New York, Aug. 10, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Account-Based Marketing Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06484249/?utm_source=GNW
The Account-Based Marketing Market size is expected to grow from USD 0.82 billion in 2023 to USD 1.45 billion by 2028, at a CAGR of 12.10% during the forecast period (2023-2028).
The market is driven by the growing need to change the traditional, short-term goal of marketing, which is to get leads, into a more comprehensive strategy for long-term growth in sales.
Key Highlights
ABM helps businesses work together and talk to each other so they can make personalized buying experiences for a group of high-value accounts that they all agree on, as if they were their own markets.Along with personalizing the buyer’s journey and tailoring all communications, content, and campaigns to those specific accounts, businesses will see a more significant ROI and a boost in customer loyalty with the help of ABM.
Across all industries, a lot of money is spent on marketing services, and companies are using new technologies to make the most of their money. Account-based marketing helps businesses spend their money on their most valuable customers so they can get more leads quickly and make more money in the long run.Lead generation usually starts with a period of research to figure out which accounts to go after. Any high-value accounts are already engaging with the company’s inbound marketing, and other things like company information, the company’s revenue model, the current stage of business maturity, company size, and growth trajectory are looked at to see if more account-based marketing is needed.
In marketing, "technology adoption"means putting new technologies into systems that are already in place or making a new system.It’s about using technology to its fullest extent to meet the changing needs of customers, with a focus on faster deliveries, lower costs, and a better user experience.Triblio recently started a series of short, educational videos called "Ask an ABM Expert."These videos answer important questions about account-based marketing (ABM) and modern business-to-business (B2B) marketing, which will encourage businesses and marketers to use new ABM solutions in their businesses.
As more people use digital technology, the data they create gives businesses a chance to get closer to their customers and a responsibility to keep their data safe.The ABM market is held back by the fact that people don’t trust companies to keep customer data private and that there have been high-profile cases of customer data being stolen.As data breaches keep happening and people want more privacy and control over their data, governments have made new rules and pushed for more people to use tools that give people more control over their data.
The COVID-19 pandemic changed the marketing industry in a big way, as most companies quickly moved to a digital-first society. As the number of clients who wanted these digital experiences grew, B2B companies needed a platform to create a unified view of their customers, find their most important accounts, and quickly turn new leads into deals. B2B loyalty and marketing methods have changed, especially since COVID-19. The primary goal is now to outperform the competitors, not merely to gain loyalty but also to survive. Therefore, developing innovative strategies is even more crucial. One of the strategies B2Bs use to stay competitive is account-based marketing.
Account-Based Marketing Market Trends
BFSI Sector to Exhibit Maximum Adoption
Digital transformation projects have been done in the BFSI industry, and digital marketing techniques are being used more and more in the financial services industry.This helps marketers automate their marketing processes and expand their customer reach. Financial services marketers primarily use account-based marketing within sectors such as insurance, asset management, investments, and commercial banking to identify and target the accounts they value the most.
ABM helps companies in the BFSI industry keep track of their clients and rank them based on many factors, such as their creditworthiness, risk management, investment potential, and consistency.By catering to their customers’ needs and putting them first, financial services marketers can make the most money and get the most leads.
In November 2021, CIBC Innovation Banking announced that Terminus Software, one of the most well-known account-based marketing platforms based in Atlanta and Indianapolis, would be getting a USD 50 million loan.Terminus will use the money to help with mergers and acquisitions, international growth, and the development of new products.This includes the B2B customer data platform Zylotech, which was just bought and is now called Terminus CDP.
AI and cloud computing are already being used in the BFSI industry, which helps companies learn more about their customers and how to market to them.Also, marketers like Tata Capital are experimenting with smarter ads with account-based marketing solutions. They are also planning to add AI solutions, which help them with customized keyword searches and other online data for human-level outcomes.
Account-based marketing is also not a new idea, but Payment Marketing has brought it to the forefront by automating its use in banks by using open banking applications and APIs to unlock customer data.With the right data and tools, marketing and sales teams can find customers and make offers that are more likely to appeal to them. This can help boost sales.
Leveraging payment marketing begins with gaining access to the data. Publishing networks and various payment marketing audiences are being developed from the merchant’s standpoint, enabling them to target customers with marketing promotions. Although reward programs have been utilized successfully to obtain user consent, other services and products that require access to banking and payment data, such as budgeting services, spending optimization aides, investment services, or green-friendly purchase suggestions, have been deployed with considerable success. As they compile a comprehensive picture of a customer’s financial life, reward programs that use an account-linked offer (ALO) system are ideally suited to profit from an ABM strategy.
North America Expected to Dominate the Market
Account-based marketing is expected to be the biggest market in the world. This is because many ABM solution providers are based in North America, such as Terminus Software, Marketo by Adobe, Uberflip, Engagio, 6sense Insights, Inc., and many others.The big players in the market are making big changes to their products in order to improve their position in the local and global markets.
Companies in the area are using AI, cloud computing, and automation, among other technologies, to improve their services and reach more customers.It also helps them attract new marketers to the region.
For example, in May 2022, ON24 announced that account-based marketing (ABM) capabilities would be added to the entire ON24 platform for sales and marketing to make interactions with buyers more personal. Account-based personalization in ON24 Webcast Elite, ON24 Engagement Hub, and ON24 Target lets companies deliver personalized experiences at scale across accounts, contacts, and individual interests.
Companies in the area are coming out with new ABM solutions that help customers use the technology and expertise of the improved products and services to grow their market presence.
For example, in August 2022, account-based marketing platform RollWorks, which is a division of NextRoll, announced a number of new features and improvements. These included Account List Builder, Pixel Assistant, and Site Traffic Revealer.The solutions make it possible for account-based marketing (ABM) platform companies to reach their customers in a targeted way at scale, which speeds up revenue.
Companies all over the U.S. have spent years coming up with and putting in place loyalty programs to attract and keep customers. Brands in the U.S. have gotten closer to their customers through loyalty programs. These programs can be as simple as letting customers earn and spend points or as complex as giving customers exclusive access to services.
Account-Based ing Industry Overview
The competitive landscape of the account-based marketing market is expected to gradually fragment owing to the presence of various solution providers globally and the emergence of new solution providers. The market players in the region are witnessing strategic partnerships and acquisitions to boost their market presence and strengthen their global footprint. Also, the market players are making several innovations and product developments to help marketers better serve their clients and gain maximum market traction.
In June 2022, Doceree, a global platform building unusual solutions for HCP programmatic marketing with proprietary data tools, launched Doceree ABM, an account-based marketing (ABM) solution built exclusively for life sciences organizations that enables them to reach institutional decision makers based on accounts and intent.
In February 2022, ZoomInfo, a provider of modern go-to-market software, data, and intelligence, announced the launch of MarketingOS, an account-based marketing (ABM) platform that brings together marketing and sales teams in a single system powered by ZoomInfo’s world-class business-to-business (B2B) data.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06484249/?utm_source=GNW
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