A growing number of law firms and B2B-focused industries are adopting account based marketing (ABM). Account based marketing is a strategy that directs marketing resources in order to engage with a specific set of target accounts. Firms both large and small find ABM helpful because it forces collaboration between business development and marketing efforts and drives leads. Law firms report other benefits from account based marketing as well.
What Is ABM?
Account based marketing is a strategy in which B2B organizations work to target accounts that are most likely to convert with personalized, targeted messages. ABM has proven to be highly effective for organizations such as law firms. In fact, 91% of companies using ABM increase their average deal size, with 25% of those companies reporting an increase of over 50% and 87% of ABM marketers say ABM outperforms other marketing initiatives.
1. A Clear ROI:
97% of businesses report experiencing a higher ROI using ABM tactics. For firms of any size who have a specific list of high-value accounts, ABM will be more effective than more traditional and widespread tactics.
2. Personalized Marketing:
Today’s clients expect more personalization. ABM requires a high level of research to be effective. If you don’t do your homework, your prospect will be able to tell. If you do, however, targets will see that and appreciate the effort. In fact, 80% of consumers are more likely to purchase from an organization that offers a more tailored experience.
3. Ease of Alignment:
ABM strategy forces the marketer to think more like a business development professional and be laser focused on lead generation. With the goal of targeting certain accounts, bringing them to the table, and beginning a conversation, ABM is one of the most efficient ways to align your marketing and business development teams.
4. Reduced Waste:
Because it’s so targeted, ABM allows marketers to focus their resources more effectively, saving time and money over the long term. Programs will be developed that are specifically optimized for key accounts, which will organically yield a higher ROI.
5. Clear Goal Tracking and Measurement:
Simply put, looking at a smaller set of data will be easier than digesting a larger one. Since marketers only need to look at campaign effectiveness across a certain list of targets, it’s easier and faster to analyze marketing programs.
When you boil it down, account based marketing is a more effective form of marketing for B2B law firms because it’s extremely focused.
6. Saved Budget:
Because ABM focuses on targeting only the accounts that are ready to convert, it ends up being a very budget friendly strategy. Now you don’t have to worry about wasting money on tactics that go to waste because the accounts being sent that messaging never engage or convert.
7. Better Relationships:
ABM isn’t just about converting, it’s also about nurturing relationships. Creating tailored messaging and engaging with accounts on a one-to-one basis leads to better relationships with your audience in the end. In fact, 80% of account based marketers saw an improvement in relationships.
How Your Law Firm Can Get Started with an ABM Program:
If you are considering applying an ABM model to your law firm’s marketing and lead generation efforts, there are a few steps you need to follow. We suggest breaking the process down into these six phases.
1. Identify High-Value Accounts
Use data and demographic information to pull together a list of targets. Consider not only revenue potential but other factors such as lifetime value. Prioritize your list.
2. Map Accounts & Identify Key Individuals
Understand how target companies are structured and how decisions are made. Figure out who the decision makers are and who needs to be targeted for a conversation.
3. Create Content & Personalized Messaging
Develop messaging that addresses specific challenges that your law firm’s target audience is likely to face. Remember that the effectiveness of ABM is heavily dependent on the level of personalization, so make sure to create valuable and relevant content for your contacts. Personalization is one of the biggest marketing trends for law firms this year.
4. Decide on Optimal Channels
Now that you’ve identified your targets, determine where to reach them. Are they more likely to leverage LinkedIn, news websites and applications, or email? Consider which medium will be most effective for reaching specific industries or roles.
5. Execute Targeted Campaigns
Here is where coordination between marketing and business development teams really comes in. Ensure your campaigns are coordinated across teams and channels to maximize effectiveness.
6. Monitor, Analyze, Optimize
You will want to measure your campaigns over time, including testing and changes. Look at the results of individual campaigns as well as trends at the account level and in the aggregate (your entire target list) to get the clearest picture. Adapt and make changes from there.
A highly targeted account based marketing program can be more impactful than a broad-reaching approach for many law firms. Implementing ABM requires a six-step plan, and when done correctly, is likely to yield multiple benefits including a higher ROI and greater collaboration between marketing and business development teams.
If you are curious how other B2B law firms have already started running ABM campaigns or if you’d like help getting started with your own campaigns, contact us today for help.