Most businesspeople will agree that strong, cooperative relationships with customers are corporate assets. Among other things, these strong relationshipscan lead to faster sales cycles, a larger share of wallet, and greater lifetime value.

Account-Based Marketing (ABM) is a highly targeted approach that emphasizes relationship development by treating an individual account as a market in its own right. Many ITSMA members, including Accenture, EDS, HP, IBM, Northrop Grumman, and Xerox, have already realized the benefits of employing ABM, and investment in the approach is growing. Among other things, ABM improves relationships, improves lead generation, and increases profitability with key accounts.

Through several years of research and work with pioneers of the approach, ITSMA has developed a three-phased model for ABM:

Phase 1: Program Planning and Design. Here is where you’ll lay the foundation for overall program success. Identifying executive sponsors, finding sources for funding, and determining the criteria for selecting target accounts are just a few of the important topics that will arise.

Phase 2: Account-Specific Project Implementation. Once the groundwork has been laid for a successful program, it’s time to look more closely at what needs to be done within each individual ABM account. This includes understanding and analyzing the account, defining and selecting plays, building and executing the marketing and sales plan, and measurement and review.

Phase 3: Program Management & Evaluation. Now it’s time to evaluate the pilot program and determine if the results warrant additional investments in a more formalized program. Following this decision, other important issues need to be addressed, including staffing, funding, and organization.

Many companies have followed ITSMA’s approach to Account-Based Marketing, devloping well-planned, well-executed programs that create the deep and trusted relationships that lead to substantial, measureable results.