Account-based marketing (ABM) is a business strategy in which marketing and sales teams aim to nurture and grow high-value customer accounts.
The key element of any account-based marketing (ABM) strategy is marketing and sales collaboration. While these teams work together in a number of other ways, their collaboration is central to ABM, as it allows teams to identify high-value customers, create strategic plans for upleveling those customers’ buying experiences, and forge pathways for moving customers efficiently from marketing initiatives to sales efforts.
The ideal account-based marketing (ABM) approach involves both teams working collaboratively. The marketing team implements approved strategies focusing on drawing high-value customers in, such as events, promotions, or discounts. Then, the marketing team moves those customers to the sales team for stronger engagement or upselling.
To determine the right customers to engage in an ABM strategy, a business should use consumer data to identify who has purchased products previously, which customers have shown the greatest loyalty, and which customers spending behavior best matches the business’s sales efforts.