Many startups and SMBs find it difficult to set up account-based marketing strategies. Startups who are still struggling to find product market fit would not dream of being able identify and map their ideal customer profile (ICP). Small and medium-sized businesses are often unable to afford complex multitouch-point content marketing strategies.
Startups and smaller businesses don't usually have full-fledged marketing departments. Sales reps are often too busy. Account-based marketing (ABM), according to them, is reserved for large corporations with enterprise marketing teams that can spend large marketing budgets.
It is possible to be more truthful than that. Both startups and small businesses can and should invest in ABM strategies. ABM strategies don't have to cost a lot of money.
Account-based strategies thrive when you change your mindset and place more emphasis on relationships and long-term investments. You can do this by building a sense of community.
There are a few characteristics that your company should have before you invest in ABM.
ABM is more valuable if there are larger than average deal sizes and higher customer values. This is not the right fit for you if youre involved in a long-tail business model.
ABM strategies are also well-suited for businesses with long sales cycles. It is more important to target key accounts through personalized content and outreach via multiple channels and touch points, the longer the sales cycle.
Complex buying groups are susceptible to being targeted in a highly personalized manner. You won't get any results from spray-and-pray advertising.
ABM strategies are most effective when sales, marketing, and service are all aligned. Is your company open to RevOps? ABM could be the right choice for you.
These points are a snapshot of what could be called the higher segment in B2B companies. These characteristics are a good fit for startups and small businesses. We recommend that they consider the following growth strategies.
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What is ABM? What about ABS? What's the ABX business? You can find it here!
Let's first look at some definitions before we move on to the practical steps and tips to get started with ABM.
Marketing that is account-based
Account-based marketing can also be known as key account marketing. It is a strategy that allows businesses to focus their marketing efforts on specific accounts (key accounts) within a market.
This is similar to flipping an inbound marketing funnel upside-down. ABM uses a different approach to generating leads and activating them. ABM identifies key accounts and builds relationships with them. Then you sell to your network.
This means that all decision-makers at all stages of the customer journey will receive highly relevant and personalized marketing content.
Account-based Sales (ABS).
Account-based selling, a B2B selling model, uses a similar approach to selling and focuses on the same key accounts. Here, patience is key. Instead of trying to schedule a demo as fast as possible, sales reps should invest in building relationships.
This strategic and highly personalized process builds on the targeted marketing content that we have already mentioned. For account-based sales strategies to be successful, it is crucial that marketing and sales align.
Marketing and sales teams can benefit from sharing goals and KPIs.
Account-based experience (ABX).
Account-based revenue generation works best when your company has buy-in not only from sales and marketing but also from your customer success team. This allows you to provide a customized experience for your key accounts during a complete buying journey that goes on after purchase.