Today we’re diving into ABX, or the concept of an ‘Account Based Experience’, and how it has evolved out of the widely talked about Account Based Marketing (ABM) movement. Account Based Marketing (ABM) has been a staple in B2B marketing for years, enabling companies to personalise their approach when targeting high-value accounts. However, a newer concept, ABX, is taking this strategy to a whole new level. In this blog post, we will explore what ABX is, how it relates to ABM, and how B2B marketers can incorporate its principles to drive enhanced business outcomes.
ABX, short for Account Based Experience, is a refined approach that focuses on delivering a personalised and seamless experience to targeted accounts throughout their entire buying journey. It combines the principles of ABM with a strong emphasis on the customer experience. This shift in mindset recognises that B2B buyers are no longer just seeking products or services; they are seeking holistic experiences that solve their pain points and align with their business goals. In many ways therefore, ABX is an evolution from ‘just marketing’ towards a more personalised overall interaction between vendor and account/client – from marketing to customer service, post sales, and retention.
ABX vs. Generic ABM:
While ABM is centered around targeting specific accounts and crafting personalised marketing and sales strategies for them, ABX takes it further by prioritising the overall experience. ABX aims to create a cohesive journey for the customer, beginning from the first touchpoint and extending beyond the purchase decision. It doesn’t focus solely on personalisation but also integrates emotional and value-driven messaging, intelligent data analysis, and seamless interactions across channels. There are five distinct points of difference between ABM and ABX
- Customer-Centricity: Putting the Customer at the Heart of Marketing:
ABX takes a customer-centric approach, shifting the focus from individual marketing campaigns to the overall customer experience. By prioritising the needs and goals of target accounts, ABX ensures that every touchpoint along the customer journey is tailored to provide value, address pain points, and foster engagement.
- Cross-Functional Collaboration: Synergising Departments for Enhanced Experiences:
While ABM involves close collaboration between marketing and sales teams, ABX extends this collaboration to other customer-facing departments. Customer success, support, and product teams align their efforts to deliver consistent messaging, seamless transitions, and an integrated experience. This collaboration ensures that the customer’s needs are met at every stage, leading to increased satisfaction and loyalty. ABX is thus extending ABM beyond acquisition and into retention and beyond.
- Personalisation and Context: Elevating Engagement with Tailored Experiences:
ABM focuses on personalisation, but ABX takes it to the next level by leveraging real-time data and insights to create highly contextualised experiences. By understanding account behavior, preferences, and intent, marketers can deliver relevant content, recommendations, and interactions that resonate with target accounts. This level of personalisation enhances engagement and fosters deeper connections with customers.
- Multichannel Engagement: Meeting Accounts Where They Are:
ABX expands the channels and touchpoints used to engage with target accounts. From websites and mobile apps to social media platforms and customer portals, ABX ensures a consistent experience across various platforms. By meeting accounts where they are, businesses can provide seamless interactions, strengthen brand presence, and drive meaningful engagement.
- Continuous Relationship-Building: Beyond the Initial Sale:
While ABM focuses on winning accounts and expanding relationships, ABX extends its focus to long-term relationship-building. By nurturing ongoing engagement, trust, and loyalty, ABX fosters strong customer relationships that go beyond the initial sale. These relationships can lead to advocacy, referrals, and future business opportunities.
How brands can Incorporate ABX principles:
1. Deep Customer Insights:
To implement ABX effectively, B2B marketers need to gather comprehensive and accurate customer insights. This includes understanding their pain points, goals, preferred communication channels, and decision-making processes. Utilise tools like CRM data, social listening, B2B web analytics and customer interviews to build comprehensive customer profiles.
2. Personalised Content Strategy:
Develop a content strategy that aligns with the specific needs and preferences of your target accounts. ABX calls for delivering the right content, through the right channel, at the right time (much like the premise of good advertising, period). Leverage data-driven insights to create relevant and engaging content, tailored to the unique pain points and industry challenges faced by your target accounts.
3. Seamless Omnichannel Approach:
An ABX strategy requires a seamless and consistent experience across all touchpoints. Ensure your marketing, sales, and customer support teams are aligned and equipped with the necessary resources to deliver a unified experience. Leverage marketing automation tools to automate personalised interactions and ensure a consistent message and experience throughout the buyer’s journey and then extend it beyond the purchase. This should be reflected across all of the addressable marketing channels, from programmatic display, through to CTV and other targeted channels.
4. Emotional Connection and Value Proposition:
ABX is all about building emotional connections with your target accounts by showcasing the value you bring to their business. Tailor your messaging to resonate with their pain points, highlight the benefits of your solutions, and demonstrate how your company can help them achieve their goals. Focus on building strong relationships, solving problems, and positioning yourself as a trusted partner.
Conclusion – ABX is the logical next wave extension of Account based Marketing
While ABM has paved the way for improved B2B marketing strategies, ABX takes it a step further by prioritising the customer experience throughout the entire buyer’s journey. By incorporating ABX principles into your B2B marketing strategy, you can enhance personalisation, build meaningful connections, and ultimately drive better business outcomes by aligning your marketing efforts with the needs and goals of your target accounts. Embrace the power of ABX and elevate your B2B marketing game!