How ABM Dramatically Increases Revenue in Healthcare, Finance, and Tech
- Introduction Getting Started with ABM
- Chapter I: What is Account-Based Marketing (ABM)?
- Chapter II: What are the Benefits of Better ABM?
- Chapter III: Why is ABM Becoming So Popular?
- Chapter IV: Why is ABM Important in Healthcare, Finance, and Tech?
- Chapter V: Is ABM the Same as Inbound Marketing?
- Chapter VI What are Some Examples of Tactical ABM?
- Chapter VII What is ABM Tactical Support?
- Chapter VIII Starting ABM Tactical Support is Easy
Getting Started with ABM
Your goals are big, but your time is short. You need better sales and marketing but don’t want to deal with a full-scale marketing agency. You also need more revenue. Immediately!
Sound familiar?
Anyone working in a complex and highly competitive market like healthcare, finance, or technology can relate to your situation. Here’s a viable option for driving more revenue while prioritizing your most valuable customer relationships.
What is Account-Based Marketing (ABM)?
Account-based marketing (ABM), sometimes called key account marketing, uses a strategic approach to create a highly personalized and higher-speed customer journey. ABM communicates with each valuable prospect as if they are a market of one.
A Market of One
Your audience thinks, “I’m a preferred customer in an exclusive group. You help me feel that I am everything to your business.”
In practice, ABM digs deep into your marketing strategy by putting a priority on effective relationship-building tactics. Customers experience an enhanced buying journey where it feels like a pleasure to do business and contribute to your company’s growth.
ABM leverages the potential of your most valuable prospects to deliver even more value through tight customer bonds. Think of it as next-level prospecting. When handled properly, ABM brings extra revenue without excessive cost.
Plus, it works fast. The ABM approach allows you to sort through accounts and focus on those with the most potential as quickly as possible. As a result, your sales and marketing teams feel more productive, giving them a morale boost.
What are the Benefits of Better ABM?
Implementing ABM comes with an array of benefits you’ll see very quickly. Here are some of the key benefits of using ABM in your sales and marketing programs.
Accomplishes More Productive Prospecting
It’s frustrating to feel that you’re wasting time trying to reach unqualified leads. Not every customer is the right fit for your business, especially when you operate in a niche field like finance, healthcare, or technology.
With ABM, you can conduct more productive prospecting and stop spending time on leads that won’t result in revenue. Improve lead generation and strengthen your conversion rate, then build strong bonds with these valuable clients.
Creates Strong Revenue and Visible ROI
ABM brings a dramatic improvement in profitability due to more effective revenue operations. Because your efforts are focused on revenue and relationships, it becomes easier to confirm that your campaigns are productive.
For 90% of companies, new business generation is the #1 goal of their ABM strategies. If your company has high expectations for finding a return on investment (ROI) for sales and marketing campaigns, ABM is an excellent approach.
Delivers More Targeted Messaging
How effective is your social media messaging? Do your campaigns resonate with your best prospects and highest-value account holders? Are you sure? ABM allows you to fine-tune your messaging and target specific customer groups.
Aligns Sales and Marketing
One of the most important benefits of ABM is that it aligns your sales and marketing efforts to focus on the same goals within the same budget. Your internal stakeholders see a more consistent strategy, and your customers benefit from this heightened alignment.
All communications, from internal emails to public relations efforts, have greater uniformity. Anyone who interacts with your brand feels you’re responding helpfully with a unified voice.
Prioritizes High-Value Customers
Personalization sets you apart from your competitors. Your highest-value customers want to feel that you are paying attention to them individually and meeting their unique needs. This is where ABM shines.
Content and interactions can be personalized to provide the right information at the right moments. Adjust your offerings to provide the ideal options at key points and assist your customers in a way that feels tailored to their desires.
Adds Consistency to the Customer Experience
Prompt and personalized service helps your customers trust you and continue feeling loyalty toward your brand. Over time, they’ll feel consistency from your company that encourages them to keep doing business with you.
Please keep in mind that a key success strategy with ABM is to ensure all of your team members are aligned around the same goals. Everyone, from your sales and marketing employees to your outside partnerships, should be trained on the right ways to interact with your ABM clients.
Streamlines and Speeds Up Your Sales Cycle
Ordinarily, the sales cycle takes a meandering path. Prospects begin to research their options and take small steps toward connecting with potential resources. Ideally, they’ll eventually move toward the closing or buying stage and feel delighted with your services.
