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Using account-based marketing to build profits
If you're new to the marketing world, you may not have heard of account-based marketing because people tend to focus more on inbound marketing where you spread a wide net and hope a handful of people come to purchase. With ABM you are targeting more on the people you know will make a decision and then purchase for themselves or their businesses. If you haven't caught on already, this type of marketing is targeting a few people to make mass sales and not targeting the masses to make a few dollars at the end of the day.
With all the data that is being collected online, ABM is getting easier for online marketers to do simply by setting up an ad on Facebook! You can target based on profession or title, both being great variables in any campaign to target decision makers, and you will likely get a few people coming in that make decisions for a business. There have been plenty of times I've talked about "Catching a whale and not a goldfish" and that is because I've been doing account-based marketing for a while now.
The "Account" I speak of is when you seal the deal and that person becomes a regular client. They then go into your files or your accounts, and you can speak with them directly when you want to contact them or they want to get in touch for a new order. There is a lot of information online about account-based marketing, but it's usually jumbled up with jargon, so I've broken it down as simple as possible lol.
In this discussion, I'll be going over a few things related to ABM.
Understanding ABM and making it work for you
If you don't understand what account-based marketing is, that's ok because you might actually be doing it and not knowing you are, which is pretty common with online marketers. If you can understand that spending $10 to bring in 1 account/whale than it is to spend $1 to bring in 10 sales/goldfish, then you're on the right path and understand that quality is usually better than quantity.
Making ABM work for you really depends on your niche or industry and how much competition is out there. Some people only target lawyers and others only target construction companies, but if you can set something up to target every type of business, you'll hit that one thing everyone needs from you and become indispensable. People tend to pitch SEO, Web Design, Online Marketing, etc. because you can blanket your marketing across thousands of business owners, but what you really should be doing is getting targeted with that and start pulling in the business owners themselves.
Be able to do more than one service
No one wants a one trick pony, mainly because they can pay the same price to your competitor who does 10 different things, so be sure you can do various things to entice business owners to sign up with you and not someone wanting to steal your sale.
If you're solely an SEO service provider, you'll need to open up your horizons even if you can't do the work yourself, then you'll see your sales increase. Even if you have to outsource the addon work, do it because you'll get more people signing up for your services than if you only did one trick.
Understand what social intelligence is and how to use it
When you're targeting certain accounts, you need to know what they're doing before you even try to contact them, and this is where something like Google alerts comes into play. All you have to do is set up a simple alert to notify you whenever the company is mentioned online, and you'll likely be able to figure out everything you need to know about the target company.
After you've compiled a few weeks of information, you will contact them and understand exactly what you need to say because you've been researching what they've been doing, so you know of any gaps they may have and you'll also know what they're interested in at the moment and tailor your pitch towards improving what they're currently working on.
Yes, it takes a bit of time to do this, and 3 weeks is actually a short amount of time to research and account that will pay you $5,000+ a month lol
Your sales are just the beginning
Making money from account-based marketing is what you're targeting, but it's not everything, and you'll quickly realize this after you've set up 5 or 10 accounts. You'll quickly figure out you can create a network of people you can get in touch with if you need something done, or help one account out with a project by bringing in one of your other accounts, which is what the real beauty of this is.
You are essentially building a network of companies that you can share with each other, and you might even get a commission for the referral, which is a pretty sweet thing. After you've done this on your own for long enough, you can now bring someone on board to do the same work, and this will boost your revenue as well as your accounts you can bring together.
Account-based marketing isn't for everyone, mainly because it takes a lot longer than inbound marketing, but the people who do focus on ABM will likely do less work and make more money in the long run. You need to be dedicated to this because you'll be investing a decent amount of time just to get 1 client, but you can do 3 weeks of work and get information on 100 different targets before you pounce. After you've gotten a few accounts paying a good deal of money each month, you can bring someone on and teach them what to do, which will boost your profits and productivity.
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