As marketing goes digital, Account-Based Marketing (ABM) has empowered B2B marketers to get the best out of their marketing strategies.
As companies set new marketing targets in 2024, they will explore more opportunities with ABM to drive revenue and growth. Keeping abreast of the latest trends in ABM will help them boost their marketing initiatives and refine their efforts.
Gartner’s blog,
The emerging Account Based Marketing techniques offer significant promise in ROI with the integration of AI-driven tools, intent data, and precise funnel tracking abilities. These factors allow marketers to add hyper-personalization and better align marketing and sales activities.
Importance of ABM by the Numbers
Why should marketers care about ABM? Here are some data that marketers can use to update their strategies for 2024.
However, there are more reasons to update ABM initiatives based on the current trends:
- Increased ROI: By integrating AI tools and adding personalization features to accounts’ preferences, marketers can see increased ROI. In fact, when marketers target high-value accounts using intent data, they acquire greater investment returns.
- Accelerated sales cycle: Marketers can reduce the prospect-to-customer journey by targeting valuable accounts using intent data. This intent data also simplifies their purchasing journey and boosts the sales cycle automatically.
- Better customer retention: Marketers using personalized content dedicated to each account develop a stronger bond between them and the brand. This helps brands prevent customer churn rates and increases customer loyalty, leading to higher customer retention.
- Use of resources: When the marketing and sales team targets a specific account, they can optimize resources such as personalized content creation, ad spending, and dedicated sales strategies. This way, they can efficiently set budgets, activities, and outreach to targeted accounts faster and more precisely.
Seeing ABM’s increasing importance, the following trends will shape ABM strategies and investments in 2024.
Cookieless Account-based Marketing
With the demise of third-party cookies, marketers are preparing for a Cookieless future. This will be a significant opportunity for marketers to prepare new account-based strategies to deploy.
DemandGen Report on ABM finds that ABM strategies will depend on trustworthy and accurate data. Deploying technologies, such as a customer data platform (CDP), will be necessary to create seamless data flow between systems.
The flow will create a complete view of all relevant data to create accurate strategies.
Marketers can derive high-quality data through sources such as:
– First-party data
– Data Points
– Technologies like reverse IP technology
Better yet, there is already hype for brands to maintain data privacy. So marketers need to match the pace of these trends to align account-based marketing and sales efforts.
In this aspect, IP advertising will take center stage for highly targeted marketing.
It will be a unique approach for creating and sending relevant and tailored display advertising to them based on their workplace IP address. This will be entirely dependent on data privacy compliance.
Customer Interaction with Hyper-personalization
Advanced ABM approaches will be more about hyper-personalization.
It will be about delivering value to customers at every touchpoint based on insights into their needs, interests, and pain points.
This approach involves modifying every touchpoint of potential customers. It could include personalized ads to emails and direct mail to resonate with their expectations.
This will boost customer experience (CX) at scale.
Using CRM and other marketing automation tools, like AI and ML, to serve customized elements, will help create messages to take action.
Such messages become meaningful conversations and foster lasting relationships.
McKinsey’s The Value of Getting Personalization Right report, 71% of consumers expect companies to add personalization into all types of interactions.
It also emphasized that companies are nailing growth in revenue by:
– 40% growth by adding personalization for product recommendations
– 65% growth from targeted promotions
– 51% growth from engagements
AI-Driven ABM Strategies
In 2024, the integration of AI tools will transform ABM solutions. Identifying high-value accounts effectively, delivering precise solutions, and adding innovative ideas to boost sales will be key.
AI is reshaping how marketers engage with their prospects and existing audiences. Here are three key benefits of using AI:
- AI-Powered Keyword Intent Data: AI-based keyword intent will enhance understanding and anticipating customer needs to make more target-oriented strategies. AI tools will further analyze keywords, predict their value, and provide a report for marketers to use top keywords.
- Immediate Metrics: Generative AI and data infrastructure in ABM strategies will benefit brands in gaining ROI.
Marketers can see spikes in engagement rates, resulting in the conversion of customers at scale.
The technology creates brand-driven marketing efforts with relevant content, fostering brand loyalty and understanding market details to boost brand visibility.
- Improve Decision-Making to Optimize Processes: Measuring the impact of ABM strategies is crucial to ensure that the efforts are continuously delivering the set results.
AI’s advanced analytics and predictive modeling will provide real-time information to uncover new strategies and manage resources for correct usage.
Getting Ahead with ABM in 2024
These three trends anticipate that ABM will create new opportunities for marketers to improve their numbers in demand generation.
Marketing leaders should pay attention to these trends if they aim for more efficient, successful ABM programs in 2024.