Account-based marketing (ABM) also called key account marketing is a business marketing strategy that focuses on specifically targeting customer accounts and considering them as one market. In most cases, this is used for targeting organizations at an enterprise level.
What is the purpose of ABM
Account-based marketing works by making well-branded customers engage at a much deeper level with them so they can benefit from their business. It is basically about pursuing new accounts of high value sharing similar industry, size, and geographical characteristics with the current top-tier customers.
The aim of account-based marketing includes the following:
- Helping the companies in building higher account relevance
- Allowing the companies to engage earlier and at a higher level for more promising and successful deals
- Aligning the marketing activity of any business with their account strategies
- Aiding companies to get the most out of their marketing strategies
- Creating compelling content for inspiring other customers
Account-Based Marketing is a Multidisciplinary Approach
In most cases, the business marketing approaches and strategies are organized and work on the basis of product, solution, channel, and industry, however, ABM makes use of a more multidisciplinary approach. It covers all the factors with the major concern being important individual accounts. Since markets have become highly commoditized, customers can no longer differentiate between the suppliers and their other competitors. This has led to the situation where the only factor customers are focusing on, is the cost. With its exclusive approach of customized working for accounts, companies to avoid the drastic effects of commoditization are now extensively adopting ABM marketing techniques. Account-based marketing ensures that a particular business stands out among the plethora of other companies providing the same services.