ABX, like ABM, is a strategy rather than a technology. (Of course, it is backed and facilitated by technology and data analytics.)
ABX is a go-to-market approach focused on organizing and delivering relevant and trustworthy marketing and sales action throughout the full B2B client lifetime.
Another approach to look at ABX is as a change in thinking from account value to customer relationship value. It’s a more complete, long-term, and holistic strategy that guarantees the buyer’s experience is not only seamless across touchpoints and channels but also has maximum effect.
ABX does more than just connect the dots for the consumer; it expands on each subsequent dot (touchpoint) such that it is important to them at the time.
Other important aspects of ABX to consider:
● An ABX plan should include all parts of account involvement, including sales and customer success teams.
● ABX is a strong collaboration between sales and marketing, bringing both teams together with a unified approach that helps to eliminate random and disjointed client contacts.
● ABX may also help your internal organization by improving cooperation, fostering coordination, increasing the clarity of customer interactions, and providing fresh buyer insights.
● With teams collaborating closely, an ABX approach may assist guarantee that all brand interactions are focused on customers.
● A strong ABX strategy is never-ending, delivering the client with a steady stream of engaging messaging that nourishes the connection and converts them into long-term, committed B2B buyers.
How Does ABX Compare to ABM?
In a word, when you place the customer experience at the heart of your ABM, you are also practicing ABX. And, if your existing efforts have been focused on accounts rather than “true” account-based marketing that incorporates ABX, you are not realizing the full potential of your ABM program.
In some ways, comparing ABX to ABM is about semantics rather than fact. Those that include the customer-focused collaboration, coordination, and continuity of ABX into an ABM program are effectively combining the two methodologies and delivering the goal of account-based marketing as a whole.
ABX is the secret sauce, the accelerant, the catalyst that allows you to earn more money from your ABM program faster and simpler than ever before.
For the first time, we were able to zero in on particular, named lists of qualifying accounts. No more squandering money on marketing to firms that aren’t a suitable fit. There would be no more paying money to attract firms that Sales did not wish to speak with.
It was also rather thrilling.
But, for all of its advantages, early ABM was not without flaws. These early initiatives, as the phrase Account-Based Marketing indicates, did not engage Sales adequately. Worse, in order to engage these target accounts, we needed to reach out regardless of whether they wanted to believe us (never a good idea). As a result, first-generation ABM attempts failed to offer what Sales teams required: hot clients they could approach right away to create revenue.
Nevertheless, there is another option. Account-Based Experience is what we call it (ABX).
It is a fundamental, buyer reinvention of an account-based ready approach that combines the scalability of inbound marketing with the reliability and personalization of ABM. ABX improves every part of the customer experience throughout the B2B lifecycle, outperforming simple ABM and typical demand generation.
Let’s look at some of the several ways that account-based experience might help B2B marketers produce more ROI.
1. Focus more on your target accounts
Begin by identifying your target accounts. It is critical to understand your ideal customer profile (ICP). Research can assist you in determining who your ideal accounts are, from their financials to their strategic aims and priorities. By utilizing easy desk-based research, you will be able to better understand and identify with your target customer organizations. Target account acquisitions and divestitures data are very useful when dealing with accounts. It is simple to win when you have a clear understanding of the target account’s backdrop.
2. Align sales and marketing activities
The sales cycle for B2B enterprises is becoming increasingly complicated. One explanation for this is the growing number of decision-makers in a purchasing decision. Having a well-aligned sales and marketing team has become critical. When revenue grows, meaningful sales and marketing alignment happens. Customer satisfaction must be a key focus. Furthermore, teams must spend time interacting and sharing their experiences.
3. Thrive through experience
Consumers no longer make purchasing decisions based just on pricing. What lies behind the purchasing decision is the total customer experience. Customers rely on both online and in-person interactions with the organization. Create techniques to aid in the development of solid relationships with your target accounts.
This will also aid in the management of post-purchase client lifecycles or retention, as well as the growth of accounts. Furthermore, it is critical to recognize that the ABM strategy must be ethical in nature. It goes without saying that having account-based experience at the center of ABM is what will enable businesses to sail through this age of digital change.
The advantages of Account-Based Experience (ABX) are obvious and well-documented, including:
● Much bigger wins
● Better close rates
● Improved post-sale expansion
● Marketing & Sales alignment
● A better customer experience
Adopting an account-based approach may appear difficult if you’ve been living in a lead-based environment. However, like with any new technique, use an incremental approach – imagine big, but start gently and gradually raise your speed as you acquire knowledge and competence.
You’ll quickly see that ABX outperforms every other growth technique you’ve tried.