The B2B sales process is complex because you have a niche target audience, many individuals are involved in the buying process, and the coordination of channels, tactics, and data is critical to your success.
What is account-based marketing (ABM)? ABM is a strategic approach to business marketing based on account awareness in which an organization considers and communicates with individual prospect or customer accounts as markets of one. An ABM plan starts with identifying the accounts (companies) you want to target, finding all contacts in those companies that influence the decision-making process, and building relationships with all the influencers to close deals and increase sales.
How does ABM and retargeting align? Retargeting allows you to identify individual prospects, from specific companies, and deliver targeted messages and offers. The combination of ABM and retargeting is a powerful duo.
A new Ascend2 research study, Account-Based Marketing Approach, provides insight on what is working in ABM. ABM continues to gain traction as an initiative that can capitalize on high-value accounts, shorten the sales cycle, and align efforts of sales and marketing teams.
But how are marketers gaining a competitive advantage with their ABM strategy? And how does ABM and retargeting work together to optimize results?
Here are a few noteworthy findings from the research study:
Finding #1: Current ABM Status
Bringing a fully functional ABM program to fruition requires a significant amount of expertise, time, and resources. About one-third (34%) of marketers are in the planning stages for implementing an ABM strategy in the future. Only 14% of marketers are currently in the process of rolling out an ABM pilot program while another 22% report having a measurable strategy in place.
ABM connection to retargeting: As you are developing your ABM strategy, use retargeting as part of your overall strategy. Retargeting is a proven tactic to reduce costs and increase conversion rates, and when you combine it with ABM, you increase the probability of success.
Finding #2: Greatest Challenges to Success?
37% of marketers find it challenging to get adequate budget and resources dedicated to account-based initiatives. Marketing and sales alignment is also a top challenge for 32% of marketers who recognize that the two work in harmony is essential to the success of an ABM program. Data quality issues also present an obstacle for 29% of marketers to overcome.
ABM connection to retargeting: Using retargeting reduces the cost of engaging with prospects and can help overcome the greatest challenge of lack of budget. Retargeting also helps with data quality, marketing attribution, and more.
Finding #3: Most Effective Channels
As ABM becomes a more widely-adopted approach, marketers need to differentiate themselves with their efforts. Half (50%) of marketing professionals surveyed report that social media is the most effective channel to do so, followed by email campaigns (45%) and the use of content or resources (42%).
ABM connection to retargeting: Use retargeting to improve the ROI and conversion of your social media, email, paid advertising, and other channels. Did you know that customers who’ve seen retargeting ads are 70% more likely to convert than those that haven’t?
Finding #4: Key Metrics to Measure Success
Measuring return-on-investment for ABM is essential to strategic success. Metrics based on the account level, such as target account revenue generated and target account engagement are reportedly the most helpful in measuring the success of an ABM program according to 44% and 42% of marketers, respectively.
ABM connection to retargeting: Retargeting metrics that matter most are Click-Through Conversion (CTC), Click-Through Rate (CTR), Cost-Per-Thousand Impressions (CPM), Return on Investment (ROI), Return of Ad Spend (ROAS), View-Through Conversion (VTC), and Cost Per Acquisition (CPA). Track your key retargeting metrics, optimize performance, and watch your ABM metrics improve.
Research shows that ABM works. Take some time to develop a strategy to use retargeting as part of your ABM strategy to reduce costs, increase ROI, build relationships with contacts at targeting accounts, and more. Retargeting is an important tactic for overall ABM success. The Perfect Audience team is available to help you use retargeting as part of your overall ABM strategy. Click here to schedule a meeting.