In this blog, we'll explore how IT businesses can best use account-based marketing to grow their revenue funnel, backed by statistics and references from reputable sources.
In today's hyper-competitive business landscape, IT companies are looking for innovative ways to grow their revenue funnel. Account-based marketing (ABM) is a highly effective strategy for achieving this goal, as it focuses on targeting and engaging specific high-value accounts, rather than a broad audience.
What is Account-Based Marketing (ABM)?
Account-based marketing (ABM) is a targeted marketing approach that focuses on creating customized marketing campaigns for specific high-value accounts. Rather than targeting a broad audience, ABM targets specific accounts that have a high likelihood of becoming long-term, high-value customers.
ABM is particularly effective in B2B marketing, where there are typically fewer high-value accounts that require personalised attention.
How Can IT Businesses Best Use Account-Based Marketing?
Identify High-Value Accounts The first step in successful account-based marketing is identifying the accounts that are most likely to become high-value customers. IT businesses should focus on accounts that fit their ideal customer profile, have a high potential for growth, and have a history of successful partnerships with similar companies.
Targeted Personalised Marketing Campaigns Once high-value accounts are identified, IT businesses should create personalized marketing campaigns tailored to the needs and preferences of each account. Personalized campaigns may include targeted advertising, personalised email campaigns, and customised landing pages that speak directly to the needs of the target account.
Use Intent Data Intent data refers to data that shows a potential customer's behavior and interests, indicating their level of interest in a particular product or service. IT businesses can use intent data to target high-value accounts with personalised campaigns, as well as to gain insights into what motivates potential customers.
Leverage Multiple Channels Successful ABM campaigns leverage multiple channels, including email, social media, and targeted advertising, to engage with high-value accounts across multiple touchpoints. This approach ensures that potential customers are engaged with the brand and the message is reinforced consistently across multiple channels.
Monitor and Optimise ABM is an ongoing process, and it's essential to monitor and optimize campaigns regularly. By tracking the performance of campaigns, IT businesses can identify areas that need improvement and adjust their strategy accordingly.
Account-Based Marketing Statistics
To understand the effectiveness of account-based marketing for IT businesses, here are some key statistics:
According to a survey by ITSMA, 85% of marketers said ABM outperforms other marketing investments.
A study by the Alterra Group found that ABM delivers the highest ROI of any B2B marketing strategy.
According to Demandbase, companies that use ABM see a 171% increase in annual contract value.
SiriusDecisions found that companies with aligned sales and marketing teams generate 32% more revenue than those with misaligned teams.
A study by TOPO found that 83% of B2B marketers said ABM increased their overall marketing success.
Conclusion
Account-based marketing is a highly effective strategy for IT businesses looking to grow their revenue funnel by targeting high-value accounts.
By identifying high-value accounts, personalizing marketing campaigns, using intent data, leveraging multiple channels, and monitoring and optimising their campaigns, IT businesses can achieve significant success with ABM.
The statistics and references provided in this blog highlight the effectiveness of ABM for IT businesses and underscore the importance of aligning sales and marketing teams for maximum results.
It's essential to note that ABM requires a significant investment of time, resources, and expertise. IT businesses that are considering ABM should ensure that they have the necessary skills and resources in place to execute an effective ABM campaign successfully.
By doing so, they can achieve significant growth and success in the long term, and build strong relationships with high-value accounts that can lead to long-term partnerships and revenue growth.
References:
https://www.itsma.com/research/abm-pulse/
https://www.alterragroup.com/abm/what-is-abm/
https://www.demandbase.com/resources/blog/how-does-account-based-marketing-impact-sales-growth/
https://www.siriusdecisions.com/blog/account-based-marketing-and-the-alignment-imperative
https://blog.topohq.com/state-abm-practice-2018/
