account-Based Marketing.
Account-Based Marketing (ABM) is an approach to B2B marketing that targets specific companies (or 'accounts') within a market with tailored messaging – rather than trying to reach and convert a mass audience.
It's a bit like spearfishing. Instead of casting a wide net and hoping to attract as many leads as possible, ABM focuses on the big fish - a few high-value accounts that are most likely to convert into customers (or feed the Whānau).
To sum up, ABM is a powerful B2B marketing strategy that allows companies to personalise their message and align their efforts with sales to target specific high-value accounts. ABM can offer several benefits over mass digital marketing.
This five part blog series will look at how to implement a best-practice Account-Based Marketing campaign, align your sales and marketing functions, and use HubSpot to help your ABM work more efficiently and effectively. In addition, we’ll showcase some of our favourite ABM campaigns. Stay tuned!
If you need help getting your Account-Based Marketing off the ground, we can help. Aamplify specialises in helping B2B businesses build successful ABM strategies with best-practice people, processes, and HubSpot tools. Book a call to get started.