6 Hard-hitting Lessons for ABM Strategy

Purva Mishra | September 30, 2021 | 151 views

Account-based marketing has gained momentum incredibly in the B2B industry. ABM promises a higher conversion rate than any other marketing strategy. It is the best personal approach to B2B marketing.

If you are new to ABM, here is a little introduction to the strategy. ABM is creating a funnel of your clients and filtering the ones who have higher chances of conversion. Once you have the required data, your sales and marketing team can collaborate to create marketing campaigns for these exclusive clients. This strategy can overcome many challenges faced by the marketing and sales team.

Generally, the challenges faced by your businesses can be to
  • Drive retention with the key accounts
  • Deliver relevant content to exclusive customers
  • Boost conversion percentage with the clients most likely to convert
  • Build a strategy for a personalized marketing approach

Once you know what ABM is and implement it correctly, your business can easily overcome these challenges. Thus, we have provided some insights on how to overcome hurdles and excel in your ABM campaign.

How to Excel in Your ABM Campaign

According to B2B data-driven companies, personalization is the biggest challenge to succeed in ABM. Nowadays, B2B clients demand personalization like B2C clients. Now, this is a difficult task as business clients have access to business profiles. Thus, the sales and marketing teams have to develop unique ideas and make extra efforts to personalize campaigns.

So basically, this means utilizing the available data in the best way possible. But sometimes, that takes up a massive investment in terms of time and resources.

Abhi Yadav, Founder & CTO of Zylotech, says,

“Drawing intelligence from data is like pushing a boulder uphill. In most cases, it takes a team of data engineers & scientists an enormous amount of time that comes with a hefty price tag.”

So how do you minimize efforts and still excel in your ABM campaign strategy?

Well, we have six lessons that organizations have learned while implementing ABM in their marketing strategy. Some of these lessons are answers to why a particular strategy failed.

Put Yourself in Your Customer’s Shoes

If you have limited access to personal data but have plenty of professional data, put it to the correct use. Put yourself in your customer’s shoes and look at the challenges they are facing at present. You can also think about their future problems and provide solutions to avoid them. Once you think like your customers, strategies and solutions become a simple task.

For example, if your targeted client is the MD or CFO of a healthcare sector. Determine how the pandemic has impacted their revenues or how they need to manage personal and government financing in these challenging times. Also, you can provide visionary solutions about future implementations for the healthcare sector.

Flip the Funnel

The traditional funnel of awareness, interest, consideration, and purchase needs to change. The implementation may work even today, but the conversion process takes time. Thus, it’s time to flip the funnel.

Flipping the funnel is the new strategy that is uprooting the traditional funnel. This method implies putting targeted organizations on the top of the funnel and then broadening it. First, it means to target the people of the organizations, then ways to connect them, and then the broadest part is to provide them with appropriate solutions.

This funnel strategy has proved to work wonders in the ABM strategy.

Personify is the leading constituent management and engagement (CME) platform. Their challenge was to create a funnel for better insights into their target market.

Their solution was to partner with product marketing and sales for an ideal customer profile (ICP). Thus the top of the funnel was sorted. Then they researched and set up personalized digital ad campaigns and sales strategies. Thus, these creative campaigns increased their brand awareness, engagement, and conversions.

They increased their on-site visitors by 39 times by implementing this strategy.

Make the Best Use of Technology

There are a plethora of tools available to strategize and implement ABM. But organizations do not make full use of these tools, leading to wastage of time, resources, and resources.

Survey the market and know there are tools developed to optimize ABM strategy and keep track of account-based metrics. Implement these tools, and you will notice that your work gets executed faster and in an intelligent way.

P.S. Human-assisted AI technologies help organizations to build compelling campaigns and optimize revenue operations.

Streamline Your Processes

Sometimes organizations do not realize that ABM requires streamlining processes with the regular ones. ABM strategies require experimentation. You have to select the strategy that suits you and your organization in the best way. Thus, ensure that your teams do not get overwhelmed by the process.

Thus, define roles, responsibilities, and the entire execution plan when the target accounts are shortlisted.

VersionOne, a cloud-based agile application life-cycle management (ALM) software provider, simplified the process by implementing data-driven approaches. Thus, VersionOne gave both teams access to monitor the ABM strategy and the success of the targeted accounts. Thus both the teams worked in collaboration and focused on segmentation. This helped in building a proper pipeline between the sales and marketing teams.

This doubled VersionOne’s sales by streamlining the processes between the sales and marketing teams.

Focus On Retention

ABM is not only targeting exclusive clients and converting them. But you have to track and retain them. Many a time clients convert and the organization forgets to follow up. Thus, it creates a void for current and future clients, as the success rate is incredibly defined by retention.

For example, small gestures like regular surveys, emails regarding workflow, and more can play an essential role for the clients to know that you care.

Do Not Refrain from Outsourcing

Outsourcing is a great way to ease out tasks and get a filtered list of high-value clients. Also, companies that specialize in data-driven technologies can provide you with more relevant information about the clients than your in-house team.

So, avail services from experienced companies and industry leaders in providing you with the best list of relevant clients. These professional organizations know the pain-point of the clients, which helps you in planning your ABM strategy.

That’s All Folks

We hope we have provided you with solutions to the hurdles that you face while strategizing ABM. Remember, ABM strategy cannot be mastered overnight. So set goals, implement ABM, learn from the results and repeat- it is that simple!

