What is ABM anyway?

Account Based Marketing is a fancy way of saying ‘we keep in touch with our customers regularly. . .and use the feedback they give us to create really relevant marketing’.

And by marketing in this kind of context, we’re not just talking new customers – but being innovative and relevant enough with your existing customers to retain them and get more from them (increase customer value).

Given that ABM is billed as delivering buckets of benefits including better understanding, better focus, better client resonance, better innovation (the list goes on). It’s surprising more small businesses don’t do it.

Typically a formal approach to ABM will have three elements:

- regular (maybe annual, bi-annual or 1/4ly) structured feedback meetings with customers;

- each chunk of feedback will provide the impetus for a Key Account Plan that identifies initiatives to max delivery to that customer … or address their concerns;

- the implementation of a working set of measures that track progress on the above.

Seems like simple, honest-to-good practice to me. But still a lot of small businesses struggle … their client relationship functions lack structure. . ‘it’s so hands-on, feedback just happens!’

But as with so many things – a bit of discipline and formality also builds in a bit of objectivity and forces thinking time (on both the customer and the business’ part) that might not happen otherwise.

Seems like a smart move to me. If you want to read a neat 2page summary of how it works, you’ll find one here.

Sara is a marketing specialist with a wealth of on-line and traditional experience. With award winning credentials as an advertising writer, her career also spans the disciplines of planning and strategy for both B2B and consumer clients. Having worked for one of the the UK's biggest non-London agencies, Sara now works on a consultancy basis for clients large and small. http://www.smallbizpod.co.uk/blog