Hi! Vladislav Stepanshin VP of Sales Growth Hacking, and today I want to talk about marketing. But not the boring kind that you skip through 😉
while scrolling through social media. I’m talking about Account-Based Marketing or ABM. Why is it cool? Let’s delve into it.
What is ABM?
Imagine you’re a fisherman. Instead of casting nets in the ocean and hoping to catch something, you choose a specific spot where you know the fish are biting. ABM is your fishing rod, not the net.
Why ABM is cool:
- Precision in action: You know who your client is, and can create the perfect offer for them.
- Saving time and money: You don’t waste resources on those who aren’t interested in your business.
- Synergy of departments: Sales and marketing work together like teammates, not rivals.
- Quick results: When you know where to go, you reach your goal faster.
How it works in practice:
Imagine you own a coffee shop. Instead of advertising your coffee to the whole town, you decide to focus on office workers nearby. You find out what type of coffee they prefer, what additives they like, and even what donuts they order. And then you create a special offer for this group. The result? They come to you every morning.
Account Based Marketing Example: Glocal SEO Platform and Web3 Game Developer Industry
Account Based Marketing Example: Glocal SEO Platform and International Business Development
Osama Shawky CEO of Thirty Sleeps
Account Based Marketing Example: Olga Nayda CEO of “MyGlocal FZ-LLC” and Business Development
Olga Nayda CEO of “MyGlocal FZ-LLC” and Business Development
My experience as VP of Sales:
At Glocal, where I work as VP of Sales, we use ABM daily. And every time, we see how businesses transform when they start working directly with those who really matter to them.
A few Account Based Marketing tips for a start:
- Research your audience: Find out who your best clients are and what interests them.
- Create a unique offer: Think about how you can solve their problems or meet their needs.
- Use the right channels: If your audience is active on Instagram, don’t waste time advertising in newspapers.
ABM is not just another marketing gimmick. It’s a new way to think about your business. If you’re ready to change your approach and see real results, give ABM a chance. And remember: in business, as in fishing, the key is to choose the right spot and bait!
- What is account based marketing?
Imagine you’re at a huge party – that’s your market. Now, instead of trying to mingle with everyone, you decide to focus on a few people who you know share your interests, can have great conversations with, and who might become your good friends. That’s essentially what ABM is in the business world.
In traditional marketing, you cast a wide net – you try to reach as many people as possible, hoping some of them will bite. It’s like shouting in a crowded room and hoping the right person hears you. But with ABM, it’s different. You pick specific companies (accounts) that you think are the perfect match for your product or service. It’s like making a beeline for someone at the party who catches your interest.
Here’s what you do in ABM:
Pick Your Guests: Identify companies that are a great fit for what you offer. These are your ‘VIP guests’.
Do Your Homework: Learn everything about them – what they need, their challenges, who makes decisions, etc.
Tailor Your Approach: Create messages, offers, and content that speak directly to these companies. It’s like choosing a conversation topic you know they’ll love.
Make a Personal Connection: Reach out through the right channels (like email, LinkedIn, or even direct meetings) with your personalized message.
Work as a Team: Get your sales and marketing people to work together on this. It’s a team effort to win over these VIP guests.
Why do it? Well, it’s super effective. Instead of trying to please everyone (and ending up pleasing no one), you focus on those who really matter and are likely to buy from you. It’s more personal, more targeted, and usually gets better results. Plus, you build stronger relationships with these companies, which can pay off big time in the long run.
So, that’s ABM – it’s like being the thoughtful, strategic person at the party who makes meaningful connections, rather than the one who tries to talk to everyone and ends up forgotten.
- How to do account based marketing?
Think of ABM like planning a really targeted surprise party for a few special friends, instead of a massive block party for the whole neighborhood.
Here’s how you can rock at ABM:
Make a Guest List: First, you gotta know who you’re throwing this party for. Pick companies that are a perfect fit for what you’re selling. These are your VIPs – the ones you really want to impress.
Learn What They Like: Do some digging to understand what your chosen companies need and want. It’s like figuring out if they’re into jazz or rock, chocolate or vanilla, so you can tailor the party just for them.
Personalized Invites: Now, create messages or offers that speak directly to these companies. It’s like sending out invites that say, “Hey, we know you love jazz, so we’ve got a live band just for you!”
Use Their Favorite Channels: Find out where these companies hang out – is it LinkedIn? Industry events? Direct emails? Reach out to them there. It’s like knowing whether to send the invite by mail, email, or drop it off in person.
Get the Team on Board: Make sure your sales and marketing folks are working together like a well-oiled machine. Everyone should know who they’re inviting and what the plan is.
Throw the Party: Execute your plan. Send out those tailored messages and offers. Make them feel special and understood.
Keep the Party Going: After they show interest, keep the conversation going. Nurture that relationship. It’s not just about getting them to the party; it’s about making them enjoy it so much they want to come back.
The cool thing about ABM is that it’s all about making those few chosen companies feel really special, rather than shouting to a crowd and hoping someone listens. It takes more effort per company, but the chances of them getting on board with what you’re selling are way higher. Plus, they’re likely to stick around longer, which is great for business.