Frequently Asked Questions

Which is the best way to succeed in ABM?

The key idea is to focus on the personalization and retention of the clients. Your ABM strategy is likely to succeed if you provide personalized solutions to your exclusive clients. Success in your ABM strategy depends on your team, your account-based marketing campaigns, and the level of experimentation you do.

Is it okay to outsource for account-based marketing?

If your organization does not want to invest the time, resources, and technology required for ABM, it is good to outsource it. These third-party organizations can help you provide you with a list of the best clients and their information.

How important is ABM strategy?

ABM is an essential strategy as it helps to shorten the sales process and increases the conversion rate. In addition, it helps an organization concentrate on the most exclusive clients and retain them, thus generating better revenue and ROI.

Spotlight

The Mezzanine Group

The Mezzanine Group is a business-to-business (B2B) marketing company. We build B2B lead generation machines and help companies accelerate revenue growth through effective sales and marketing. We've helped over 250 businesses over the last 15 years in emerging and mature industries, typically increasing lead generation by 30 - 100%. We're known for our B2B expertise, systematic approach, strategic thinking and execution excellence.

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Article | July 5, 2022

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The Mezzanine Group is a business-to-business (B2B) marketing company. We build B2B lead generation machines and help companies accelerate revenue growth through effective sales and marketing. We've helped over 250 businesses over the last 15 years in emerging and mature industries, typically increasing lead generation by 30 - 100%. We're known for our B2B expertise, systematic approach, strategic thinking and execution excellence.

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TechTarget | September 30, 2022

TechTarget, Inc. (Nasdaq: TTGT), the global leader in B2B technology purchase intent data and services, today announced that it has launched Priority EngineTM for Healthcare to help sales and marketing teams leverage its proprietary prospect-level intent data to fuel more opportunities and pipeline with buying groups at top companies across the healthcare industry. This new offering provides direct access to Xtelligent Healthcare MediaTM (acquired in August 2021) and TechTarget’s combined opt-in audience of healthcare tech and business decision-makers in one SaaS solution delivering customized insights specifically for B2B organizations targeting healthcare. “Being able to provide our customers with 1st party intent data on the largest healthcare technology and information audience on the web is a true game changer in our industry,” said Sean Brooks, Co-Founder, Xtelligent Healthcare Media. “Sales and marketing teams will now have direct access to entire healthcare buying teams, including Clinicians, Line of Business and IT Decision-Makers, to find more opportunities and accelerate technology deals.” These new enhancements: Add thousands of new accounts and 400,000+ new contacts into Priority Engine to provide better visibility into and opportunities to engage with full buying teams across the entire interconnected healthcare ecosystem, including: Providers, Health Systems, Payers, Pharmaceuticals, Life Sciences, Accountable Care Organizations and Federal/State Healthcare Agencies. This includes 90% coverage of health systems in the US. Deliver increased access to opt-in business decision-makers directly involved with healthcare purchasing. Xtelligent Healthcare Media’s audience consists of more than 70% Business & Finance Executives and Clinicians who have critical involvement across healthcare technology purchases that are becoming increasingly complex. Provide highly relevant, customized intent insights on topical interests, content consumption and vendor engagement of healthcare technology buyers at both the account and prospect-level to help marketing and sales teams to convert more opportunities and accelerate deals with better informed, personalized and timely outreach. TechTarget purchase intent insight is uniquely powerful because of how it is made and how it is delivered to B2B tech marketers and sales professionals. The actionable insights within the Priority Engine platform are achievable because of the depth of original editorial and vendor content spanning thousands of unique IT and business topics across TechTarget’s network of over 150 technology-specific websites and 1,125 channels. As enterprise technology buying teams grow and purchasing becomes more and more complex, we provide the information and resources to help every member of the team to research and make decisions. Priority Engine for Healthcare helps TechTarget to continue to grow and help its customers succeed in a relevant adjacent market that includes high levels of purchasing complexity and buying dynamics. “By expanding the amount of permission-based, relevant 1st party purchase intent data our customers have access to and delivering a full suite of marketing, sales and go-to-market services to engage real buyers, we help companies of all sizes achieve better results at scale in this market,” said Michael Cotoia, CEO, TechTarget. “As a leader in coverage of B2B enterprise tech for more than 20 years – combined with working very closely with our almost 3,000 customers – TechTarget has unique visibility into the buying dynamics across every major sector of the market. Our experience positions us well to bring our model to adjacent vertical markets with similar attributes to enterprise B2B tech – long/complex-sales cycles, large purchases, multiple members of the buying team and a strong need for 1st party data to enable marketers and sellers – just as we have done in Healthcare.” For more information on TechTarget Priority Engine, visit www.techtarget.com/Priority-Engine. About TechTarget TechTarget (Nasdaq: TTGT) is the global leader in purchase intent-driven marketing and sales services that deliver business impact for enterprise technology companies. By creating abundant, high-quality editorial content across more than 150 highly targeted technology-specific websites and 1,125 channels, TechTarget attracts and nurtures communities of technology buyers researching their companies’ information technology needs. By understanding these buyers’ content consumption behaviors, TechTarget creates the purchase intent insights that fuel efficient and effective marketing and sales activities for clients around the world. TechTarget has offices in Boston, London, Munich, New York, Paris, San Francisco, Singapore and Sydney. For more information, visit techtarget.com and follow us on Twitter @TechTarget.

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