Rise in digital content in the past few years has resulted in two fundamental changes in the B2B buying process.
- Buyer’s are more empowered and well informed than ever.
- Number of stakeholders involved in a tech purchase has increased.
The average size of today’s buying committee is more than five individuals at multiple functional level.
Which is a challenge for B2B marketers: to reach out and identify relevant stakeholders in the client organization.
This is especially true for a large enterprise. Because in a large enterprise, marketing and sales teams are isolated from each other with little to no transparency.
Account based marketing is a strategic approach in which sales and marketing join forces. The goal is to have complete visibility about buyer’s need and build relationships with specific targeted accounts.
Here is a great example of ABM content produced by Oracle+NetSuite!
How is Account Based Marketing Different From Traditional B2B Marketing?
In B2B funnel based marketing we try to attract people through various methods.
We usually don’t discriminate our leads and simply broadcast our message to everyone, and hope something sticks.
Sometimes we are more smart about lead generation and choose to target according to the job titles, but we risk missing out the individuals who are likely the point of entry for our message.
Whereas in ABM we flip this funnel on top of its head.
By using intent data we can avoid chasing accounts who aren’t exhibiting any interest, and only target the accounts who are expressing interest in topics relevant to our products – ultimately saving us time and money.
Funnel based marketing process:
- What needs to be said
- Where to say it
- Who to say it to
Account based marketing process:
- Who you’re trying to target
- What you want to say to them
- Where you wanna say it
If funnel based marketing is a technique of fishing with a hook or a net – Account Based Marketing is more like fishing with a spear and targeting that big fish which you really want.
So What Does This All Mean For Businesses?
Traditional funnel based marketing efforts are broad in nature, and can quickly overload your sales and marketing teams with leads that have not been converted into customers.
Account based marketing allows you to improve efficiency by grouping leads based on accounts, which helps to focus. It enables you to hyper personalize the message to the right people at the right time.
This means more relevant targeted efforts, which can result in higher conversion rates for your business.