- How to measure account based marketing?
It’s like checking if the special dinner you cooked for a few friends actually hit the mark. You want to know if they liked it, if they’ll come back for more, and if they’ll tell others about your amazing cooking skills.
Here’s how you measure your ABM efforts:
Engagement: This is like seeing how much your friends are chatting and laughing at the dinner table. Are the companies you’re targeting interacting with your content? Are they opening your emails, clicking on your links, visiting your website? High engagement means they’re interested in what you’re serving.
Reach within Accounts: Think of this as checking if everyone at the table is enjoying the meal, not just one person. Are you connecting with multiple people within the same company? In ABM, it’s important to engage with various decision-makers and influencers in each target company.
Pipeline Growth: This is like seeing if your friends are coming back for seconds. Are your efforts leading to more sales opportunities? Are these companies moving further along in your sales pipeline because of your ABM strategies?
Deal Size and Quality: Here, you’re checking if your guests prefer a gourmet meal over fast food. Are the deals you’re closing with these targeted accounts larger or more profitable than your average deals? Quality over quantity is key in ABM.
Customer Retention and Expansion: It’s like having your friends come back for more dinners and even bringing their friends next time. Are these companies sticking with you for a long time? Are they buying more from you or upgrading their services?
ROI (Return on Investment): Finally, it’s about checking if the effort and money you put into the dinner party were worth it. Are you getting a good return on the resources you’ve invested in your ABM strategy?
In short, measuring ABM is all about seeing how well you’re connecting with those key accounts, if they’re moving through the sales process, and if they’re turning into valuable, long-term customers. It’s not just about making a sale; it’s about building relationships that pay off over time.
- Why is account based marketing important?
Think of ABM like being a smart chef in a gourmet restaurant rather than a fast-food joint. Instead of cooking tons of generic burgers hoping someone will like them, you’re crafting a few exquisite dishes for specific customers who you know will absolutely love them. Here’s why that’s important:
Super Targeted: With ABM, you’re not wasting time and resources trying to please everyone. It’s like focusing on cooking a perfect steak for a meat lover, instead of making random dishes and hoping someone bites.
Better Relationships: It’s all about building strong connections. When you focus on specific accounts, you get to know them really well, kind of like how a bartender knows your favorite drink. This familiarity makes for better, stronger business relationships.
Efficient Use of Resources: Imagine throwing a big party and not knowing how much food to make. With ABM, you’re cooking just the right amount, for the right people. It’s more efficient because you’re focusing your resources (like time, money, and effort) on high-potential accounts.
Higher ROI: This is the big one. Because you’re so targeted and efficient, you’re more likely to see a better return on your investment. It’s like knowing that every dish you prepare is going to be a hit with the customer.
Customized Approach: ABM lets you tailor your approach to each account. It’s like a tailor making a bespoke suit – it just fits better. Customization can lead to higher satisfaction and loyalty from customers.
Aligns Sales and Marketing: Imagine a kitchen where the chefs and waiters are in perfect sync. ABM gets sales and marketing teams on the same page, working together smoothly to target and win over accounts.
In short, ABM is important because it’s a smarter, more focused way of doing marketing. Instead of casting a wide net and hoping for the best, you’re using a precise, targeted approach that builds better relationships, uses resources wisely, and generally leads to better results. It’s like being the chef who knows exactly what to serve to make each customer happy.
- How does linkedin help you with account-based marketing (abm)?
Think of LinkedIn as your trusty sidekick in the world of ABM. Here’s how it helps:
Finding the Right People: LinkedIn is like a massive party where all the professionals hang out. It’s great for finding the key players in the companies you’re targeting. You can see their roles, what they’re interested in, and even the kind of content they engage with.
Getting the Scoop: It’s a treasure trove of info. You can learn about a company’s size, culture, recent news, and the challenges they might be facing. It’s like having a cheat sheet for understanding your target accounts.
Tailored Content: Once you know who you’re dealing with, you can share content on LinkedIn that speaks directly to them. It’s like having a conversation at that party where you’re talking about stuff they’re super interested in.
Ads That Hit the Mark: LinkedIn lets you run super-targeted ads. You can choose who sees your ads based on their company, job role, industry, and more. It’s like sending a personal invite to the VIPs you want at your event.
Engaging Directly: You can use LinkedIn to send personalized messages to the people at your target companies. It’s a bit like walking up to someone at that party and starting a one-on-one conversation.
Sales Navigator Tool: This is like your special ABM gadget. It helps you find the right people, gives you insights into your accounts, and even helps you track how they interact with your content.
Building Credibility: By sharing useful content, engaging in conversations, and being active in your industry on LinkedIn, you build up your rep. It’s like being known as the cool, knowledgeable person at the party.
In simple terms, LinkedIn is a powerhouse for ABM. It helps you identify the right companies and people, understand them better, engage with them directly, and tailor your content and ads to meet their specific needs and interests. It’s like having a map, a megaphone, and a direct line to the VIPs all in one place.
October 23, 2023