When we talk about different types of marketing strategies for small and large companies, the list goes on and on. Most companies find it easiest to base their strategy off of one or two of these strategies or ideas. For example, if the holidays are around, the company many choose to base their strategy solely off of this time of year, using promotions and a spin on email marketing. Others may choose to try location-based marketing or just a simple digital marketing strategy. It seems like each year, new types of marketing strategies take hold.
This year, it’s looking like account-based marketing could be the new “thing.” Though account-based marketing has been around for a while, it’s starting to get recognized more and more.
What is Account-Based Marketing?
Or, should we say, “marketing account-based what is?”
It may sound like Yoda talking. Account-based marketing is when a company directs their marketing strategy based off of prospect or customer accounts. Essentially, this means you work backwards. You take a look at what kind of customer accounts you want to buy from your company. After you’ve gathered a list and set these ultimate goals, you communicate with those accounts and see if you can pull them in.
It’s New and It’s Debatable
Account-based marketing is far more difficult than, say, social media marketing. Sometimes it may work and other times it may flop. However, unlike other types of marketing, account-based marketing is super risky because it’s not so certain what the results will be. You could put in a lot of hard work and perhaps see nothing come of it. At least with Facebook marketing, you’ll likely see the results of your work quickly.
These days, account-based marketing is really only meant for big enterprise companies who have the financial means to take that risk. They can afford to set the bar very high for themselves. They take themselves seriously. That being said, once (or if) we start to see positive statistics with this kind of marketing, there’s no reason we can’t see it being used with smaller companies in the future.
How to Implement Account-Based Marketing
So, you’re willing to give this marketing strategy a try. But, how to implement it? Having to communicate to your prospects about their interest in your company sounds like a lousy sales pitch already. But, to get you started, after you make your target account list, consider, what’s in it for them? This is where you’ll have to use personalized marketing strategies to reel them in. And, you’ll have to pay attention to each step of the process so you can be ready to “execute” at any given time.
Measurement is Key
With any type of marketing, constant measuring is key. But, it’s never been as important when it comes to account-based marketing. Unlike other marketing strategies, you need to be constantly measuring progress as you go along because your attempts can lead to different customer behavior. Each prospect you pull in or fail to pull in will be a learning experience to make adjustments with in the future.
It’s Not for Everyone
Account-based marketing is definitely a sensitive type of marketing. It’s not for everyone, though we can’t really discourage you from giving it a try! Account-based marketing is a great way to set goals for your business, where the rewards are really unlike that of any other kind of marketing.
Do you have any thoughts about account-based marketing? Tell us in the comments below!