When you hear the term account-based marketing, what is the first thing that pops in your head?
For me, its align, engage, and measure. It almost seems like a mantra to work with. Account-based marketing is indeed easy and it is capable of bringing you all the goodness you aspired for. ABM can get you there but only when it is done right.
Before I spill the beans on the aspects you need to consider for the success of ABM. Let’s take a look at some of the stats:
Starting with alignment; companies that align their sales and marketing activities generate higher revenue, enhance brand awareness, and increase average deal size. It is very much effective that 80% of marketers with an ABM program in place say they are “somewhat to tightly” aligned with sales.
Secondly, a positive ROI or a Return On Investment is key for every part of your business. Research by ITSMA shows that 87% of marketers that measure ROI say that ABM outperforms every other marketing investment!
Lastly, ABM has also proven to increase revenue. Incredibly, 60% of companies that use ABM saw a revenue increase of at least 10% within 12 months, while 1 in 5 companies experienced a revenue increase of 30% or more. This was done with the help of ABM in increasing the average deal size.
In a study by SiriusDecisions, 91% of companies using ABM were able to increase their average deal size, with 25% of respondents stating they increase being over 50% or larger!
Now that you are more interested after learning about the stats, we can start discussing the aspects you need to focus on for a successful ABM strategy:
- Target Accounts Wisely
It is crucial to identify the accounts which will yield maximum revenue with ABM. While the number of target accounts you want to add to your campaign highly depends on the strategy that you’re planning to execute.
You can also try this:
You can determine the size of the account list by looking at what percentage of your quota that you expect to be returned (ROI) from target accounts, your closed rates, your average deal size, etc.
From which you will be able to assume a number which indicates the number of target accounts each sales rep requires. Then you can multiply this number by the number of sales reps at the organization to determine how big the target account should be.
Although the idea of the more, the better might sound good it is not always the case if you or your team doesn’t have the bandwidth everyone in your ABM efforts. You can always start slow with a recommended minimum of 1000 accounts who are your “hit list” and “golden goose” target accounts since they fit your ideal customer profile perfectly.
But always remember to make sure sales and marketing are in perfect alignment because the ‘A’ in ABM also stands for alignment. It’s all about alignment.
- Distribute Your Content
Promoting your content plays a key role in the success of ABM, but how?
Your content can be both gated and ungated (i.e) it does not require the customer to fill out a form to access the content.
Like how the old saying goes, the first impression is the best. So you need to be careful and provide an extremely valuable first content that will function as an eliminator round in reality shows in proving your ground and potential. It is going to help you position yourself as the authority in the space by the consumer after reading it.
The old school email way is still considered to be effective in terms of promoting your content. You can send out emails to your target accounts or prospects with a link to the content which must be a comprehensive, summarized version of the multiple ideas, strategies, and concepts that you want to share. The upcoming contents are going to have to serve as hooks that will keep the customer interested in you. It can be fleshed out articles supporting the original content or exploration of the other perspective of the original content.
Promoting your content with paid ads and especially on LinkedIn is very much recommended as LinkedIn’s Matched Audience targeting option is ideal for effective and successful Account-Based Marketing campaigns.
After you start generating an increased number of prospects viewing your content, it’s now time to create a “Website Audience” on LinkedIn that helps in retargeting your prospects that have already viewed your content with additional pieces of content that support your original content they viewed or downloaded.
- It’s About Quality, Not Quantity
Revenue performance is vital, focus on the metrics such as average deal size, close rates, and funnel velocity instead of click-through rates. It’s ABM, it’s about engagement and quality, not quantity. You can also add an interim engagement metric to provide you the guiding principles between sales cycles to determine or give you an idea as to what you should be doing for your websites to ensure your target prospects are consuming and engaging with the content the way you want. This is a smarter move.
- Visitor Identification Software For The Win
It’s all about persuasion, isn’t it? When it comes to marketing just because someone says ‘no’ doesn’t always mean a ‘no’. They can still be interested in working with you or buying your product.
Studies show that some B2B sales have relatively long buying cycles and oftentimes requires 12 or more touchpoints before securing a deal. It’s definitely, the uncertainty. So what can we do about it?
By using visitor identification software you can increase your chances of successfully running an ABM strategy. Some of the software that you can use are Albacross, KickFire, VisitorQueue, Act-On, and LeadFeeder.
You can also make use of marketing automation tools that not only alert you when one of your primary accounts visit your website but also takes it one step further by sending an automated email to your prospect regarding the content they’re looking for and based on when they visit your website. This makes your ABM strategy much more engaging and creates an overall satisfying experience in itself.
Take care of your accounts because ABM requires every account or prospect to be treated differently and coddled with care. It’s a matter of persistence, tracking, and smart moves.
Happy marketing to you.