ABM streamlines this sales cycle by allowing you to focus on key accounts and accelerating the process. Instead of waiting for the early stages to happen, you can jump ahead to connecting, closing, and delighting. Claim revenue faster and avoid wasting time and resources.
Builds Loyalty Through Quality
While traditional sales and marketing often focus on the quantity of new leads, ABM puts the focus on quality. Your highest-quality leads gain additional attention that pays off in stronger relationships and financial performance.
Keep customers longer because they genuinely feel more seen and appreciative. You’re helping them solve their problems and accomplish important things in their lives. As a result, you’ll see improvements in things like customer referrals, testimonials, social media comments, online ratings, word-of-mouth marketing, and more.
Fuses Market Data With Sales Intelligence
Your company constantly gathers valuable sales information, but is it put to good use? With ABM, you get more out of your market data and sales intelligence.
Use it to execute more campaigns quickly and ensure they’re as effective as possible. Track your metrics and gain insights to refine and optimize your ABM approach.
Common ABM metrics include:
- Revenue won
- Won accounts
- Revenue per account
- Number of pipelines
- Account engagement
Why is ABM Becoming So Popular?
In addition to the benefits listed above, ABM is gaining popularity for the following reasons.
ABM outperforms other marketing efforts.
- 87% of B2B marketers say ABM is outperforming their other marketing activities.
ABM holds tremendous potential for CLV.
- 80% of marketers say ABM improves their customer lifetime value (CLV).
ABM improves win rates.
- 86% of marketers say ABM is improving their win rates for successfully closed deals.
ABM has a measurable positive impact.
- 62% of marketers are seeing a measurably positive impact from implementing ABM.
ABM spending is worth it.
- ABM’s effect is so positive that 71% of companies are planning to increase their ABM spending.
Why is ABM Important in Healthcare, Finance, and Tech?
When you work in a highly competitive industry, retaining clients is essential. Your demanding customers have high expectations. Fail them, and you’ll likely lose them to a competitor.
ABM helps you protect your valuable customer base. By streamlining and aligning your sales and marketing campaigns, ABM allows you to do more of what you do best.
Is ABM the Same as Inbound Marketing?
Inbound marketing uses digital marketing principles to help prospects feel naturally drawn to your business as you help solve their problems. It’s not the same thing as ABM, but the two are complementary partners.
Account-based marketing works hand-in-hand with inbound marketing by reaching each prospect at key points in the customer journey and displaying empathy for their situation. Both approaches put the customer first, but inbound marketing is an overall strategy while ABM is more tactical.
What are Some Examples of Tactical ABM?
Tactical ABM is a highly targeted and goal-focused form of account-based marketing. It’s specific, outcome-based, and measurable.
Elements of tactical ABM may include:
- An ABM audit to determine needs and areas for alignment
- A content strategy and SEO planning meeting
- More and better blog posts, social media messages, and graphics
- Email drip campaigns with matching landing pages
- Improved and more consistent reporting and analysis
What is ABM Tactical Support?
There’s not always enough room in your schedule to work with a full-scale marketing agency, plus you want to make sure you’re truly getting value from every dollar. Your resources are always scarce and your time is tight.
An ABM tactical support package focuses your resources on precisely the goals you want to accomplish. Whether you need strategic marketing or just a few social media graphics, your ABM plan ensures your efforts are geared toward the right audience at the right time.
Create a customized ABM program with plenty of tactical options to choose from. Before selecting an ABM partner, investigate how they provide measurability and reporting.
Questions to Ask About ABM Tactical Support:
- Who are my ABM targets?
- How will my ABM tactics connect with my audience?
- How often will I receive updates on our progress?
- What are our measures of success?
- Which metrics will prove the ROI of our ABM?
Starting ABM Tactical Support is Easy
Ready to move forward with ABM? Cogo & Co. can help. We offer customized programs for ABM strategy and tactics including strategic development, social media, content, paid ads, email marketing, landing pages, and much more.
Our premium growth solutions include data-driven sales and marketing campaigns for both inbound and outbound marketing, ad management, SEO, and revenue operations. We’ll provide 30/60/90-day reports to illuminate your progress and support you as you continue to pursue success.
It’s easy to work with us. To get started, simply schedule a call and request your ABM audit.
- Schedule a call for your 30-minute mini ABM audit.
- Customize a tactical ABM plan with what YOU need.
- Watch your revenue grow!
Schedule a FREE Consultation
Contributors:
Anthony Grower
Topic Specialist
Kelly Brighton
Topic Specialist
Richard Peace
Topic Specialist
Sources:
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