What is Account Based Marketing (ABM)? From zero to first account
Account Based Marketing (ABM), a highly focused strategy in the realm of digital marketing, ensures that your marketing efforts are precisely targeted at the most promising accounts for your unique business goals.
But what exactly defines these ‘ideal’ accounts? They are the ones that resonate with your objectives – the accounts that not only yield higher revenues but also offer ample opportunities for success stories and growth.
For professionals dedicated to Account-Based Marketing, the pool of potential clients may seem narrower, yet it’s crucial to recognize the exceptional value each of these prospects holds. This tailored approach in ABM guarantees that every prospect is a step closer to becoming a valuable customer.
In this comprehensive guide, we delve deep into the essence of Account-Based Marketing. Starting with the fundamentals – understanding what ABM is and its strategic framework – we then progress to more advanced topics: practical steps to implement ABM effectively in your business.
Are you poised to embark on this transformative journey with Account-Based Marketing? Let’s begin by exploring the core principles and techniques that make ABM a game-changer in the digital marketing landscape.”
What is Account Based Marketing?
Account Based Marketing (ABM) is a methodology that seeks to concentrate a company’s marketing and sales efforts to capture key accounts, the best available on the market for what your company offers.
ABM can be:
- One-to-one: total focus on a single target, a single company;
- One-to-few: focus on a few targets within a segment;
- One-to-many: focus on a larger number of companies in a segment.
An example to make it easier to understand. Let’s assume you work with an advertising agency and work exclusively on real estate marketing.
In this example, your region of operation is limited because you also offer photography services to these companies. In other words: it’s not worth visiting real estate agencies more than 50 km away.
In your commercial strategy, you highlighted as your target real estate agencies that have the following characteristics:
- Monthly revenue above $100,000;
- At least 10 years of experience;
- It has a client portfolio of more than 100 active people;
- Works with buying, selling and renting properties;
- It has a website;
- You already carry out some Outbound or Inbound marketing actions .
Here are the criteria that a real estate agency must meet in order to successfully pass your qualification process and become eligible for services from your company.
What an Account Based Marketing does is identify which customers best fit your business objectives. In this example, which real estate agencies not only meet these requirements, but stand out in them.
ABM has a very interesting basic premise: treating large accounts as if they were a market segment.
By identifying which real estate companies have the highest commercial value within these criteria, ABM determines strategies to attract the attention of these companies.
It uses individual and personalized campaigns, seeking to generate contacts in these companies, nurture them and close the sale.
The similarities and differences between ABM and Inbound
To understand the main differences between ABM and Inbound marketing, think of it this way: ABM is a wave, and Inbound Marketing is the ocean. 🌊
Or: Inbound Marketing is the tree, and ABM is one of its branches. 🌿
Inbound Marketing is the methodology that guides most digital marketing efforts. ABM is often done based on its precepts.
Lead magnets, nutrition flow, content and SEO, blog to generate leads: these are strategies of the Inbound methodology, but they are also used by Account Based Marketing Strategies.
The differences between these two concepts are mainly related to scale. All Inbound Marketing work is done thinking about a wide range of prospects to impact, visitors to convert, leads to nurture and contacts to sell.
ABM not so much. It is targeted at a smaller number of accounts — in some cases up to a single account.
An example makes it clearer: let’s assume you want to form a partnership with Multilaser. Your ABM strategy can target people who work at Multilaser, these people’s connections, events where Multilaser is present, etc.
The main platforms for doing ABM
Just as there are platforms aimed at Inbound Marketing, there are also several aimed at Account Based Marketing.
Of course, you can do ABM without even using any platform. Being a strategy, you can draw it entirely using paper and pen. But it’s a lot more work.
