Although the name may be relatively recent, the concept of account-based marketing (ABM) has been a B2B strategy for food ingredient marketers for many years. Put simply, it’s a strategic approach that targets the most important accounts, whether existing customers or not, and personalizing content and marketing tools to address their needs.
If your food ingredient company is selling a high-value product to a limited-scale marketplace, chances are you’re already practicing some form of ABM. And here may be the best reason to embrace it even further: it gets two key teams that are involved in the sales journey – Sales and Marketing – on the same page.
By capitalizing on individual strengths for a common goal, it helps focus team members on what’s most important for closing the deal. Marketo reports that companies generate 208% more revenue when their sales and marketing teams are aligned through ABM.
When targeting customers, the relationship a sales rep has built and the knowledge from it can be used by the marketing team to create highly specific content that cuts through the clutter. When targeting prospects, marketing can arm the sales team with better, more usable tactics and messaging that makes an impact – like on-screen tools needed for today’s world of Zoom and Teams calls. During COVID-19 it’s no surprise that 96% of B2B sales teams shifted to remote selling, and it’s likely that although things are opening back up, these digital tools are here to stay.
From a budget standpoint, the benefits couldn’t be clearer. By allotting resources and marketing dollars toward the smartest targets, you maximize your ROI. The ABM Leadership Alliance reports that 76% of marketers saw higher ROI with ABM than any other marketing strategy in 2020, and 71% of B2B organizations saw improved relationships with target accounts.
Looking for a team of food ingredient marketers that can strengthen your ABM efforts? Get in touch.