It seems that just about every B2B company is raving about the benefits of account-based marketing (ABM). This comes as no surprise once you have seen ABM in action. After all, it allows you to create a fully customized strategy for each high-value target account and the results are often staggering.
While you have surely heard lots of great things about ABM, you might not realize just how big of an impact this strategy can make on your business. The beauty of digital marketing is that everything can be tracked.
With this in mind, the team at Enormous Elephant, Dallas’ fast-growing account-based marketing agency, has compiled a list of statistics regarding ABM. We want you to see the results for yourself so that you can choose the perfect option for your company.
B2B sales is drastically different from consumer marketing. In order to overcome these differences, your approach to marketing needs to be specifically designed for connecting with corporate clients. That’s where ABM really shines.
Account-based marketing takes traditional inbound marketing and flips it on its head. Your team has the opportunity to identify high-value accounts and create specific content for these targets. ABM opens the door for unparalleled growth for your B2B company.
Don’t just take our word for it. Check out these ABM stats:
Few ABM Marketers Have Optimized Their Strategies
Quite a few B2B marketers have made the switch to ABM. However, most of these programs are far from optimized. In fact, only 17% of B2B advertisers consider their ABM programs to be embedded in their marketing mix.
This lack of optimization has led many B2B companies to seek out the help of an account-based marketing agency. These firms specialize in integration and optimization. They will implement a strategic ABM plan that will complement your other advertising efforts.
ABM Produced Larger Deals
As you know all too well, closing B2B deals takes time. Especially large accounts can take months to make a final decision. With some much time invested, it is vital that these deals are large enough to generate significant revenue for your business.
After implementing strategic ABM, businesses saw a significant increase in average contract value. On average, these deals grew by 171%. Not only are contracts bigger, but win rates improve, as well.
Revenue Won is One of the Best ROIs for ABM
If you are going to change your marketing strategy, you also need to adjust the way you measure advertising success. When it comes to tracking your ABM campaign’s effectiveness, “revenue won” is one of the best metrics available.
When you’re comparing ABM to other marketing campaigns with the “revenue won” metric, you’ll likely find that it consistently outpaces other options. According to ITSMA, ABM’s revenue won metric was higher 87% of the time.
ABM Increases Client Engagement
No matter which industry you are involved in, increasing client engagement should be one of your top goals. What better way to encourage client engagement than by providing them with custom-made content?
Since target-specific content is a key facet of ABM, it is perfect for mobilizing your audience. Some ABM marketers reported that custom content doubled client engagement.
Going Account-Based Increases Your Lead Pipeline
In the early phases of your ABM program, you should direct the majority of your attention to Tier 1 clients. Your Tier 1 list should only include existing accounts that you want to retain or upsell. However, you still need to draw new prospects into your lead pipeline.
Since ABM involves close collaboration between sales and marketing teams, both sides will get better at generating leads. Two-thirds of B2B companies have reported increases in lead generation after implementing an ABM program.
After seeing these stats, there is no denying that ABM works. However, ABM does not produce overnight results.
When you set out to implement your ABM plan, make sure to do your research and identify your ideal target accounts. By doing so, you will drastically improve its effectiveness.