The phrase Account Based Marketing, ABM, was coined in 2004 by ITSMA, though many B2B companies have used it for years in one capacity or another. In fact, according to Matt Senatore, Research Director at SiriusDecision, account-based marketing generated enough global search traffic in 2013 to appear on Google Trends.
So what is it?
ABM focuses the efforts and resources on the accounts that are most likely to generate revenue or provide strategic significant results. So you can see this approach flips the funnel on its head and focuses on the account level versus the lead level first.
How does AdTaxi leverage ABM for its clients?
The below is a dataset from an AdTaxi Nissan dealer before an ABM strategy and after and you can see a significant improvement across the board.
Step 1: Define our key target
We spent time with the dealer group and really dug into what the ideal consumer for the top performing make/model cars were. We looked at the behavior of each consumer by make/model – only a few listed below:
- Do they use the chat widget to connect?
- Do they typically call in?
- Do they fill out ePrice quotes before coming in?
- Do they go to the location page to get directions and come in?
- Where do they live and work?
- Do they buy or lease?
Step 2: Engage target accounts with relevant campaigns across channels
We then sifted through data to understand the behavior of our key targets. This allowed us to setup campaigns to strategically focus on a key target with specific messaging, creative and offers to maximize engagement, leads and conversions.
The data told us that Nissan Leafs were popular from key targets that live near the dealer but worked much farther away and had a long commute. The key target group also was very focused on getting the lowest price so creative needed to reflect that. This key target group also was only interested in leasing, which allowed us to focus the creative only on these specific offers --> lease and price. We were able to gather more data about the areas where this group worked and targeted the campaign during the day to hit these areas while after hours only focused close to home.
We use AdTaxi's proprietary optimization algorithm, Magellan, to govern all RTB ad groups across multiple channels. Magellan analyzes the current campaign performance and recommends budget reallocations between the ad groups -- based on the desired optimization aggression level. The end result is we are able to effectively bring the highest value visitors to the site at the lowest cost per visitor.
Step 3: Measure, Learn and Optimize
Our campaign managers spend considerable amount of time looking at the performance of each campaign to ensure conversions are happening as expected. Things like low performing creative units will be paused to focus on what is converting as well as what channels are driving the most conversions. We take a holistic approach to ensure we are driving to the most effective cost per conversion.
Do you have an ABM plan – if not let us help you create that today! Look forward to hearing from you..
VP of Digital
AdTaxi San Francisco Bay Area & Bay Area News Group