Here’s a quick search on B2B Stack and Capterra with the best ABM tools available on the market:
- Buyer Discovery : Gartner platform that identifies companies that read product reviews in their segment, conduct competitor research and have a high purchase rate according to Gartner Digital Products. It is a platform focused purely on ABM;
- Pipedrive: one of the most popular CRMs on the market, has a module aimed at ABM with 93% of reviews between 4 and 5 stars. Offers resources with Artificial Intelligence;
- Cortex : B2B sales intelligence platform. It offers AI resources, analyzes market size, identifies customer profiles. It is more focused on Outbound and active prospecting;
- Tableau: very focused on data capture and analysis, Tableau is for those who apply data-driven marketing to the letter and apply these concepts to ABM. It works best with data analysts on your team, because its features are advanced and its price is very steep;
- Wrike: aimed at the creation of personalized campaigns, but more specifically in the project management of creating these campaigns. It is very popular, but its price is a bit high for software that mainly works with project management.
The differences between ABM and the marketing and sales funnel
The main differences between Account Based Marketing and the marketing and sales funnel are related to the number of leads and sales you are looking for.
And this makes a big difference in the strategies and tools used throughout the funnel.
Because there are fewer accounts, marketing strategies will often combine both outbound and inbound approaches. Paid media, particularly, proves highly effective in Account-Based Marketing (ABM) due to its precision and personalization, delivering rapid and impactful results.
Given the inherently prolonged cycle of Account-Based Marketing (ABM), the need for swift results is crucial. The marketing and sales funnel, while generating enduring outcomes post-implementation, operates on a longer-term scale.
The key distinction lies in the targeted audience, prompting a strategic shift to effectively influence and engage them.
In the traditional funnel, it’s as if you were fishing with a net: the more people within your target audience, which tends to be very broad, the better.
In Account Based Marketing, you fish with a spear: you focus on specific accounts and create strategies to directly impact them.
What are the steps of Account Based Marketing?
Account Based Marketing has well-defined steps because, as we understand so far, it is aimed at few targets.
Imagine: you are investing a lot to target a few accounts , often just one. Your marketing expenses will not be negligible, as the objective is not simple and several other companies may be doing the same.
To stand out, you need to invest. And to invest, you need to have a well-prepared structure to have a better chance of closing.
ABM brings big risks: either you close the sale, or you don’t close it. Everything needs to be very organized for you to maximize your ROI – return on investment.
In this topic we will talk about the main steps of Account Based Marketing. And in the next two we will talk more about each of them.
Let’s go?
Design of your framework
Each company will have an Account Based Marketing Framework similar to others, but at the same time with different points.
It’s like a marketing funnel: they are very similar in structure, but their details, actions and strategies depend on who applies them.
The ABM framework typically involves these three points:
- Alignment of the marketing and sales team;
- Identification and qualification of accounts;
- Launch strategy – Go-To-Market.
Don’t worry: we will talk about each of these points in detail throughout the text. They are fundamental and are also related to your preparation for launching the strategy.
Design of your strategies
The creation part of the Go-To-Market strategy is the final point of your ABM framework.
But, at the same time, it is this third stage that inaugurates the next one: the design of your practical strategies, the creation of your personalized campaigns, your nutrition flows, sales scripts, etc.
This second part is what will make your ABM count. This is where, based on the structure you have created, you will actually create the material that will impact your prospects.
This step includes:
- Determination of teams;
- Creation of account personas;
- Content planning;
- Search for account contacts.
We will also talk in detail about each of these points throughout the text, don’t worry 😉
How to create the Account Based Marketing structure?
The ABM structure you create is a determining factor in the success you have with your personalized actions and campaigns.
Think of Account Based Marketing like a professional football team. All movements are calculated in advance, all plays are rehearsed, everything is done based on an objective determined days before the referee’s first whistle.
At the same time, the movements and plays were only possible thanks to the team’s structure. Thanks to the care of the lawn, the hiring of a good coach, the team roster, etc.
The Account Based Marketing framework prepares your team for the intense actions to come. With it, your strategy becomes more cohesive, agile and has more guaranteed results.
Let’s find out more:
Marketing-sales alignment
Inbound marketing itself determines that alignment between the marketing team and the sales team is essential to guarantee the best results.
