The Rise of Account Based Marketing: Essentials to Success

| January 20, 2020

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Aligning sales and marketing is one of the most common problems companies face. Managers find that often, sales and marketing have differentiating solutions when it comes to developing strategies; which can affect company revenue and lead generation efforts. With marketing known for its spending habits, company executives demand a good ROI. As a result of significant revenue gain more than 60% of companies plan to launch an account-based marketing (ABM) campaign in the following year. Why is ABM becoming so popular? This marketing tactic allows marketers to create targeted campaigns for specific high-value accounts. In order to have an effective Account Based Marketing strategy it is important for your sales and marketing team to be aligned. But what is account based marketing, and how can you integrate it in your company to make sure your team will deliver the ROI that your company needs?

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Marketo

Marketo is the leader in digital marketing software and solutions. Our mission is simple: to help marketers master the art and science of digital marketing. As such, we’ve built the most innovative Engagement Marketing Platform for marketers to master the art and science of digital marketing. We deliver software that helps marketing understand its target audience, engage them as individuals on their terms, measure the impact of their marketing efforts, and manage the team for success. We are the only company delivering innovation at the rapid speed needed to help marketers keep pace with the demands of an ever-changing digital world.

OTHER ARTICLES

Adjusting ABM Strategies During COVID-19

Article | April 16, 2020

Empathy is an emotion that many marketers invoke when they are developing their positioning and messaging for various campaigns. They consider questions such as: “If I put myself in the buyers’ shoes, what do I think they think or feel about this particular pain point?” “Do I understand the challenges they are facing?” “How can I help them overcome this issue and provide long-term value?” Over the last few years, many B2B marketers have leveraged account-based marketing (ABM) to address these questions with specific use cases and examples tailored to their target accounts, in order to boost engagement and drive high-value conversions.

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CORE ABM

6 Hard-hitting Lessons for ABM Strategy

Article | April 16, 2020

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. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "Which is the best way to succeed in ABM?", "acceptedAnswer": { "@type": "Answer", "text": "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." } },{ "@type": "Question", "name": "Is it okay to outsource for account-based marketing?", "acceptedAnswer": { "@type": "Answer", "text": "If your organization does not want to invest the time, resources, and technology required for ABM, it is good to outsource it. 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The surprising benefits ABM brings to your customers

Article | April 16, 2020

We’ve all heard how good account-based marketing (ABM) can be for your B2B business, but did you know it’s also great for your customers? It’s not often revenue goals and customer needs align as well as they do with account-centric strategies. Here are the four ways ABM done well is as much a win for your customers as it is for your growth targets.

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The Benefits of ABM vs Standard Inbound Marketing

Article | April 16, 2020

The allure of Account Based Marketing (ABM) should be easy for anyone to understand. Conventional marketing techniques often operate based on a take-what-you-can-get approach, where content is created to appeal to a large audience and then dispersed far and wide with the hopes of reaching the most viable buyers possible. While this is an excellent way to increase brand presence and move large quantities of products, it doesn’t offer a great deal of control over who gets exposed to the content that you’ve made. If you’re looking for specificity when it comes to your marketing strategy targets, inbound marketing only has the capacity to work retroactively. It can be easy to drive traffic towards your website and then check whether your most desired client-type is present within that large audience, but this approach offers little indication as to when your most desirable type of client is going to land on one of your pages.

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Spotlight

Marketo

Marketo is the leader in digital marketing software and solutions. Our mission is simple: to help marketers master the art and science of digital marketing. As such, we’ve built the most innovative Engagement Marketing Platform for marketers to master the art and science of digital marketing. We deliver software that helps marketing understand its target audience, engage them as individuals on their terms, measure the impact of their marketing efforts, and manage the team for success. We are the only company delivering innovation at the rapid speed needed to help marketers keep pace with the demands of an ever-changing digital world.

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