Account Based Marketing or ABM is a strategic approach to marketing based on account awareness in which an organization considers and communicates with individual prospects and customers as markets of one.
New technology has allowed marketers the ability to identify target accounts and create personalized programs or campaigns in an automated way. ABM allows you to increase Return on Investment (ROI) by going after your identified highest margin/most profitable clients. ABM allows you to focus on prospects that will bring you the highest revenue long term. ABM allows you to target accounts that have real value for your business.
Companies and teams decide on which accounts to target. This allows you to minimize resources on less important segments and increase overall conversion. Because you are creating a segment of buyers, you are able to be more personal. Personalizing increases conversion.
ABM allows your sales and marketing teams to have an account-centric focus and puts them on the same team (which is difficult to do). ABM helps your marketing team think like sales with a focus on target accounts, increasing engagement, and getting sales. ABM encourages the sales and marketing teams to work together through the sales process.
ABM is not only used for acquiring new clients, it’s a great tool for retaining current clients. ABM focuses on the account level and personalizes the messaging. This resonates well with existing customers and leads to higher engagement and higher retention.