Account-based marketing, also known as ABM, is a strategy to target the individuals who will buy your products. It takes into account that most B2B buying decisions are not made by a single person, but rather by a collective group of people.This is Business-to-Business marketing that pinpoints the people you want to reach with your products and services through the communications channels they use. It is designed to bypass people in the middle of the management and purchasing chain who do not have buying power.
You will create ads and messages to update and highlight the benefits of your products or service to reach only the people who are the decision-makers. The ad may be a video, automated pop-up or deep link ad attached to a mobile app. This is a means of conducting business through computers and mobile devices exclusively to key personnel. The ad may feature a call to action to send for samples of products or it can include a request for a phone call appointment.
Targeting accounts by IP is the more sophisticated, ABM version of display targeting. Each company has its own IP address, which provides you the ability to target entire accounts with your message instead of just the one person that visited your website. This way, you can use your display platform to target your ads to people who are decidedly in the market for your product or service, who have a high propensity to buy, or who “look like” your current best accounts. As a result, you can market to a smaller, but more highly-curated, list of prospects for a better conversion rate. This saves you money and improves your conversion rates.
Targeting a group of stakeholders with your ad messaging requires you to have a way to group people together, even without having prior engagements. This is where account-based marketing’s IP-based targeting comes in handy. Since each company has its own dedicated IP address (or many), it is easy to identify the collective by looking at IP addresses. So if you want to target an account (or a number of accounts), you can target those IP addresses specifically, ensuring you are marketing to the correct group of people in the most efficient way possible.
You can measure the success of your ads with generated revenue and recommendations to other non-competing buyers. Your buyers actually become advocates for your product or services as a result of this personal touch.
Cookies are small amounts of saved data in browsers. Companies use persistent cookies to compile information on people who have used their website. This includes remembered facts such as buying habits and product searches. (The ads you see on the right-hand side of your personal Facebook page, Twitter account or email often come from persistent cookies stored by consumer product and service websites you shopped.)
Cookies are used in account-based marketing to reach individual customers who have accessed a business website through their browser. They are combined with other sales enablement tools that use predictive analytics to target the people with the power and authority to purchase the product or service. This is the result of collected data on existing and potential buyers that include their budget and the best time for them to consider purchasing your product.
This type of ad targeting works very effectively on a personal basis through LinkedIn, Google+, email and other popular media.
It targets the key people through:
- Individual name(s)
- Job title targeting (JTT)
- Buying power
Cookies are used extensively in North America, the UK, France and Germany to target the most important individuals at a company. (Cookies can be used to target a company in Australia but not at the job title level.)
This is an outstanding tool for new product introductions. You send a follow-up message along with the ad telling the buyer that she/he is the first person contacted in this area with an opportunity to preview this product available at an introductory price. You can also send personalized messages thanking buyers for previous sales.
Internet Protocol (IP)
This is worldwide access to your customer base in other countries that may buy your products. Every device with internet access has an IP address. IP ranges or specific sets of addresses can be used to target individual companies in different locations.
IP ABM offers a broader range of customers than cookies although it does not offer the opportunity to connect directly with an individual decision-maker. This system works effectively for businesses that want to expand into an international market.
Using both cookies and IP-addresses
You may be able to connect directly with a buyer in the UK using cookies but you need the broader IP ABM system to reach accounts in other parts of Europe or Asia. You can target potential new businesses or companies that have purchased your products previously with the IP-addresses.
Targeting specific businesses and their top decision-makers is a modern approach to digital marketing. It is made possible through predictive analytic software and related automated technologies that can store the most important information necessary for successful sales. The right system can help your sales team build a successful customer base.
There are many sales enablement and automation platforms available for use with ABM. Find the system that works best for your business. We like DemandBase, Terminus, and Kwanzoo as ABM platforms.
Ready to learn more? Get our e-book “The Practical Guide to Boosting Revenues with Account-Based Marketing.”