Effective Ways of Funding Your ABM Strategy

Apurva Pathak | January 11, 2022 | 108 views

Funding Your ABM Strategy
ABM is B2B marketing with a higher ROI. It involves going after fewer accounts with a more personalized approach. So, account selection is vital. No matter the budget, if you fumble the ball in the account selection process, your campaign is bound to fail. Guesswork is not an option. You need to stringently research your ideal accounts based on your ICP (ideal customer profile).

In an interview with Media 7, Maliha Aqeel, Director of Global Communications at Fix Network World, talked about the common mistakes companies make while implementing brand strategy. Not budgeting your ABM strategy correctly may be one of them.

"One of the most common mistakes companies make is implementing a brand strategy that isn’t aligned to the organization’s overall business goal."

Businesses that want to transition into ABM are often confused and have several questions about ABM implementation. One of the most important questions they have is about budgeting.

According to a 2016 report by SiriusDecisions, 33% of companies allocated at least 30% of their marketing budgets to ABM. In 2017 that number increased up to 52% — a 57% year over year increase. Their 2019 State of Account-Based Marketing Study showed that the average ABM budget is around $350,000 excluding head count costs.
Going by these statistics, how much should you invest in your ABM strategy? It is common to finalize a strategy way in advance. Allocating budgets to a certain strategy and then deciding to execute ABM can be a pain.

Before deciding on your ABM budget and streamlining your ABM funding strategy, consider the following factors:

Factors to Consider for ABM Funding

Know Your Target Accounts

Business size, decision-makers, departments, positions, interests, demographics, get all the information you can on your target accounts. Make sure you are investing your money in the right target accounts. The bigger your target account, the more stakeholders, and departments there are to manage. This may considerably increase the cost and complexity of your campaign.

Your Advertising Budget

Zero in on the platforms you want to use to engage your target audience. Once you do this, you will get an idea of how much you need to spend to reach your audience on these platforms and get maximum engagement.
Additional marketing techniques like seminars, webinars, conferences, and other events should also be considered in your ABM funding.

Brand Awareness

Gather information on how well your target accounts know your brand. If they already know your brand, then you are saving time and money on creating a new relationship from scratch. However, if your brand does not have a good reputation or reach, creating new leads requires more resources than creating new opportunities.

Your Product’s Complexity

If your product or service complexity is high, you need to work harder to explain its advantages and benefits to convince the stakeholders of your target accounts. This effort is directly proportional to the amount of money you need to spend.

Your Customer’s Needs

The customer’s need for your product or service defines how much you need to spend on advertising. If there is no urgency or if there are many similar solutions that they have used in the past, it becomes difficult to convince them to use your product or service. In short, if they don’t need your product, you need to spend a better part of your budget on impressing them.

Your Competition

The more competitors you have, the more aggressive your campaign needs to be. An aggressive campaign will need a bigger budget. It gets trickier if your competitors already have an established relationship with your target account.
However, if you have the target account’s CLV (customer lifetime value) figured out, you can easily determine how much you need to spend on pursuing a particular account.

Technology Integration

To deliver hyper personalized account-based experiences, you need to find suitable technological platforms to launch your ABM strategy. Platforms like ABM Unified Workforce are an ideal start because of their unified approach to strategy implementation. Consider allocating a part of your budget to technology integrations so you remain up-to-speed with modern implementations like marketing automation. It will also help you optimize your campaign results.

ABM Partners

You need knowledge, human resources, and technology to launch and successfully run account-based marketing campaigns. Alternatively, you can also hire new staff or train the people you already have. Partnering with an ABM agency is also a great option. It not only saves you the time and effort of finding the right marketers, but it also delivers the results and metrics you expect. There are many service providers in the market who can help you kick-start your ABM campaign.

