What is Account Based Marketing? Basics and Implementation guide (2024 version)

Summary

This video script delves into the realm of Account-Based Marketing (ABM), a strategy that focuses on targeting key accounts for B2B clients. With a staggering $6 billion spent on ABM in 2022, it's clear that this approach is pivotal for performance marketers. The speaker outlines the four steps to effectively deploy ABM using LinkedIn ads, emphasizing the platform's real-time data and user mindset as ideal for B2B outreach. Tips for targeting, messaging, and reporting are provided, along with the rationale for choosing LinkedIn as the premier channel for ABM.

Takeaways

• 💼 Account-Based Marketing (ABM) is a powerful strategy for B2B clients, focusing marketing efforts on specific accounts or companies.
• 📊 In 2022, $6 billion USD was spent on ABM strategies, with 67% of B2B companies using ABM as their main marketing initiative.
• 📈 A 2021 survey found that 59% of companies using ABM reported positive ROI, showing its effectiveness for B2B marketing.
• 🔍 ABM involves targeting a smaller, more specific audience, which requires strong collaboration between sales and marketing teams.
• 🏢 A key step in ABM is creating a list of target companies, which can range from hundreds to thousands, and segmenting them by size or revenue.
• 👥 Target specific job roles within companies, focusing on decision-makers and decision influencers to maximize impact.
• 📢 Effective ABM content includes testimonials, highlighting unique selling points (USPs), and showing ease of migration and support services.
• 📊 Reporting in ABM is crucial, focusing on account-level metrics like product demos, contract signings, and engagement rates.
• 💻 LinkedIn is highlighted as the best platform for ABM strategies due to its real-time, accurate data and professional user mindset.
• 💡 For companies with high-ticket items, ABM strategies are ideal, while lower-ticket B2B businesses may find less benefit from ABM.

Q & A

What is the primary source of anxiety for a performance marketer in the B2B sector?

The primary source of anxiety for a performance marketer in the B2B sector is dealing with B2B clients, as they can be more complex to handle.

What does ABM stand for, and how is it defined?

ABM stands for Account-Based Marketing, which is a strategy where marketers identify key accounts or companies they want as clients and focus their marketing efforts specifically on them, instead of a broader audience.

How widely is ABM used in the B2B industry?

ABM is widely used, with $6 billion US spent on ABM strategies in 2022. Additionally, 67% of B2B companies use ABM as their primary marketing initiative.

What are the four steps to deploying an ABM strategy using LinkedIn ads?

The four steps to deploying an ABM strategy using LinkedIn ads are: 1) Create a list of target companies, 2) Identify key personas and job roles within those companies, 3) Develop tailored ads and messaging, 4) Monitor and report on the results, focusing on engagement and conversion rates.

Why is LinkedIn considered the 'hero' channel for ABM strategy?

LinkedIn is considered the 'hero' channel for ABM because it allows precise targeting of specific companies and job roles with accurate and real-time data, as professionals frequently update their profiles, ensuring dynamic and relevant targeting.

What makes ABM a strong strategy for B2B companies?

ABM is strong for B2B companies because it allows marketers to focus on a small, highly targeted audience of businesses, leading to more personalized and relevant marketing efforts that increase the likelihood of conversions.

What types of content work best for B2B advertising according to the video?

The three content pillars that work best for B2B advertising are: 1) Testimonials, 2) Highlighting unique selling points (USPs) and competitive advantages, and 3) Showcasing how easy it is to migrate to the product or service and the support provided during the process.

What is a critical element in making ABM strategies effective?

A critical element in making ABM strategies effective is strong collaboration between the sales and marketing teams. Sales teams usually have better insights into the target accounts and can provide valuable input on which companies to focus on.

Why is reporting important in ABM strategies, and how is it different from traditional B2C reporting?

Reporting is important in ABM because the sales cycle is much longer for B2B clients, making it difficult to measure success using traditional B2C metrics like immediate conversions. Instead, marketers should focus on engagement metrics, traffic generation, and session rates, while also tracking how many accounts have reached out, received product demos, and signed contracts.

What should marketers keep in mind when deploying an ABM strategy for B2B businesses with smaller ticket values?

For B2B businesses with smaller ticket values, ABM may not be the best strategy. ABM is more suitable for companies with higher ticket values, where the investment in targeted marketing can yield more significant returns.