The Federal Reserve raised interest rates by another quarter percentage point on Wed., May 5, and inflation is still two-and-a-half times higher than the central bank’s target of 2 percent. Times are tough when it comes to attracting and retaining new business. But despite the current economic climate, account-based marketing (ABM) has transformative power in the world of retail and e-commerce.
ABM is a highly focused marketing approach that targets a select group of valuable accounts or customers. Instead of casting a wide net to attract several customers, ABM involves tailoring content marketing efforts to a specific set of accounts, with the goal of delivering highly personalized, relevant experiences.
According to Hubspot, 67 percent of brands leverage ABM. No surprise. There are several reasons why it’s a popular strategy in the retail and e-commerce space during slow sales cycles. ABM enables brands to:
- Prioritize content marketing efforts on high-return accounts. Focusing on high-ticket customers ensures brands can avoid expending resources on low-priority accounts that may have little return on investment, which is especially important as inflation and interest rates increase.
- Develop deeper, more meaningful customer relationships. By tailoring content marketing efforts to specific accounts and consumer behavior shifts, brands can create personalized experiences that resonate and meet customers where they’re at.
- Better align marketing and sales teams. By focusing on a select group of accounts, marketing and sales teams can work together closely, with the shared goal of nurturing and converting high-value customers.
Integrating a successful ABM strategy isn’t always a walk in the park — especially when it comes to selecting your targets, delivering personalized experiences, and understanding what types of content to use. Here’s how you can quickly implement effective ABM content campaigns for your high-value customers:
1. Reassess your ideal customer profile.
During economic downturns, it’s possible that your customer profile may have shifted. It’s important to reassess this profile and identify the types of businesses and decision makers that are most likely to continue making purchases. Look for trends or needs that have remained stable or even grown during the downturn and adjust your targeting accordingly. Gather new data on these customers by interviewing stakeholders and listening on social media. You can also use databases like MRI Simmons for relevant customer data points.
2. Create personalized messaging.
Develop content that speaks directly to the pain points of your target customers. Use personalization techniques such as dynamic content or personalized messaging to make the content more engaging and relevant. Highlight the value proposition of your products and position them as solutions that can help solve problems happening during the economic downturn. Don’t forget to use empathy while planning and producing messaging. Put yourself in that customer’s shoes.
3. Leverage multiple channels.
Use a variety of content channels to reach your target accounts, including email, social media and targeted advertising. Consistent messaging across multiple channels reinforces your brand’s value proposition and helps drive sales and build loyalty.
4. Measure and optimize.
Use analytics to track the success of your ABM campaigns and optimize future efforts. Monitor engagement rates, conversion rates and ROI to identify areas for improvement and make data-driven decisions for the next push.
5. Collaborate with other teams.
ABM is most effective when marketing, sales, brand, and product teams work together to deliver personalized experiences for target accounts. Collaborate with these teams to align messaging and ensure that content meets the needs of the target accounts throughout the sales funnel.
Getting started with ABM sooner than later is a strategic way to stay ahead of any economic uncertainties. ABM initiatives keep the company focused on identifying and targeting the most high-value customers with content that captivates, converts and retains them.
Chad Gilbert is the senior content marketing director at NP Digital, a global digital marketing agency.
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