In a recent video we looked at What is Account Based Marketing (ABM) And HOW can you implement it. Here we’re looking at the WHY: Why might you want to implement ABM for your company?
Inbound marketing is designed to flow leads into your organisation; you take a content marketing strategy, matched to a persona or several persona types and you seek to engage, convert, close and delight them with content matched to their buying cycle and your audience’s awareness of your product or service. You serve up content of different formats and messages as the lead passes through each of the funnel stages.
And it works – Inbound marketing (done well) can be an exceptional tool for many, many organisations. But the leads and the opportunities they tend to offer, are the high volume, low-value variety.
What’s more, inbound often operates in its own vacuum, outside of sales, and so the Marketing Qualified Leads (MQLs) generated, are often not accepted by sales and thus the conversion from MQL to customer, can be very low.
That’s not necessarily the fault of inbound marketing, per se, but it does little to help you focus on high-value, low volume opportunities – the kind of deals that make a significant impact to bottom lines. Big-ticket sales and high-value clients.
The very nature of Inbound Marketing means the client chooses you, they find your content and choose to engage. Meaning you have a reactive sell – you are selling only what they (think) they want at that specific moment.
By contrast, with Account Based Marketing (ABM), you are very much choosing the client – before you market to them – matching your services and solutions to their precise needs, meaning you can then sell the solution they require as your insight is based on solid research and understanding. A big difference.
The relationship with ABM is very much more advisory and consultative, you are shaping the outcome and tailoring the service and the solution on offer.
Which is why Account Based Marketing works very well for high-value solution selling where complex, human-led interaction is critical.