One of the more talked about- deservingly so I might add- forms of marketing is account based marketing or ABM, a more personalized approach that is prevenient mostly in business-to-business operations. This practice takes a lot of effort and a lot of contribution from different people for a tactic that does not have a lot of reach. but where it lacks in exposure to new and potential clients, it makes up in cultivation off relationships between companies. One of the aspects of Account-based marketing that has made it so popular among advertisers in the past few years is that it delivers a better Return on investment than other types. In order to maximize the opportunity of success for said accounts, the tools and tactics that are used are more personalized to the audience in mind.
One of the more unique aspects of the practice is the necessity of both the marketing and sales department to perform in an almost harmonious tone. In order to develop these more engaging marketing plans, there needs to be more effort put in by the organization as a whole; in particular, these two departments. This influx of effort is required to create a substance-filled campaign that will hopefully lead towards long term relationships.
Some may instinctively think that this approach is costly because each tactic and strategy is tailored for a specific company, right? Not necessarily. While it is not unreasonable to believe that this approach is only for the big advertisers who can afford a personalized campaign, this type of marketing is known for its unusually high Return on investment, or ROI. According to an ITSMA online survey in 2014, of marketers who measured their ROI, 85% said that the account based marketing efforts outperformed other types of marketing. Why is this the case, though? Personalized campaigns require more effort and time and more generalized approaches.
One of the reasons that make ABM so favorable as far as Return on investment and in general is the relationship focused mindset. Companies, much like us as people, seek to develop relationships. In the case with business, receiving a well crafted and tailored fit campaign shows professionalism and competence in their specific field. And in the end, is that not what makes us marketers, showing others not only that we are good at what we do, but also that you will be made better with our product or service.
