Stakeholder Based Marketing (SBM)
The Evolution of ABM
Account-Based Marketing (ABM) has long been a cornerstone of B2B marketing, a strategy that focuses on identifying, targeting, and engaging specific high-value accounts and customising campaigns across those entities. Over the years, ABM has proven its value by enabling businesses to build deep relationships with key accounts, leading to higher conversion rates, increased revenue, and stronger customer loyalty.
As technology has changed, so too have business models and value chains. Modern ‘accounts’ may sit within a more complicated nested brand hierarchy or an ecosystem of entities that have a stake in business buying decisions. These complex ‘accounts’ require a more nuanced approach which we call Stakeholder-Based Marketing (SBM).
The Rise of Stakeholder-Based Marketing
Basic ABM targets entire accounts, often treating these entities as monolithic bodies. You’ve probably seen a PowerPoint presentation with your competitor’s name which was missed in the ‘find and replace’ process. Sophisticated ABM campaigns recognise that there are multiple personas within an account, each with their own priorities, challenges, and decision-making power. It gets even more complicated when that account is part of a larger enterprise or has external stakeholders that need to be influenced.
This shift in dynamics requires a new mindset - Stakeholder-Based Marketing. SBM recognizes that for every target account, there are multiple stakeholders with varying degrees of influence and interest. They may be internal or external. SBM focuses on understanding and engaging each stakeholder group, tailoring marketing efforts to address their specific needs and motivations.
If you are interrupting my mobile app experience with an ad that lasts longer than it takes to close the app and re-open it, then that’s what I am going to do. Furthermore, I won’t fee very good about what you are trying to sell me.
Near Me…
I was pitching SEO to someone the other day who operates in a very competitive industry where location is important. It coincided with other conversations recently with people, who like me, use Google Maps for discovery. It reminded me of an article published back in 2019 that is still true…
Do you really understand what your customers are searching for? Maybe it’s IKEA!
In Case You Missed It…
The Case for a Fractional CMO
You’ve got a great product. You have solved a problem that you know needs solving. But you were so busy building that you didn’t have time to build a marketing strategy, the kind that sets up your brand in a way that delivers value over and above the sum of the parts of the company. You probably have a great team of doers. People who can execute tactical plans to maximise short term gains, but hiring a full-time Chief Marketing Officer (CMO) might seem like a luxury you can’t afford. This is where the Fractional CMO comes in.
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