...a strategic approach to business marketing in which an organization considers and communicates with individual prospects or customer accounts as markets of one.
ABM isn’t a new concept, but it is gaining new ground these days because we finally have the means and tools to use it effectively with today’s technology.
With traditional marketing, you plan and implement your marketing strategies after defining target markets. Large enterprises have used this strategy to effectively focus their efforts and increase sales in the past, but with the advent of online marketing tools and a wealth of customer data at your fingertips, a company of any size can utilize this strategy to grow their business.
The first step taken when developing an ABM strategy is to analyze where sales are coming from and how the customers are finding the business. This helps define “accounts” by using existing examples. Using this information, the target accounts are defined with specific criteria and contact points are identified.
If you don’t have existing contacts within your target business, then a plan for developing those contact points must be created. This can involve the use of Facebook and/or Google AdWords campaigns set up to target very specific demographics to generate inquiries. It is also important to track any inquiries you receive, so having some form of Customer Relationship Manager (CRM) in place is important for your data collection and follow up.
ABM can benefit any size business and can fit into marketing budgets of nearly any size. It can help maximize the return on your marketing investment by targeting the businesses most likely to utilize your products or services with a message tailored directly to providing solutions for their specific needs.