ABM fundamentals and data topics
Where to begin when setting up for success with ABM.
Another ABM Shout Out!
This is the first of four blogs that explore the perceived phenomenon of Account Based Marketing (ABM). We start with the fundamentals – components of ABM and what you can likely expect if you adopt a cohesive and long-term ABM strategy.
The majority of B2B marketing professionals now have an ABM strategy!
ABM has become integral to B2B Marketers’ thinking (well according to stats from HubSpot – 70% at least1), who with reduced budget and resource, are looking for a higher return on investment and better-quality leads.
It’s fair to say there has been quite a bit of hype around ABM over the past couple of years but how do you maximise its effectiveness?
ABM is not an instant panacea!
ABM’s success is down to setting a cohesive and long-term strategy. It’s important to note that ABM will not bring overnight success. The best results and benefits are gained over time, so a degree of patience is required. Implemented well, ABM has the potential to outperform other marketing channels. It is, however, a holistic approach and consideration for improving team collaboration and establishing clear processes that will be critical. Also, utilising the right supporting tools, as well as executional efficiency need to be carefully considered.
It’s fair to say that the accepted fundamentals of ABM are based on the guiding principles of:
- Defining your target accounts
- Researching those target accounts
- Analysing and segmenting your target accounts
- Creating compelling and highly relevant content
- Choosing the most appropriate communication channel for your audience
- Measure and track progress
- Refine where necessary
The D Word!
But wait! Isn’t there something I haven’t mentioned? Yes, the ‘D’ word – data!
Data is at the heart of your ABM campaign, as it enables you to create highly targeted and personalised experiences.
Building your data pool should be looked at as a perpetual process, as your data will rarely come from a single source. Take a 360-degree view of your data to build accurate account profiles. This typically includes key decision makers, their pain points, motivations, challenges, and preferred communication channels. The better the data, the easier it is to create highly personalised content and experiences that instantly resonate with your prospect. Where possible, use ‘intent data’ to prioritise accounts that are displaying buying behaviours. Make sure you close the ‘ABM loop’ by analysing and measuring the performance of your ABM campaigns.
ABM Success Factors
The results of an ABM campaign can vary and are dependent on factors such as target audience, industry, campaign strategy, timing, and quality of execution. In your initial ABM campaigns, don’t ‘shoot for the moon’, set realistic and what you consider achievable results. A good starting point is knowing the results from other marketing channels. This allows you to benchmark how well your ABM campaigns are doing. Look at engagement rates, conversion rates, impact on sales pipeline, revenue growth and overall customer satisfaction.
In our next blog, we explore ABX (Account Based Experience).