Funding Your ABM Strategy

Now that you know the factors that should be considered for your ABM funding, let us look at some tips to enhance your budgeting.
  • Identify Target Account CLV
In ABM, less is more, so identify target accounts based on their CLV. It may require three or more years for your ABM campaign to show results, so make sure you periodically assess your target account’s CLV before making big investments.
  • Harness Technology
Tie your technology budget with sales. Support your goals and streamline your processes by using martech. Collaborating with specialized agencies that have talent and technology can uplift your ABM campaign. Not only do agencies quickly launch your campaign, but they also save you the trouble of recruiting new staff. However, make sure you engage a trustworthy agency with the best technology offerings and expertise.
  • Get Approval and Support from Stakeholders
Get your stakeholders on your side by justifying your budget with a list of target accounts and their projected value. If you are planning to implement ABM, then you should already have a preliminary version of your ABM funding proposal ready.
  • Measure Your Performance
Use relationships, reputation, and revenue, the three crucial R’s to measure your performance. These should be your benchmarks and should be assessed periodically.

Conclusion

ABM funding takes effort and time but doing it diligently can bring an increase in ROI, brand awareness, revenue, and confidence in ABM.

FAQ

What is the first step in your ABM funding strategy?

The first step in your ABM funding strategy is to know your target accounts through stringent research.

What are the three important Rs for measuring ABM performance?

The three important Rs for measuring ABM’s performance are relationship, reputation, and revenue.

Spotlight

Esanosys

As a trusted partner, it’s our goal to provide solutions that provide a higher ROI on your marketing dollars spent. Our demand generation solutions for Higher-Education center around a higher level of consumer consultation, improved efficiencies through stronger conversions and a best-in-class quality assurance program. Proprietary tools like our AMS (Admissions Management System) along with our incredible team puts us in a great position to produce unparalleled results.

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Anteriad and TransUnion Collaborate to Bring Best-in-Class Audience Solutions to B2B Marketers

Anteriad, TransUnion | September 26, 2022

Anteriad today announced a new collaboration with TransUnion. Through the collaboration, Anteriad’s audience data will be available through the TruAudience® Data Marketplace, enabling B2B advertisers to reach more in-market prospects with more relevant marketing across growth channels including connected TV, streaming audio and in-game advertising. Powered by a three-dimensional view of people, households and devices, TruAudience solutions provide scalable identity to enable audience targeting and consumer engagement across offline, digital and streaming environments. The TruAudience Data Marketplace is a leading destination for buyers and sellers of third-party audiences to activate targeting across streaming media advertising channels. Anteriad partners with the world’s largest B2B marketers across a variety of verticals including technology, fintech, healthtech, IT, logistics and martech. Anteriad targeting products are highly customized across Account Based Marketing (ABM), B2B intent, and key technographic and firmographic traits, and are built for precision at scale by keying off company location rather than domain. The TruAudience Data Marketplace is seamlessly integrated into this unique approach, extending the B2B reach into connected homes and to consumers across myriad devices. “B2B media buyers and sellers want the ability to transact on Connected TV and streaming audio with precision targeting at scale,” said Michelle Swanston, VP of Media and Entertainment and Head of Data Marketplace at TransUnion. “By providing access to Anteriad data in the TruAudience Data Marketplace, B2B marketers and publishers can provide the right messages to the right audiences at the right time.” “CTV and streaming audio are valuable advertising channels for B2B marketers looking to differentiate from their competition. With the TransUnion partnership, they can access Anteriad’s highly relevant data to accurately reach their audiences in a new context that can move more leads down the funnel,” said Todd Love, Chief Commercial Officer at Anteriad. “CTV and streaming audio are valuable advertising channels for B2B marketers looking to differentiate from their competition. With the TransUnion partnership, they can access Anteriad’s highly relevant data to accurately reach their audiences in a new context that can move more leads down the funnel,” said Todd Love, Chief Commercial Officer at Anteriad. About Anteriad For over 20 years, Anteriad has put B2B marketers in front of their next customer and ahead of their competition. With more than 500 billion buyer-related signals tracked every month on our award-winning Anteriad Marketing Cloud platform, customers like IBM, Microsoft, Forbes, SHRM, and Lenovo benefit from our high-fidelity B2B buyer data, full and self-service multichannel execution, analytics, and expert advisory to generate impactful ROI multiples. Start creating your future today – get to know us at  https://www.anteriad.com About TransUnion TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing an actionable picture of each person so they can be reliably represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good®. A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people. http://www.transunion.com/business About TruAudience by TransUnion Powered by a three-dimensional view of people, households and devices, TruAudience® solutions provides precise, scalable identity to enable audience targeting and consumer engagement across offline, digital and streaming environments. To learn more, visit http://www.truaudience.com

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