According to marketing research firm Forrester, less than one percent of all leads become actual customers. This means that 99% of the time, marketing efforts simply aren’t working.
Seth Godin once affirmed this point further in an FlipMyFunnel podcast, where he stated, “It’s very easy for us to think that we live in this mass-market world, but we don’t. We live in a micro-marketing world.”
Today, it’s no longer about using a scattergun approach to marketing, throwing out masses of content to a wide audience, in the hopes that a few may respond.
In Godin’s own words: “Marketing is the art of hitting the smallest viable audience.”
It’s not a question of “should I do ABM?” Instead, you should be asking yourself: “how do I start ABM?” If you’re still not entirely convinced, simply view the following statistics, that show how many B2B marketers have been swayed to ABM:
- According to stats by HubSpot, in 2021, 67% of brands are now utilising ABM as part of their marketing strategy.
- That same report also found that ABM budgets increased by 41% in 2019.
So clearly, ABM seems to be working for many corporations. However, it’s not an easy, overnight process- after all, Rome wasn’t built in a day!
It requires buy in from your business, the commitment to implement and maintain, and a significant change in your strategy and measurement tactics.
But, when done correctly, ABM can prove to be extremely effective:
Some of the top benefits of an ABM approach include:
- Sales and marketing alignment: When your sales and marketing teams are all in agreement on goals, budget, and communication, you’re more likely to generate higher revenue, improve the brand awareness, and ensure the customer experience is seamless at every stage of their journey with you.
- Higher return on investment (and an ability to measure it): In addition to increasing ROI, a report by Forrester found 62% of marketers stating they could measure a more positive impact since implementing ABM. By having the ability to measure the return on your investment, you’ll have the insights needed to make better data-driven decisions in the future.
- Increased revenue: As the average deal size increases with ABM, so does the revenue. As the approach is so account-centric and relevant, customers are more inclined to give more budget to a company they trust.
- Delivery of consistent customer experiences: If everyone in your organization is aligned on how to deliver a consistent message at every stage for an account, your customers will feel like they’re the only customer.
- Expansion of business through account relationships: By using highly relevant and tailored messaging, in addition to building trust with your customers, you’ll not only retain them longer, but they’ll also turn into your best advocates to promote your company for future business.
It may be a challenge, but the rewards gained from an account-based marketing approach are worth it in the end!
So, if you’re now convinced by ABM and want to turn more of your leads into qualified, long-term partnerships with clients, then speak with AmbitionABM today.