Why Account-Based Marketing (Done Right) Is A Game Changer

Bob, a founder member of Bold Marketing & Communications, uses big data and AI to provide customers an unfair competitive advantage.

With B2B businesses, account-based marketing (ABM) is extremely popular, and for good reason. When implemented correctly, ABM is one of the best methods for increasing account income, boosting lead generation, strengthening customer retention, and reducing sales cycles. But most businesses are performing it incorrectly.

Consider this: According to the most recent ABM Benchmark Survey report, only 45% of companies say their programme is meeting or exceeding expectations, even though 70% of marketers reported having an ABM programme in 2021, up 15% from the previous year.

Use these five pointers to get started doing it right:

1. Establish The Correct Structure

Although it seems straightforward, it is challenging in reality. ABM is fundamentally a partnership between sales and marketing. These two groups ought to get along well. It may be argued that marketing’s main goal is to promote and advance sales. However, because of business realities like fiefdoms, political allegiances, and departmental tribalism as well as cultural disparities, these two groups regularly clash.

Support from senior executives is essential. Appoint an executive to oversee the initiative, working closely with senior members of the marketing and sales teams, and tying KPIs and rewards to the initiative’s success.

Additionally, make sure the marketing and sales teams in charge of the ABM programme have access to adequate training and assistance. Think carefully about whether the programme requires any new vendors or tools.

2. Create Specific Metrics

Launch your ABM programme with measurements that any participant can easily understand.

The indicators that can be immediately linked to the programme, like an increase in revenue from the targeted accounts or an increase in conversions from a list of ABM-qualified prospects, are the most effective ones.

Avoid using broad metrics that are too far removed from a transaction and those that cannot be connected to the ABM programme, such as overall sales growth (e.g., page views). Having said that, increased engagements (such as webinar registrations, white paper downloads, and demo bookings) with businesses on the ABM target list are excellent metrics for assessing whether your programme is succeeding.

3. Create the appropriate target list.

Only if an ABM programme is built around a manageable number of targeted accounts will it be successful. This should typically be 1,000 or fewer. Why? Because the capacity to tailor information to specific accounts is a major benefit of ABM campaigns. Each targeted account should feel as though you are familiar with their business, issues, and pain areas. Your program’s effectiveness will be lowered if you have too many targets.

Success depends on the targets’ quality as well. To find accounts or prospects that are ready for growth or conversion, use demographic and psychographic data. Understanding why and when your solution is most persuasive to each specific account is necessary for this.

Additional elements to take into account when ranking accounts:

• Product fit: Do they currently experience a specific pain point that your product or service may alleviate, or are they about to experience a trigger event that will cause one in the near future?
• Strategic value: Does the account reside in a market or industry that you are trying to break into but haven’t yet? Or is the client a household name that will draw in more clients? Do they currently work for a rival, where losing them could alter the way the market perceives your goods or services?
• Size of sale: Does the account represent a sizable revenue-generating sale?
• Time to end: Is it likely that the account will choose your product or service much more quickly than it does in a typical sale?

4. Recognize the Company Personas

Building personas at the account or company level is a crucial step in developing an ABM programme, just as you should do when developing a marketing programme based on your customers’ journeys. These personas give you information about the businesses on your target list, including their pain areas, triggers that may make them more receptive to working with your business, their decision-making process, and the kind of content that are most likely to engage them.

The aggregate demographic and psychographic information about the accounts should be included in company personas. Like when attempting to predict an individual’s behaviour, psychographic elements are crucial when attempting to predict corporation conduct. Is the target a young business or one operating in a dynamic sector that frequently seeks out novel approaches? Or are they an established business in an established sector that takes longer to adopt new technologies?

By focusing on the requirements of your target accounts, an understanding of such factors will give your content an edge over that of your rivals. The more you can convince your target customers that you know and understand them, that you can help them with their problems, and that you can close the sale.

5. Individualize, Individualize, Individualize

Personalization of interactions and content is the cornerstone of any effective ABM campaign. Create material that is personalised to their unique requirements, issues, and pain spots by using your account personas and data.

Make sure your content is written “outside-in,” from the account’s viewpoint rather than your own. An easy comparison is useful: You are likely to encounter a cool reception if you attend a cocktail party, approach a stranger, and begin talking about yourself. However, if you first try to understand the person you are trying to engage and ask them questions about themselves, you can find ways to relate to them on their terms while still communicating your point. The “outside-in” strategy is that.

It’s difficult to use account-based marketing. It necessitates reorganising your marketing and sales teams, gathering and utilising in-depth information about your target accounts and prospects, and altering the way you approach content. But when done correctly, it can be the best plan for expanding your company, keeping key clients, and increasing profitability by reducing time to close cycles and increasing deal size.