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Target specific prospects with Account-Based Marketing
Account-Based Marketing (ABM) has emerged as a marketing approach to assist business development teams with accelerating the sales cycle, close more deals and penetrate new markets. By allowing the marketing team to focus on the high-priority targets a firm is most interested in doing business with, ABM can make a measurable impact on business development and the bottom line. It’s been described as fishing with a spear, as opposed to fishing with a net.
An essential question to ask at the onset of an ABM strategy is who are the organizations (accounts) that your firm would love to land as clients? You’ll certainly want to talk to the business development team who already has specific accounts that they would like to pursue. But there are others who aren’t on the radar that should be. One great way to identify new target accounts is to profile what makes up an ideal, best-fit client. Take a look at your best accounts, the ones that firm leadership would love to duplicate over and over again, and identify the characteristics that are common in an ideal client. These characteristics might include the following:
- Organization type
- Organization size
- Annual revenue
- Geographic location
- Project volume
- Method of procurement
- Projected CLV
- Strategic importance
- Leadership/cultural fit
Once you have a list of targets in view, an integrated Account-Based Marketing program will help to align the efforts of marketing and business development, while providing more intentional and proactive support during a long and complex sales cycle.