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Herb Plus | 04.08.2024

Account Based Cannabis Marketing: What Is It?

Learn more about this marketing strategy and how it could benefit B2B cannabis companies.

Cannabis companies are abundant. As our favorite plant continues to reach legal status in different countries and regions worldwide, there are more legal cannabis businesses than ever before. 

Although B2C companies run the consumer end of operations, B2B companies are just as vital for maintaining the industry’s longevity and efficiency. After all, not all cannabis brands are manufacturers, cultivators, and equipment makers. 

Brands require partnerships with B2B companies to provide them with equipment, products, and services in order to serve consumers. We’ve covered how to make your cannabis brand stand out, but how do you make a B2B cannabis company stand out? 

The answer; account based marketing. Learn more about this marketing strategy and how it can benefit B2B cannabis companies below. 

What Is Account Based Cannabis Marketing?

Account based marketing (ABM) is better understood when comparing this marketing strategy to traditional marketing. 

The Traditional Marketing Funnel: Attract potential leads -> engage them with campaigns -> close the deal. 

Account based marketing is the opposite. 

The Account Based Marketing Funnel: Identify specific leads -> create personalized campaigns for those leads -> land the deal and expand your professional relationship. 

Simply put, account based marketing is a specific strategy that identifies target leads before creating marketing campaigns. From there, B2B companies can tailor their campaigns toward those specific leads to land deals, work together, and grow their professional relationship. 

Referencing the examples used above, cannabis B2B companies like manufacturers and technology companies can target specific leads relevant to the product or service they’re selling. It simplifies the marketing process by knowing everything about your potential client, what they need, and what could attract them to work with you.

How Account Based Marketing Works For Cannabis Companies

Account based marketing requires sales and marketing teams to align on the same goals. See this guide on how to align your marketing and sales teams to maximize revenue

As mentioned, account based marketing works in the opposite fashion of traditional marketing. The latter comprises traditional marketing campaigns targeted to a broad audience, whereas the former identifies leads first and then creates personal marketing campaigns to attract them. From there, the sales team takes over to close the deal. 

It’s the marketing team’s job to examine all data and insights regarding the prospective client’s needs and operations in order to carefully curate campaigns that will make them eager to learn more about your offerings. 

However, it’s vital the sales and marketing teams align on the same goals so the client receives the same information and benefits that your company can offer.

Advantages Of Account Based Marketing

B2B cannabis companies can seriously benefit from account based marketing. Learn more about the advantages of this marketing strategy below. 

Custom Campaigns: Account based marketing means your marketing team can create effective, personalized, and custom campaigns. This ensures that your campaign is ultra-relevant and will attract the leads you’ve scoped out. 

Quick Sales Process: Instead of creating broad marketing campaigns meant to attract anyone who sees them, ABM lets you shorten the sales cycle by eliminating companies you don’t want to work with and focussing on those you’re interested in. By marketing to these specific leads, the sales team’s only job is to close the deal. 

Maintained Relationships: Account based marketing gives B2B companies an edge in maintaining personal relationships with their clients. After all, you put in the effort, time, and research to create custom campaigns for them, which means a lot.

Aligned Sales And Marketing: Throughout the account based marketing strategy, your sales and marketing teams will naturally align. Not only does this streamline operations for your company, but it will increase revenue. 

A Personal Touch: Companies appreciate when you’re personal. They notice your eagerness to work with them, which does wonders for your reputation. That aside, it creates a more enjoyable process for the potential client.

Takeaways

B2B companies must consider account based marketing for partnerships and prospective clients. Not only does it shorten the sales process by a mile, but it adds a personal touch to your marketing campaigns, making it easier to win over your potential leads. 

No matter who you are, who you work for, and what you offer, nobody can deny that personalized marketing campaigns are more effective. In the process, your sales and marketing teams will align on the same goals, leading to increased revenue and streamlined operations.

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