for multiple startups And for SMBs, successfully setting up account-based marketing strategies can feel like a pipe dream. Startups struggling to find product-market fit still can’t dream of being able to clearly identify and map out their ideal customer profile (ICP). Also, small and medium-sized businesses often lack the resources to invest in elaborate multitouch-point content marketing strategies.
Small businesses and startups typically don’t even employ full marketing teams, and their sales reps are limited for time anyway. For them, account-based marketing (ABM) is reserved for some corporations that employ enterprise marketing teams and can afford to have large marketing budgets.
This couldn’t be further from the truth, and both startups and SMBs can and should invest in ABM strategies. With a handful of smart growth strategies and clever tools, ABM strategies don’t have to break the bank to be successful.
Account-based approaches thrive when you revise your mindset and focus on long-term investing and relationship building. One way to do this is by building a community.
However, your business should have some distinctive features before investing in ABM:
- A larger than average deal size or customer value makes ABM more worthwhile. If you’re dealing with a long tail business model, this probably isn’t for you.
- Businesses with long sales cycles are equally well suited for ABM strategies. The longer the sales cycle, the more important it is to cater to key accounts with personalized content and reach across multiple channels and multiple touch points.
- Complex procurement committees are also susceptible to marketing in a hyperpersonalized manner. Spray-and-pray marketing won’t help you here.
- ABM strategies work best when sales, marketing and service are perfectly aligned. Has your organization embraced the idea of RevOps? Well, ABM might be the way to go.
In short, the above points can be described as the high segment of B2B companies. Startups and SMBs that fit these characteristics would love to consider the growth strategy outlined below.
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What is ABM? How about ABS? And what is this ABX business?!
Before we get down to practical approaches and actionable tips to get started with ABM, let’s look at some definitions to get a clear picture of what we’re talking about.
account based marketing
Account-based marketing is a business strategy, sometimes referred to as principal account marketing, where businesses focus marketing resources on specific goals (key accounts) in the market.
It’s like flipping a traditional inbound marketing funnel upside down. Instead of generating, segmenting, activating leads, and then selling them, ABM takes the opposite approach. You identify specific key accounts, build relationships with these goals, and then sell your network.
It also means creating highly relevant, highly personalized marketing materials for all types of decision makers at all points of the customer journey.
Account-Based Sales (ABS)
Account-based selling is a B2B sales model that takes a similar approach and focuses on selling to the same key accounts. Patience is the name of the game here. Instead of trying to schedule that demo as soon as possible, your sales reps will invest in relationships.
This highly personalized and strategic process is based on the marketing materials we outlined here. Sales and marketing alignment is the key to the successful execution of account-based sales strategies.
Your marketing and sales teams will benefit from defining and reporting shared goals and even KPIs.
Account-Based Experience (ABX)
Account-based revenue generation will work best when you have buy-in to the company, not only from the sales and marketing departments, but also from your customer success team. This helps your Prime accounts provide a personalized experience throughout the overall shopping journey that continues after purchase.