Answering the Question - What is the definition of Account Based Marketing
Definition of Account Based Marketing
Account Based Marketing (ABM) is a strategic approach that looks to treat each customer as its own individual market that requires tailored solutions and communications.
ABM involves considering and addressing the specific needs of your customers, allowing you to increase relevance, engage earlier on in the process, align marketing activities with account strategies, create more compelling content and gain a better understanding of contacts at particular companies.
It is an effective way for enterprise level sales organizations to differentiate themselves from their competitors as markets become increasingly commoditized with price being the only differentiator.
Differences with traditional business marketing
Account-based marketing (ABM) is an approach focused on identifying and tailoring marketing strategies to individual customer accounts. This method allows marketers to hone their tactics to better address the needs of each account, leading to increased sales over the long term.
ABM is especially effective in industries where products or services are complex, and can be used both when expanding business within existing customers and introducing new offerings to prospects.
Studies suggest that buyers appreciate being kept up-to-date with new propositions from the vendors they work with, yet many organizations fail to provide this service appropriately.
By taking an ABM approach, marketers are able to more accurately target content to appeal specifically to particular accounts, greatly increasing the value of the content.
Account Based Marketing and the Technology Industry
Account-based marketing (ABM) is a focused approach to customer engagement and it's seeing a lot of success within the IT, Services, and Consulting industries. It allows these companies to maximize their returns on investments and target large customers with complex propositions & long sales cycles.
ABM has even started to spread into other sectors, as many suppliers now understand that some of their customers have exceptionally high revenues. Because of this, they are adjusting the resourcing levels accordingly.