In theory, marketing works by seeking contacts and leads within target companies. And the sales team works by holding meetings and follow-ups.
But in the first steps of implementation — such as identifying and qualifying accounts — the two need to work together.
All kickoff meetings need people from both teams brainstorming. And in the subsequent stages, both need to approve campaigns and materials according to their knowledge of the personas.
And speaking of these next steps:
Account qualification
Marketing-sales alignment is important because, in this second phase of the ABM framework, both bring a lot of valuable information.
Through marketing research and competitive benchmarking , it is possible to define the market very well. But even so, in a large region, you will find several possible targets to be worked on in ABM.
The sales team provides assistance in this task with its practical and empirical information.
💡 Empirical information is all information acquired through real experiences and experience in the world.
Let’s go back to the real estate example? In the initial research, you identified 10 potential targets for your Account Based Marketing. But your department is small, and the board determines that only 3 of these accounts can be worked on at the same time.
Your commercial director knows people in the real estate industry because he has been selling to the sector for years.
This practical knowledge helps you identify the most prone accounts : those with disorganized marketing, those that are losing customers, those that are thinking about expanding, etc.
How to design an Account Based Marketing strategy?
All of the above is work that largely depends on your type of business. That’s why the tips are more on top: the details of your business are up to you, no two frameworks are the same.
This part of the text, however, will be a little more targeted. ABM strategies, despite varying greatly in content, usually have similar forms.
For example: Ads are personalized, but advertiser platforms are the same most of the time.
Therefore, the strategies I am going to show you now are universal. You just need to choose the ones that make the most sense for your business. The ideal tools for your unique toolbox.
Let’s go?
Align the teams involved
As mentioned previously, the marketing and sales team need to work together for an ABM strategy to work.
But in practical terms, most companies today do not apply ABM. Or you’ve never even heard of the strategy.
And understand: we are talking about companies in general, not just marketing agencies .
Perhaps you are working today with a marketing coordinator who has no idea that ABM is a real possibility and that it brings profits.
Therefore, the work of aligning teams is fundamental, and one of the most complicated. You will need to hold constant meetings, explain the methodology, create flowcharts and even function organization charts, in some cases.
Define the responsibilities of each department, with roles for each person, and explain the methodology in detail to each person.
This is the only way to guarantee that your framework will work. Get your ideas out of your head and take them to the polis, like the Greeks did.
Creation of account personas
We’ve talked a lot so far about accounts and targets in Account Based Marketing, right? But how exactly do you talk to them? Or rather: who, within these companies, are you talking to?
That’s where creating personas for the accounts you’re targeting comes in.
At the beginning of the text we talked about how Account Based Marketing treats each account as an entire market, right?
Well, to embrace a new market, you need to understand who the people are who will buy your product. That’s what target audience research and persona creation are for.
In ABM it is no different. You need to understand who, within the target companies, is interested in your content and has decision-making or persuasive power.
This is done with a lot of research, and this research is not easy.
Understanding how the company’s departments are divided is always a complicated task that requires a lot of trial and error — in fact, trial and error is one of the main sources of expenses in Account Based Marketing.
Once you identify your target audience within companies, create a persona that reflects them, so that all of your team’s efforts become more efficient and easier to reference.
Create content and ad planning
Once you already have a marketing-sales alignment, targets identified, target audience defined and personas created, the next natural step is to start creating your ads.
See how everything so far has been a very direct path, one thing leading to another. ABM is like this: quick steps to achieve your goals faster.
This is because creating content and advertisements requires a lot of time and great professionals. In addition to extensive planning of where to advertise, what to advertise and when.
They cannot work with very tight deadlines and need constant revisions, as a success brings a huge return, and a mistake can close the door on an account for you.
In ABM, paid media strategies are the most used, but with touches of inbound marketing as well. It is very common to offer technical e-books through ads on Google Ads, for example. And detailed tutorials on the blog also via ads.
