Mass marketing versus account based marketing. Which one is right for your business?
Are you trying to sell to hundreds, even thousands of customers, or only a handful?
It is no use to employ mass marketing techniques if you only have a few prospects. Sure, it will eventually work, but at a great cost to your business. You don’t drop a nuclear bomb on a hostage drama – you send in the police.
The required reach of your marketing efforts is a fundamental question of marketing strategy. Are we going wide, or deep?
The dominance of consumer marketing, where mass marketing techniques is the default approach, results in many B2B companies employing similar methods when trying out marketing. They end up frustrating themselves because they are using the wrong techniques given the communication job at hand.
I am currently doing work for a client who has only 5 target prospects. Until now we have been investigating purchasing a large database within his wider industry and using bulk email together with Google’s AdWords platform to drive awareness. Both tools are essentially mass market approaches, yet he only has a handful of key decision makers to talk too. Luckily we took a second look at our approach and realised we might be saddling the wrong horse.
Often within niche B2B industries, especially in industrial markets, the potential client base is very small. In this instance one is better off to employ so called account based marketing techniques that stress the importance of targeting each key account individually with bespoke communication. Instead of spending money on raising awareness you should rather spend money on researching each prospect and approaching them directly.
Your choice of marketing tools is determined by the strategy you employ which is in turn driven by the job to be done. If there is a mismatch between any of these, your marketing is bound to fail.
Don’t make the mistake of using consumer marketing techniques as a default for your business customers. You may be wasting money!