Account-based Marketing (ABM) is a highly focused growth approach in which sales and marketing work together to provide tailored acquisition interactions for a set of high-value clients that are mutually identified.
This B2B outreach strategy may help businesses break into emerging markets, address new industries, or even contact prospects for an arranged event or product launch. A strong ABM strategy can be crucial for B2B SaaS firms looking to expand or to improve their revenue numbers.
In the past, account-based marketing was thought of as a broad technique for B2B outbound marketing. A more advanced perspective, on the other hand, considers ABM to be a focused approach that includes both outbound and inbound marketing.
The fact of the matter is that implementing SaaS ABM doesn't necessitate a complete reworking of your current operations. Rather, it's a supplement to your existing demand-generation processes sharing resources, data, tools, and technology.
A look into account-based marketing
The ABM process begins with prospects that are the best match for a product or service but aren't quite interested in purchasing it. This approach nurtures them throughout the sales cycle, increasing its client base through referrals and word-of-mouth. ABM is a revenue-generating technique that integrates marketing and sales to create customer experiences tailored to high-value accounts.
When high-value accounts are defined, their relevant stakeholders are addressed, and afterwards, multi-channel, tailored marketing tactics are used to promote product or services directly to them. ABM campaigns necessitate substantial research, planning, and coordination across sales and marketing teams due to the significant degree of precision customisation required.
The advantages of ABM over traditional marketing
ABM provides a number of advantages over traditional marketing strategies. Streamlined acquisitions, personalisation, shorter sales cycles, and greater sales and marketing alignment are just a few of the advantages.
Acquisitions that are more streamlined
Your sales and marketing departments will focus all of their efforts on high-value accounts that will generate significant revenue. ABM focuses on a certain area to help you get the most out of the company's top resources. You'll be actively working on producing content that drives sales from such key accounts using ABM.
Sales cycles are shorter
You can reduce your sales cycle and accelerate final purchasing decisions by nurturing your target customers as per their specific requirements. You won't have to filter through every unqualified lead, and your most important leads will receive the high-quality assistance they need to gain confidence in your organisation and make that purchasing decision.
Because of ABM's restricted emphasis, there are a lot more customising options. Personalized message campaigns for key customers will be carried out by your marketing team, rather than generalised communications. While actively connecting and creating connections with high-quality prospects, you'll have time to generate extremely useful and relevant content that converts.
How to run a successful ABM campaign for a SaaS company
Determine and identify your accounts
The first stage is to figure out your target audience is and what their needs are. This is more about finding the companies that are most likely to engage in your service and product than determining individual purchasers.
Since this sort of marketing is totally dependent on whom you approach, you must select organisations that would profit the most from your brand and would be your top-tier clients if they converted to acquiring your services. Understanding who you have to address is the most fundamental step in launching a successful ABM campaign.
For B2B SaaS clients, the best strategy to begin with would be employing the Ideal Customer Profile (ICP) framework. Based on a set of parameters, this framework is meant to identify organisations that might be a good fit for your business.
After you've established your ICP, utilise the new data to narrow down your serviceable addressable market (SAM) to a selection of the top accounts within it. This list will serve as the foundation for your whole ABM campaign, as well as a clear indication of the potential of your target market or the efficacy of the strategy.
Make the required interactions
It's critical to take the information you learned from your ICP exercise and apply it to those organisations by developing a number of personas that will allow you to develop. A persona document will provide you with better insights into whether individuals inside an organisation will be beneficiaries or blockers, what they care about, and how to engage with the various sorts of relevant stakeholders in your service's purchase decision. A good persona list will help you figure out who to contact first and how to connect with each sort of customer journey stakeholder.
With the ABM approach, you're attempting to persuade someone who doesn't yet realise they have a need to invest in your product or service. While a normal messaging framework may provide you with information to include in your messages, there is no one-size-fits-all approach to grab the attention of a reader and persuading them of your product's value. As a result, you must continually do A/B testing in order to make data-driven judgments about which messages are successful and should be used more frequently, as well as which ones are failing and should be removed from the cycle.
You'll create content for different stages, including generic product and business information for awareness, technical specifics and price for consideration, and urgency for conversion, in order to run an effective account-based marketing campaign. Each piece of information in each step should be tailored to inform prospects about where they are in the customer lifecycle and encourage them to go on to the next.
Develop your newfound digital connections
One of the most difficult issues with ABM is that the sales cycle is considerably lengthier when you get an outbound lead than when you get an inbound lead. As a consequence, the leads you attract may be interested in your service but don't want it right away, require budget approval beforehand, or already have a competitor option, resulting in lengthy decision-making procedures.
This implies that while speaking with outbound prospects, you must adapt your expectations. After you have been able to attract attention by successfully targeting, outreaching, and messaging, comes the difficult part: leading them through the customer journey to a sale.
Get referrals from clients who came to you through ABM
Many of your prospects have travelled the same path as your existing consumers. This instils in prospects a level of trust that is extremely tough to achieve on your own. Using the loyalty of your top customers, on the other hand, generates invaluable guarantee for your prospects and demonstrates the impact you can make on their businesses.
Understanding the customer experience and finding viable referral sources begins with mapping out your customer journey. The customer journey map allows you to visualise who your customers are so that you can connect the dots and close the gap between sales, marketing, and operations. Most importantly, it will inform you which clients are ready to join your referral programme and when they are ready.
Account-based marketing is a great way to accelerate B2B leads by providing targeted, tailored content and bringing sales and marketing teams together for the same objective. It is centred on determining your serviceable, attainable market and specifically engaging them with the appropriate content, message, and nurture. Make sure to keep track of your efforts, from A/B testing outbound messages to determining the impact of your content in driving the buyer's journey. SaaS organisations may save time, money, and produce higher-quality, more committed leads by implementing ABM.