The Road to ABM Success Isn’t Always Paved
Account-based marketing is a B2B strategy approach that aligns marketing and sales efforts with a single goal in mind: to deepen engagements at the accounts you have identified as key targets. Focusing on the messages and tactics that address specific needs of decision-making teams within accounts, ABM ensures accounts can move seamlessly through the sales funnel. But how do you ensure your strategy is headed in the right direction?
Irrespective of whether you have just begun adopting some of the principles or have established an approach, the road to a successful ABM strategy is paved with pitfalls, all limiting the effectiveness of your strategy.
The Perils of Presumptions
Often, it’s impossible to know exactly an account’s pain points or interest level, so marketers rely on their instinct and experience to make assumptions about what messages and tactics will best resonate. However, executing an ABM strategy that applies a one-size-fits-all approach, is a surefire way of bringing your brief pilgrimage through ABM to a grinding halt.
Using predictive intelligence to direct ABM orchestration means marketers don’t need to lean as much on their assumptions because they have a much stronger idea of what messaging will be relevant to a particular account. Predictive orchestration minimizes much of the guesswork in marketing programs. Utilizing a predictive customer acquisition platform such as MRP Prelytix, puts big data to work to help you expand your existing database, systematically uncovering whitespace accounts and helping you define a target audience that’s researching your solution.
Account-based marketing is much bigger than targeted advertising; it’s an approach that penetrates multiple channels and every stage of the buying journey. One of the largest pitfalls when deploying an ABM strategy, is working in silos with only a few channels and tactics. You need to abandon these silos if you want ABM to succeed.
Think about how you engage with target accounts through direct mail, display advertising, even your inside sales team. What tools do you need to deploy for these interactions?
Don’t Sell Yourself Short
The methods and metrics used to track account based marketing campaign success are somewhat far-removed from the traditional marketing metrics. The prosperity of any ABM campaign hinges much more heavily on closed-loop feedback between sales and marketing departments. Using the same metrics for success that you’d use in a traditional marketing campaign, is selling your ABM program short. ABM successes are more broad and abstract, which is why it’s key for sales and marketing to communicate all of their data and figures with one another.
Account-based marketing is not a sprint – don’t expect to be closing deals as quickly as you can snap your fingers – but it is a practice in refinement. If sales and marketing are communicating effectively, deals will close more efficiently, which will be a mirror of your campaign’s success. Documenting high levels of client retention and long-term contracts, and consistent CSAT, is a good sign that you’re successfully executing your ABM campaign. Keeping an ear to the ground on client relationships is another really important reason that sales and marketing need to be in a transparent, information-sharing relationship.