Increase the Value of Key Accounts with ABM
Consider this: You work for an AEC firm looking to grow its revenue within a specific market. You have developed a list of target clients and know who has the most potential for future work, but now you have to find a way to get in front of them to get a piece of the pie. But how?
Some firms spend months trying to set up face-to-face meetings and developing brochures. Others may launch a broad-brushed social media campaign to reach firms in a similar space. But what if we told you there was a better, more efficient and effective way to reach your target audience? Look past traditional marketing and learn more about Account Based Marketing (or “ABM”).
What is ABM?
ABM is a go-to-market strategy that coordinates personalized marketing and sales efforts to land and expand high-value accounts. Unlike traditional marketing that casts a wide net, ABM focuses on specific, targeted accounts (or key accounts) first, allowing companies to proactively move potential leads through the sales cycle, leading to quicker revenue generation. And we all like the sound of that, right? Gone are the mass marketing days focused on nurturing potential prospects into qualified leads. ABM is all about focusing more resources on higher-value accounts.
ABM > Focus > Increased Utilization Rates => Faster Results
How does ABM help AEC firms get ahead?
ABM has been around since the early 2000s but started gaining traction, especially in the last several years. A growing number of B2B companies are adopting this practice because it works. Though not yet widely implemented in AEC, firms have the opportunity to get ahead by implementing this proven strategy. Here are some ways ABM helps AEC firms move ahead of the competition:
- Economics are better. With ABM, companies invest more time reaching higher into their larger accounts, which drives better deals. Instead of going after one-time opportunities with smaller firms, keep your marketing spend low and focus on creating a relationship with key players. This zero-waste approach allows companies to focus 100% of their time and spend on the accounts that are most likely to generate revenue.
- Saturation is at an all-time high. Traditional marketing is at a roadblock. There is a content overload making it hard for companies to stand out. Audiences are looking for thought-leaders. In fact, 60% of decision-makers say more than half of the content they are seeing does not offer valuable insights or align with their brand. ABM offers an opportunity to stand out among competitors by creating relevant and timely content specific to your target accounts.
- When ABM first came on the scene, there was a disconnect between motivation and the ability to execute the process. Now, companies have access to powerful tools and technologies like CRM, marketing automation, analytics, and customization to deliver ABM at scale.
- Marketing and sales team alignment. Traditionally, the marketing team generates and nurtures leads for hand-off to the sales team. Working as a unit, tackling these more valuable leads benefits both sides of the coin: the marketing team can gain insight into the strategizes and challenges that sales teams have always used and faced, and sales teams can tap into marketing’s ability to engage accounts in authentic, effective ways. Opening the door for these teams to engage with the high-value accounts increases the overall sales and value of the key accounts.
- 97% of marketers using ABM report a higher ROI than any other B2B marketing tactic. Companies are closes higher-valued deals of greater value using ABM. Procore, the most widely used construction management software, saw a 600% marketing ROI using ABM. Today, Procore has an entire department dedicated to implementing its ABM segmentation strategy and is the leading provider for cloud-based application for the construction industry.
Getting Started with ABM
The key to ABM is knowing your target audience. For instance, if you’re a project management firm specializing in higher education, your ideal customer might be public or private universities looking for a long-term partnership. The first step would be to identify a list of universities that fit this scope and gather data on each of their key stakeholders, which in this case, might be the university facility manager. Once you understand your target audience, you can engage with them by creating helpful content intended to address key stakeholder pain points and increase awareness.
Landing the account is not where the road ends. ABM is all about landing and expanding target accounts. With ABM, AEC firms can select, engage, and retain high-value accounts by building long-term partnerships.
Start implementing ABM into your marketing strategy. Follow our step-by-step ABM checklist to get started today!