Decoding Account-Based Marketing in the Business-to-Business Industry with Smartcore 

Account-based marketing (ABM) is gaining significant traction in the business-to-business (B2B) industry, and for good reason. LinkedIn’s 2024 B2B Marketing Benchmark report shows that B2B marketers are allocating 14% of their budget to account-based or targeted marketing as they look to deliver on their marketing objectives for the year. This makes sense considering 81% of marketers admitted that the return on investment (ROI) for account-based marketing is higher when compared to traditional marketing initiatives (source). It offers a personalised approach that focuses on targeting specific key accounts rather than a broad audience. Not only does this help meet the unique needs of individual accounts but also maximise marketing efforts and resources.

This blog post breaks down exactly what account-based marketing is, the distinct types, the benefits it brings, and the best practices for implementing ABM successfully. Whether you're a seasoned marketer or new to the concept, our comprehensive guide will set you up with the knowledge and insights you need to leverage account-based marketing effectively in your B2B digital marketing strategy. Let’s begin!

Who are we? Smartcore is your best-in-class B2B food and nutrition marketing solutions partner for smarter digital campaigns that drive business growth. We help ingredient suppliers in the B2B food and nutraceutical industries reach their buyers based in key regions around the globe. Download our 2024 Digital Media Kit to explore the best smarter digital products and packages for your marketing needs. 

What is Account-Based Marketing?

Account-based marketing (ABM) is a strategy where businesses identify and target a carefully curated list of high-value accounts with tailored, personalised marketing efforts. Unlike traditional marketing methods that cast a wide net, ABM concentrates resources only on these priority accounts. For example, consider a ‘plant-based’ ingredients supplier targeting a specific ‘alternative-milk’ manufacturer. With ABM, the business would research the client’s pain points, decision-makers, and buying processes, tailoring their messaging and content to address the prospect’s unique needs. It’s akin to crafting an email campaign for a specific buyer rather than sending out a generic newsletter—it’s designed to fit perfectly. 

Now ABM differs from outbound marketing, which involves reaching out to potential customers through various channels and often with a one-size-fits-all approach. This could include cold-calling or sending unrequested emails. It also contrasts with inbound marketing, which relies on attracting prospects through content marketing, valuable experiences, search engine optimisation (SEO), and other tactics such as social media. ABM is thus more targeted compared to outbound and inbound marketing, which can be more generic and broader. 

ABM can be categorised into three main types, each with its own exclusive approach and application.

1. 1:1 ABM: This highly personalised approach focuses on targeting a single, high-value account with dedicated resources and customised campaigns. It is often reserved for big strategic deals with major companies holding significant revenue potential. For instance, creating a custom proposal and marketing campaign aimed towards a key player in the ‘alternative proteins’ industry.
   
2. 1:Few ABM: In this approach, a small group of priority accounts with similar characteristics and needs are engaged with tailored, targeted campaigns. It strikes a balance between personalisation and scalability. For example, this could look like targeting several ‘plant-based meat’ companies within the plant-based product sector with similar needs.
3. 1:Many ABM: This type of ABM targets a larger number of accounts with more generalised campaigns. While less personalised than 1:1 or 1:Few, it still involves segmentation and tailoring based on account characteristics. This is useful for reaching out to multiple companies within the same industry. 

The choice of ABM you opt for depends on several factors such as the size of the target accounts, resources at hand, and the level of personalisation needed.

Want to know what sets Smartcore apart? Our invaluable first-party data, including 400,000+ ingredients buyers in key global markets, our data-driven insights, and our specialised digital content channels in the B2B food and nutrition industry. Explore our smarter digital products and packages, custom-created to help you boost your brand awareness, generate leads, and establish thought leadership in the industry.  

Implementing ABM in your B2B marketing strategy can bring in numerous benefits for your business, including:

• Expanded business: By focusing time and resources on specific accounts, ABM encourages stronger business relationships and opens doors for cross-selling and upselling opportunities within those accounts.

• Cross-team collaboration: ABM encourages collaboration between marketing, sales, and other teams, ensuring an organised and aligned approach to targeting and engaging with accounts.

• Consistent customer experiences: With ABM, all interactions and touchpoints with a target account are carefully orchestrated, providing a seamless and consistent customer experience. 

• Focused approach to marketing: By concentrating resources on high-value accounts, ABM eliminates waste and ensures that marketing efforts are directed towards the most promising opportunities.

• Increased ROI: By delivering personalised and relevant content to target accounts, ABM campaigns often result in higher engagement, conversion rates, and ultimately, a better ROI.

While ABM offers many advantages, its success depends on effective implementation. Here are some best practices to keep in mind when implementing ABM:

1. Define your ideal customer profile (ICP): Clearly identify the characteristics of your ideal target accounts, such as industry, company size, revenue, pain points, and decision-makers.

2. Align sales and marketing teams: Ensure close collaboration between sales and marketing teams to share insights, align messaging, and coordinate account-specific strategies.

3. Leverage data and analytics: Utilise data and analytics wisely to gain a deep understanding of your target accounts, their needs, and their buying behaviours.

4. Personalise content and messaging: Tailor your B2B marketing content and messaging to resonate with the specific pain points, challenges, and goals of each target account.

5. Measure and optimise: Continuously monitor and analyse the performance of your ABM campaigns, making data-driven adjustments to refine your strategies.

As we’ve seen, account-based marketing represents a revolutionary approach to prospecting, enabling businesses to benefit the most by focusing their efforts on the most lucrative accounts. Simply put, ABM is a powerful way to zero in on your most valued prospects and close more deals.

At Smartcore, we understand the power of ABM and its potential to drive growth and success. For all your custom B2B food and nutrition digital marketing needs, don’t hesitate to reach out to us. Our team of experts is specialised in crafting custom plans to help you reach, connect, and convert your most valuable clients—those that matter most to your success. From finalising objectives, account identification, and audience segmentation to content production, campaign development, and execution and delivery, we're your trusted partner every step of the way. The detailed reports you receive at the end provide you with an in-depth look at your campaign’s performance, ensuring measurable ROI, the opportunity to see what resonated best with your audience, and the ability to strategically optimise for future campaigns.

Browse through our success stories and testimonials featuring industry players such as IMCD Food & Nutrition, Prolactal, Hügli Nährmittel AG, Fonterra, and Gencor. Learn about their smarter digital marketing campaigns to achieve their specific goals of brand awareness, lead generation, thought leadership, and more. If you’d like to partner with us to elevate your digital marketing efforts, don’t hesitate to get in touch. Contact us today to learn more about the smarter solutions we offer and the challenges we can address for your brand.