Marketing is all about getting your brand message and product in front of as many people as physically possible…right? WRONG. Well, ok sometimes it is, but it really does depend on what you are selling. Would you market Facebook in the same way that you would market an IT and Communications Managed Services solution? No…not if you want any results!
Let me explain, if you are marketing something like a social network, your target audience is going to be extremely broad and made up of multiple demographics, mixed age groups, and various incomes. This is because your product is low cost (or free!), hugely accessible and designed for ‘volume’. Your product doesn’t provide a specific solution to a very specific pain point, so you can be more generic in your messaging. You want to appeal to everyone, so volume, reach and engagement are key metrics, However, when we look at the other example - marketing a managed IT services solution - the above scattergun method of marketing simply would not work. This product is extremely niche, B2B, high cost and is only really applicable to those companies who are at the end of an existing contract or are actively looking to implement a managed services IT solution. In this scenario, you are marketing a product which provides a very specific solution to a specific pain point. Therefore, scattergun marketing is pointless…you need a small group of ‘in market’ buyers to see exactly what you’re selling at the right point in their buyer cycle...
This is where a different marketing strategy is required. Let me introduce you to Account Based Marketing (ABM to friends). You may already have bumped in to ABM, heard it talked about, have mutual friends, or even dabbled a bit but how do you know if it’s a right fit for you? Well, as a generalisation, if you are marketing option one (the social network), then it’s probably not for you, but if you fall in to the option two category (high value, niche target audience, with slow sales cycle) then ABM might be for you. Why’s that? Well ABM enables us to put personalised, targeted marketing in front of decision makers at the companies who are searching for solutions or products like yours right now. Using tactics such as intent scoring, desirability and fit matrices to locate organisations, laser-targeted marketing campaigns can then be built that appeal directly to the pains and priorities of the decision makers at those organisations. The benefits are clear. Your Sales and Marketing teams work together in a customer-centric lead-nurturing process that accelerates the sales cycle. Your client finds a vendor that truly gets them, forming the foundation of a long-lasting commercial partnership. Shortened sales cycle? Long-lasting customer relationships? Trackable KPIs which are aligned with your existing lead scoring criteria? Why isn’t everyone doing ABM????!!!!!!
Because as much ABM is only right for certain campaigns and companies, Companies themselves have to be right for ABM! The beauty of ABM is it is quite agile, has many guises and multiple tactics can be blended to obtain the best results, but the foundations have to be there in the first place. It’s a two-way relationship. So, what makes for successful ABM? How do you know if it will be a fit?
Well, we have done the hard work for you and laid out five key criteria for successful ABM. It is ready for you to download, read at your leisure and pass around your team. I’ll give you a clue…sales and marketing alignment (my favourite subject) is one of them!
If you want to go a step further and check your readiness, then take our quick five question ABM quiz and we’ll send you a personalised ABM report.
If you would like to know who’s in the market for a product like yours, right now or discuss how to put your solution right in front of them and position it as the only sensible option…please get in touch on 01223 964000 or letschat@sherpamarketing.co.uk. We’re always ready to talk to you and love a good chat about ABM!
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