Importance of Account Based Marketing for B2B ECommerce in 2021
January 9, 2021
Account based marketing (ABM) is an approach to B2B marketing in which marketing and sales teams work together to target the best-fit accounts and turn them into customers. It involves custom designing highly personalized marketing campaigns to create the best engagements with individual major key accounts.
There is no doubt that for B2B marketers, customer relationship building is key to closing in sales and maintaining key accounts. Therefore, account based marketing is a natural expansion, as it blends marketing and sales efforts to offer personalized campaigns to a B2B e-commerce businesses key accounts.
Steps for B2B Account Based Marketing
If you are interested in adapting account based marketing for your B2B ecommerce business, then there are some major components that you need to know. Here are the basic steps, or components, of ABM:
1. Target Key Accounts
Account based marketing allows you to pinpoint the most valuable key accounts for your business, and to target those with personalized marketing and sales campaigns. Basically, it involves leveraging technology to target and manage accounts that are worth your time and which result in the highest ROI.
2. Create Customized Campaigns Across Channels
After identifying the key accounts, the next step is to design coordinated and customized marketing campaigns across all channels. It is important to create a cohesive and personalized campaign that will attract your B2B clients without using any of the typical “sales tropes” that businesses are familiar with.
3. Reach Key Accounts Effectively
As a B2B ecommerce business, you must find the most effective channels and mediums for attracting your potential customers. The common mediums that work for B2C customers may not work for your B2B ecommerce business, so it is important to find the best channels for your niche, with help from CRM platforms for a streamlined process.
4. Optimizing Campaigns
The purpose of ABM is to maximize ROI and boost long-term B2B customer loyalty. Therefore, managing and optimization are major components of this strategy. This includes monitoring accounts, programs, and targets, revenue-based account analytics, and measuring ROI. It also involves analyzing the data and taking corrective steps to optimize each campaign and maximize return on investment.
Importance of Account Based Marketing for B2B Ecommerce Business
Account based marketing is a strategy specifically designed for B2B marketers. This is because, like other B2B companies, B2B ecommerce businesses often rely on their most valuable customers, known as key accounts, for a large proportion of their sales. Hence, it only makes sense to create targeted marketing and sales campaigns that will appeal to those major accounts.
Here are the major benefits of ABM for B2B ecommerce marketers:
1. Integrates marketing and sales efforts
Marketing and sales departments must work in unison to attain maximum results. This is especially true of B2B companies, where direct customer relationship building is a key aspect of both departments. With account based marketing, sales and marketing departments are able to seamlessly integrate to achieve their common goal.
2. Personalized marketing campaigns for most valuable clients
Modern marketing trends place a huge emphasis on personalization. This is easy to achieve with an ABM strategy. It allows the B2B ecommerce business to target their valuable accounts, appeal to them, and capture them as long-term and loyal customers.
3. Boost in sales pipeline
By targeting the accounts that contribute to the largest proportion of your total sales, you can definitely expect to see a boost in your sales pipeline. This is because ABM allows you to target only the key customers who are the most influential decision-makers within the firm. This leads to quicker, and greater sales for your business.
4. Long-term relationships with key accounts
Account based marketing helps you to connect with your most important customers on a deeper level. This leads to greater satisfaction from your clients, and greater sales prospects for your B2B ecommerce business. Hence, ABM contributes to long-term, effective relationship building.
As you can see, there are a number of benefits of introducing an account based marketing strategy for your B2B ecommerce venture. In this modern age, customer relationship building is essential for any business to business company, and therefore ABM is one strategy that is worth checking out.