Businesses looking to drive actionable change have noticed the rise of Account Based Marketing (ABM) across industries. This relatively new form of marketing has delivered results that have companies clamoring for more. But just why is this strategy for customer acquisition and retention so successful?
ABM's Complete Definition.
Account based marketing can be defined as a strategic approach to marketing in which an organization considers and communicates with an individual prospect or a customer account as markets of one. Companies responsible for ABM generally sell their services to other companies, in a phenomenon called B2B marketing.
An example comes in the form of Triblio, an organization which has used personalized campaigns to help drive ROI for its customers.
Traditional Marketing's Failure.
Marketers need to adapt to a constantly changing landscape. Initially the internet provided some advertisements that users didn't seem to mind. Over time, the advertisements became more frequent and annoying for users. Now a significant portion of the population has decided to install Ad-Blocker, preventing potential customers from ever seeing the advertisements of a company. The solution? Treat customers better and make them feel more welcome by using account based marketing instead of using generic advertisements across the web.
Why It's Better.
One of the best features of account based marketing is its ability to either create or target a highly specific market. When a company can do, they will incur significantly less costs. It's far cheaper to appeal to an audience of 1,000 people highly interested in your product than it is to appeal to an audience of 1,000,000 people who couldn't care less about what exactly you are selling.
To accomplish this, companies like Triblio help businesses create personalized websites that help a customer feel welcome. That personalization helps not only with the acquisition of new customers but also with the retention of old ones. Is it really a surprise that Triblio, which was founded just a few years ago, has delivered improved ROI for their customers?
More than a Buzzword.
In this world, it's easy to be tricked and fooled by buzzwords. Big data and the introduction of certain new technologies have companies spending big on things they really don't need. It's a simple reminder of what happened in the late 90s and early 2000s. Internet companies were massively overvalued with large future growth projections. Now companies are desperate to get their hands on big data sets that they believe will drive results. But this data is often massive and hard to use and understand.
Account based marketing is just potential strategy for a Business, but it's a strategy that has already proved it can deliver results. It's time to stop spending money on big data and start looking at more ways to introduce ABM in businesses.
