ABM Misconceptions & Myths (And Their Realities)
Over the last few years, there has been a ton of growth in the account based marketing (ABM) field, with more and more businesses and organizations bringing it into their plans. With that, there have been some great ABM software releases, more scaling to businesses of all sizes, and many more discussions about the current state of ABM and the future of it. Amidst those discussions, there has been some miscommunication that has allowed for the growth of misconceptions and myths.
This is common, especially with growing trends in the marketing sector. However, it is best to correct those myths as soon as possible – especially if you are going to start an ABM project of your own. Here are a few of the misconceptions we’d like to eliminate:
Myth: Account Based Marketing Only Works For Large Corporations
There is a common misconception that ABM is great for million dollar opportunities and big companies. Interestingly, some marketers believe this as well (mostly those who are in big companies and use it). There were early days when ABM was used by those biggest companies. However, that is simply not the case anymore. Yes, many of the first adopters of ABM are bigger now than they were – partly because of their marketing success.
There is no accuracy to the belief that AM is only for large corporations. In fact, ABM is scalable both upwards and downwards. Your sales and marketing functions get to control how big or how small your scope is. If you want to start one project small and enlarge another product, that is entirely possible.
Misconception: ABM Is An Entirely Outbound Activity
Another common myth about ABM is that it is outbound only – but that isn’t necessarily the truth. Of course, ABM is more of an outbound activity in many cases. Still, it encompasses more than outbound campaigns. Sales and marketing functions need to pay attention to the inbound components of ABM too, particularly that great inside information that they get from the data. For ABM to be incredibly successful, teams need to engage with the inbound traffic and reflect that in some of their account based efforts.
Myth *Or Misconception*: ABM Campaigns Aren’t Versatile
There are many rumors out there that ABM is not compatible with your current demand generation, lead generation, and sales efforts. In some cases, aspects of your current system may need to be changed. However, on the whole, your current strategies will not have to be changed all that much. Instead, you will have to figure out a strategy to blend your ABM campaigns with the current funnels that you have.
Will this take some work? Yes. Will it mean that you may have to change a few things? Yes. Could it mean more training? Absolutely. However, it will be worth it in the end when you see the change. Even better, you can absolutely keep the parts of your strategy that you feel work and that you enjoy doing – you may just have to change the scope of them. In fact, we recommend that you don’t change everything overnight. Do people sometimes change everything about what they do once they see how account based marketing can help them? Yes – but it takes many campaigns for that to happen.
When you work with an ABM company that has had success in the past, they will quickly and easily help you to adapt the parts of your strategy that you want to keep and eliminate (and replace) the ones that aren’t working.
At MRP, our software and tools help you to perfect your account based marketing process, turning your target accounts into closed deals. At the same time, we help to provide you with detailed, insightful metrics that can help you to make critical decisions in an instant.
If you are hesitant about starting with account based marketing campaigns because you believe some of these misconceptions or you have some other fears about starting something new, you may want to with one of our experts. CLICK HERE for more information about sales qualification, account-based marketing, and how to streamline your process.