Content marketing in Account Based Marketing needs to mix Inbound and Outbound. As you are not working with hundreds of thousands of prospects, as is common in Inbound, you need actions that produce results faster.
Search contacts for the accounts you are targeting and close meetings
With your campaigns running, you need to track their performance to quickly see lead conversions and contact them the same day.
This is possible through the automation of emails, for example, and with direct calls from the sales team trying to schedule a meeting or a product test.
The faster you are, the more chances you have of converting the lead.
We already know that there are several types of leads . And the ABM lead is different from the inbound lead because it is already qualified. You know all the company information. The main information you need to capture is what position and sector this lead is in.
With this information in hand, lead processing needs to be immediate. Contact him directly within a maximum of one hour to increase your chances of a sale!
How to (really) start doing ABM? Going from zero to the first account
So far, we have offered you a model for Account Based Marketing based on the best market practices.
But I know what you need: something that works. Something you can put to work.
ABM can be applied by several companies from various segments. In our examples we brought some, but the possibilities are enormous.
And these possibilities are often limited. Unfortunately. Maybe this is your situation now. You understand the value of ABM and its steps, but it’s no use if you can’t put it into practice in your company.
There are several obstacles that may be preventing your marketing department from implementing it. I brought some of them here in this small guide to close the text: how to go from zero to zero for your first account this semester?
Let’s find out:
Involve the board
Without management on board, ABM will not get off the ground. This is because it demands extra resources in relation to the marketing strategies you are already applying.
For example: how to justify the need to hire another copywriter, another designer and a 50% increase in spending on Google Ads or Social Ads?
There is only one way: explaining the strategy to the board. She needs to be aware of everything you intend to do.
Start like this: ask for a meeting with the board and explain the situation. Make projections showing the reality of ABM — how much the company can earn with it and how much time and money it requires.
That’s enough for now. Present this information to the board and seek a second meeting, where you will present the team involved, the project needs and an action plan.
More on this in the next topics:
Build your team of experts
This can be difficult without hiring, but first try the internal route: who from the marketing and sales departments can help you apply Account Based Marketing?
These people will help you put together your ABM plan and present it later to the board.
If no one in your company can help you, your first step in creating this plan is to hire hires. But don’t hire yet! Just determine who to hire. For a small operation, a dedicated copywriter and designer are sufficient for marketing.
But it is essential that, in the commercial department, you are able to find at least one ally who understands how Account Based Marketing works.
With that in hand, it’s time to create your strategies:
Create a strategy pitch
If you have allies in your company, this job becomes easier. If not, you and the sales representative (he is essential!) will need to design the strategy and put together a pitch to the board.
Here you will need to carry out your first research and define your first target. If you want to go further, it’s also worth creating a persona and a basic content and Outbound strategy.
Put all of this into a presentable template. Include real goals and a deadline for closing the first account.
And then present it to the board, with a strong guarantee: within six months, we will close the first account.
Get at least 1 short-term account
Six months is a reasonable period in Account Based Marketing. For many, it is even a goal.
Surfe Digital, for example, has a super interesting case of work carried out with Algar Telecom.
Algar works with complex sales in the communications sector, and the entire commercial process took 9 months. By applying ABM, Surfe reduced this period to… 6 months!
This was so important for both Algar and Surfe that the agency even has a case talking about the work carried out. You can access it for free here.
So six months for a complex sale is quite acceptable. Set this deadline and put all the strategies you saw throughout the text to work.
When you bring the results, the board will be much more open to opening a department dedicated to Account Based Marketing.
Conclusion
So, what did you think of the idea of putting Account Based Marketing to work?
I’m sure you’ll be able to present a great plan to your company’s directors. And if you are one of the directors reading this text, present it to your team and start the strategy!
Nobody has anything to lose with ABM. Okay: the strategy is risky and the ROI may be very high or very low, but getting a new account is a short-term effort. If it doesn’t work out in six months, you don’t need to continue.
The first step of all is to analyze the market, as the text has been highlighting since the first lines.
Thanks for reading and see you in the next text 😉