Account-based Marketing (ABM) isn’t a new concept, but it could be a real winner for SaaS businesses who are not already delivering ABM strategies.
Previously known as Key Account Marketing, businesses use the idea of marketing to individual prospects within organisations (persona marketing), as a “market of one”, with the aim of increasing the relevance of campaigns and attempting to drive more engaged leads into the business. For any ABM strategy to be successful, it’s vital that the Sales and Marketing teams are truly aligned, as data must come from both teams to allow campaigns to be monitored and optimised properly.
So why could ABM work for SaaS companies? Well, first let’s look at some facts from traditional B2B Marketing:
- According to Forrester, less than 1% of B2B leads turn into revenue
- B2B buyers complete up to 90% of their decision-making process before talking to a sales rep
- Slow response times to lead forms are one of the main reasons companies fail to win new business
- Customers expect thoughtful personalisation – beyond just knowing their first name!
An effective ABM strategy will help your SaaS business to convert more prospects into paying customers by alleviating these points. You will naturally convert more leads by having a more engaged prospect and it also removes the risk of slow responses killing deals.
ABM works exceptionally well if you are targeting very specific industries, have very niche solutions or sell enterprise/big-ticket solutions. It works less well if you are looking for quick wins, or have low-level/transactional sales cycles.
If you’re worried that ABM won’t compliment your current marketing strategy, check out how Hubspot combine a kick-ass ABM strategy with their inbound marketing process – https://blog.hubspot.com/marketing/account-based-marketing-guide
So, is ABM right for you? Well, here’s a few pros and cons to help you decide:
- Your campaigns will be more personalised than ever
- Your prospects will be more engaged
- You don’t necessarily need additional marketing tools, assuming you already have marketing automation and data analysis platforms in place
- You need to produce A LOT of content – enough for all the accounts on your list
- It only works well when targeting a small group of accounts and won’t replace other marketing efforts
- Sales cycles are usually much longer
If you are interested in hiring an Account-Based Marketer, get in touch. Zumar is a specialist Marketing Recruiter, with experience of working with seed-funded, VC and PE-backed SaaS businesses.