Account based marketing (ABM), also known as account-based sales & marketing, is an approach to marketing and sales that focuses on developing relationships with the decision-makers in specific accounts.
The idea behind account-based marketing is that each business buyer (an “account”) is different. For this reason, it makes little sense for every customer to be approached in exactly the same way. Instead of one-size-fits-all campaigns, ABM uses data gathered about a specific target account to shape the product or service’s message and presentation for maximum effect.
ABM is closely related to another buzzy term: Inbound Marketing. However, while Inbound Marketing refers specifically to a general approach to generating leads, account-based marketing is more focused on the strategy and tactics used to get in touch with leads.
Account-Based Marketing vs. Account-Based Sales: Are they the same thing?
NoT exactly. At its core, ABM and Account-Based Sales (ABS) use some of the same concepts and tools: understanding accounts, mapping out different types of buyers, and tailoring product or service messaging accordingly — but there are also differences between them. Here’s a quick breakdown of how each one works: Account-Based Marketing is about developing relationships with specific accounts, taking into account what you know about them and their industry. It starts by understanding who’s buying your product or service — what company they work for, and what role they play (decision-maker, influencer) — and continues by building those relationships over time. Account-Based Sales is about understanding which key individuals inside a company are powerful decision-makers for your product or service and getting in touch with them as quickly as possible to close deals. It considers specific people as well as businesses as a whole — e.g., their revenue expectations, the ways they make decisions, etc.
What’s the process behind ABM?
ABM usually starts with an email targeted at an individual inside of the account you’re courting—in other words; it begins cold outreach (however, depending on how advanced your CRM system is, you might also be able to reach out to an entire department or division). The specific content of that outreach email can vary widely, depending on what kind of information your CRM has about the person(s) you’re contacting. You might include a video introducing yourself and your company’s product or service, for example, or a link to a helpful blog article. However, it comes together, though the end goal is always to get someone in the account interested enough in your business to set up a phone call with you — or even better yet, come visit you at your office.