ABM is a hot topic in the marketing world. It’s an acronym for Account Based Marketing, and it means that instead of trying to find new customers, you focus on the existing ones. That may seem like common sense but it does require some strategic thinking about how we can target those customers better. But it’s clear a number of brands want to use ABM for new logos too. So let’s explore both.
ABM is the new buzz term.
You may have heard the term ABM floating around. But what is it? And how does it apply to you and your business?
ABM stands for Account-Based Marketing, which is a great way to increase your conversions by reaching the right people at the right time. According to Hubspot, “account-based marketing allows businesses to tailor their customer outreach based on customer data.”
In other words: if you’re a retailer selling shoes online, maybe one of your best converting customers buys white sneakers with blue laces every year—and they just placed an order last month! A platform like HubSpot or Salesforce can give you tools that allow you to reach out directly to this customer based on their buying patterns (their account), rather than sending them generic emails or advertisements that don’t speak specifically to their needs.
Makes total sense.
ABM is a great way to target your customers. It helps you focus on the right customers, create the right content for them and drive growth.
ABM may seem like it is only for new logos or people who have never worked with you before, but that’s not true! ABM can be used by companies who are doing well and want to advance their campaigns even further — which is where we come in.
Right target, right message, right channel.
What’s the right target? The person or audience you want to reach and engage with.
What’s the right message? The value proposition you have for them, and how it relates to their needs and goals.
What’s the right channel? The way you communicate with that person or audience based on their interests, preferences and technology use (email, SMS, social media…)
So can it be used for new logos?
We’ve got some good news for you. ABM isn’t just for existing customers. It’s for everyone!
No matter where you’re starting out, ABM will help you grow your business.
If you are targeting existing customers for growth, using ABM can help increase the lifetime value of your customer relationship and ensure that they remain loyal to your brand in the long term. You’ll be able to better understand how each customer interacts with the product or service offerings and uncover a deeper understanding of what keeps them coming back again and again.
Similarly, if you are looking to acquire new customers, then it’s vital that you make sure these new relationships are being nurtured adequately so that they become successful long-term relationships as well – which means having an effective strategy in place beforehand!
But don’t forget ABM can be used for existing customers as well!
The reasons to employ ABM with an existing customer are numerous:
- You have a long-term relationship with the client. They love your brand or product, but they want more information or support around it before they’re ready to buy again.
- Your product or service has already been adopted by this company and now you want to expand your footprint within the organization. This could mean providing additional training classes or opening up new channels of communication between employees who aren’t currently connected (i.e., email).
- The customer wants more content created especially for them—and that’s where we come in! Our platform lets us understand what topics will help reinforce their decision-making process so we can tailor our messaging accordingly.
We are living in a time of personalisation
The customer wants to be treated as an individual and as a VIP.
They want content created especially for them, tailored to their specific interests. This is the era of personalisation, when customers want to feel special and unique. They want their experience with your company or brand to be one of a kind; they don’t want it to be like everyone else’s.
This means that you need ABM if you are going after existing customers who have already purchased from you before…and if those existing customers like what they bought from you before!
The customer wants to have content created especially for them.
Your customers want to be heard. They want you to understand them, their goals, and their needs. But sometimes your existing customers don’t feel like your content is speaking directly to them. And if a company doesn’t understand its audience well enough, it’s not going to be able to create content that speaks directly—and uniquely—to them in the way they need it most.
How to do ABM for Existing Customers?
Find the challenges that your customer is facing and create a campaign around the same. It could be challenges around product adoption, expanding footprint within the company etc.
Now that you know what ABM is and how it can help your business grow by creating a customer-centric marketing strategy, let’s get into some practical steps on how you can implement ABM for your existing customers.
The first step is finding the challenges that your customer is facing and creating a campaign around the same. It could be challenges around product adoption, expanding footprint within the company etc. The idea here is to identify the pain points and address them through relevant content creation and targeting specific audiences based on their interests with relevant messaging in order to increase brand awareness, create brand loyalty and drive sales growth.
ABM can be used for both new logo acquisition and existing customer retention and growth. The guys at Creation Agency wrote a great myth-busting piece on ABM.