On this episode of 'Inbound & Down,' co-hosts Jon Sasala and Danielle Esposito continue their miniseries discussion about key takeaways from inbound marketing and sales platform HubSpot's INBOUND 2017 conference, focusing on account-based marketing (ABM).
"Account-based marketing" was the buzz term the Morey Creative team heard a lot of people talking about at HubSpot's recent annual Inbound conference. So, what is it?
Simply put, it's not fishing with a net; it's fishing with a spear.
Traditional inbound marketing attracts as many leads as possible, but not every single one will turn into a customer. But if you're a company that has a long sales cycle and a very specific target audience, why would you want to attract as many leads as possible? Instead, you want to attract the most qualified leads as possible.
That's where ABM comes in. It's about attracting the clients you know are right for your company, and communicating with them, where they are. Whether it's the content you produce, the social channels they use, speaking to their pain points, or using their industry jargon—it's all about being personal!
"It's flipping the inbound marketing funnel on its head"
Account-based marketing is a focused and strategic approach to marketing, whereby marketing and sales teams work together to target their most suitable accounts to convert them into customers.
"It's flipping the inbound marketing funnel on its head," explains Creative Director Jon Sasala. "It's not saying, 'Let's attract as many people as we can, and then of those, let's figure out which are a good fit that we can turn into customers.'
"It's saying, 'I know these 20 potential customers are out there, so we need to communicate with them on a one-to-one basis,'" he continues.
But, account-based marketing isn't for every type of business. Since this marketing strategy is time-intensive and requires a lot of effort, it's best for B2B companies who have big-ticket sales.
Key Takeaways From This Episode:
Before you implement account-based marketing, decide whether or not your company (or client) is a good fit for this strategic marketing approach.
Account-based marketing isn't for every company.
When you apply account-based marketing, you're not fishing for clients with a net, you're fishing with a spear.