How to Determine What ABM Approach is Right for Your Business
Account-based marketing (ABM) is a technique that has been used by sales and marketing teams as far back as the early 1960s – so why are so many vendors treating it like it is something newer? The truth is that nowadays, we have the technology and tools to run ABM campaigns that are much more scalable based on your business, easy to track, and even easier to adjust when necessary.
With the technology available to you today, you can speed up the marketing, sales, and feedback process to use data to refine your efforts. This advancement has streamlined the process and took away much of the manual work. At the same time, you can evaluate the accounts and procedures before making any critical decisions.
Before Making ABM Decisions, Know Your Methods
Your team has to do some internal work before determining which ABM approach is the right one for your company. Your company may also want to learn about the different methods and the steps you can make to begin adjusting to the different approaches that you want to use. A thorough understanding can also help when determining technology needs.
Since ABM is such a hot topic, the impression could be that it is right for every business, regardless of circumstances. That isn’t true. Your entire marketing strategy doesn’t have to be ABM based – instead, you can utilize different parts of it for specific accounts (i.e., your most significant, most profitable accounts) and then try other types for lower accounts.
As a marketing professional, you need to know which ABM approach is right for your business – and the right revenue accountable environment to justify and optimize your marketing investments. That starts with understanding your targeted accounts, knowing your resources, and knowing where you want to be.
Signs An ABM Approach Is Right For Your Business
If you are looking at your overall marketing efforts, there are a few signs that an ABM approach might be the best choice for you. The first is that your product or services require complex buying decisions that involve multiple parties or influencers – you want to be able to adjust yourselves to the needs of both parties. You should also note that an ABM approach requires cross-departmental unity from your team as well – particularly the sales and marketing functions.
Another sign that an ABM approach is right for your business is if you have complex priced products or services pricing structures that are likely to bring in new customers that have high value, significant ROI, or payoffs that will continue for a long time. At the same time, another important indicator you should use an ABM approach is that your products or services require a longer sales cycle either for the initial sale or for repurchasing or subscribing. For this, your company has to be tolerant of long-term ROIs and can cultivate those relationships.
Signs A Particular ABM Approach May Not Work For Your Business
Admittedly, there are some signs that an ABM approach might not work for you. The most significant indicator is that customers make purchases from you without needing sales information or interventions. Typically, this is the case when products or services come at a low price point or when the sales cycle is so short that they only need information presented on the website.
Another sign that ABM methods might not be for you is that you sell to thousands or tens of thousands of customers instead of just a few.
As you decide on an ABM approach for your business, remember to think in terms of where you are AND where you want to be. As a general rule, ABM strategies from MRP tend to work exceptionally well for B2B companies who sell to larger accounts that are fewer in number.
When you work with MRP, we will help you to ease into whatever ABM approach you want to use. We can also help you to determine where you want to go into the future and how your ABM approach can change with that – or even help you to reach your stretch goals.
Contact us today to get started in building an ABM approach that is right for you.