Account-Based Marketing For StartUp SAAS Companies in 2021 – An Overview
If you are a B2B Company, then here are some of the challenges that you might be facing today:
Long story short, if the challenges mentioned above are on your list, then Account-based marketing (ABM) is your best solution. ABM is the best solution for you to nurture and engage a precise set of target accounts.
In order to bag the success, you’ll need to:
Account-Based Marketing – What can it do for you?
The current trend to do effective B2B marketing suggests going with Account-based marketing. If you haven’t adopted it yet, then it is not too late to get started, for it will bring you on the track to tremendous success. B2B businesses need to pair the Sales and Marketing efforts to deliver close more deals and a more significant customer experience.
ABM is the best solution to accomplishing demand generation and winning the best ROI on the sales and marketing efforts. ABM is the present-day mantra of many successful businesses toward making more acquisitions and sales.
1. According to a survey, on average, 80% have adopted it to get higher returns, and it has proven to be the best marketing approach.
2. Half of them have reported 50% “significantly higher” ROI. (ITSMA)
3. 72% of marketers stated that Account-Based Marketing gives vital benefits to keeping and expanding existing client relationships
4. According to ITSMA and Demandbase survey in 2018, a quarter of marketing budgets are going to Account-based marketing programs.
The proof is in the above numbers; if done rightly, then ABM has the potential to grow your business and profits. On the vital side, it nurtures and builds stronger relationships that guarantee a long run.
As a matter of fact, ABM is Reinventing the Marketing Wheel in B2B Companies!
Account-based Marketing Advantages
Pairing Sales and Marketing Efforts:
Paring your sales and marketing effort is a requirement to drive the outcomes of an effective Account-based marketing strategy.
With Account-based marketing, the sales and marketing teams agree to work on specific accounts, perform meticulous research into those accounts’ pain points, and build customized campaigns to promote those accounts’ entire sales cycle. An aligned effort from the marketing and sales teams with focus and work channelized in the stipulated timeline helps achieve the goals quickly.
Any company that pairs its marketing and sales team efforts is likely to generate 200% of more revenue. This becomes possible since everything is planned meticulously right from scratch – From MarketingProfs.
Any business longs to triple its profits, and when it comes to B2B marketing, given the fact it is grown digitally – Using account-based marketing, it is easy to generate 200% more revenue.
Higher Return on Investment:
When the wagger is on a new marketing initiative, it is essential to have a positive ROI. Having said that, the rest is understood – Account-Based Marketing is personalized, accurate, and targeted. It gives the most crucial ROI among B2B marketing strategies while producing less risk and waste.
When the sales and marketing efforts are aligned, they stay focused on the same target account. The best resources are used to engage the target buyer and less on the activities that do not affect the buyer from one platform to another. For instance, develop more customized and more diminutive campaigns for your targeted account and its influencers instead of spending the entire budget.
As a result, you’ll cut down on the expenses that campaigns swallow, and you focus on a smaller number of accounts and target individuals. By doing so, you don’t tend to take a bigger bite of the budget and plan other activities with the rest of the money. Make it a point to focus the right people at the right account at the right time.
Do you really need ABM for your company?
ABM is exceptionally effective for B2B companies that sell to key accounts and are of a specific size for a certain life-time-value of products/services. But, as long as the focus is on high-value accounts, ABM can work for B2B organizations of all sizes.
Account-based marketing may not work for businesses. For instance, if you are pushing a low-ticket service or product, ABM is not your growth choice.
Consider account-based marketing if:
1. Total addressable market:
Identify the target accounts. For instance, when the number of accounts is a ‘few hundred’ accounts, ABM is probably the appropriate strategy. If your target market consists of 100s of thousands of customers, then probably traditional lead generation is a better option.
2. The Deal Size:
Average deal size OR the Life-Time-Value (LTV) of your product/services works to say that over $40,000, then ABM would be the right choice for you.
3. Decision Makers Involvement:
Do you need to involve the decision-makers and the influencers to get the deal? The decision-makers may not have time to download and go through the white papers; ABM is more relevant.
4. Budget Allocated:
ABM can work with a limited budget. In ABM, you target precisely the people you need to reach. Use your budget by targeting fewer people to engage only the target accounts at a lower cost than lead generation.