Account-based Marketing or ABM is treating an organization or account as an individual target market with an objective to either enter the account or grow business through that account.
While the concept has been more than a decade old, organizations are still struggling to grapple with various approaches as Account-Based Marketing has its own sets of pros and cons which is generally not covered in the regular marketing budgets.
A simple google search on Account Based Marketing throws more than 100 million records and that is good enough data to confuse marketers trying to do ABM for the first time.
So now when you are familiar with what is account based marketing, let’s learn about the common mistakes marketers make when building an ABM strategy.
Common mistakes marketers often make when developing an Account Based Marketing (ABM) strategy
1. ABM is not a tool
You cannot buy an ABM tool and execute an ABM strategy. You can execute ABM strategy without investing in any new tools using the tools you already use for marketing.
When you start searching for ABM, most top results on Google are from Marketing automation platforms such as Marketo, HubSpot, etc.
While it is good to have an Automation tool as they can be used to execute your ABM strategy effectively, it primarily depends upon what is your ABM execution plan.
2. Finding the Right Account
This is the core basis of setting up your Account-Based marketing strategy. How do you find the right accounts? A lot of research goes into finding the right accounts for an ABM approach. Here are a few steps that I recommend based on my experience as a marketing automation consultant
- Build a heat map of your existing clients and the projects that you do
- Get the value proposition right, choose a combination of what has been working well and areas that you want to enter
- Identify your client’s competitions and make a list of service offerings that you can pitch based on your experience
- Research on deals and contracts previously signed from multiple databases. Review their annual reports and investor decks to understand if they have any plans to invest in services and solutions that you sell this year
- If it is an existing account, the relationship manager can provide insights as well
Still unable to find right account? We can help you in ABM Account Selection
4. The outreach program
The outreach program is something which is the manifestation of your entire ABM strategy. This defines the approach or the path of the prospect and its conversion to a lead.
It potentially mentions the various touchpoints that you can have with a prospective client. Be it email campaigns, digital Ads, social media platforms, cold calling, custom events, Snail Mail, and other channels.
The objective is to get the relevant intelligence that can help you get your point across to the prospective customer. This will depend a lot on the budget and the seniority at which you want to target
5. One Size doesn’t fit all
You will need a combination of tools to get your Account-Based Marketing strategy of the ground.
Depending upon your needs and outreach program, you can use tools for Website Personalization, LinkedIn Ads, Advertisements display platforms like Terminus, email platforms, Geo ads, IP based targeting, etc.
A combination of these may be used based on how you want to approach your target audience.
6. Calculating ROI
An ABM approach doesn’t guarantee you qualified leads or close business. ABM can help you in getting your customer’s mind share. It is an ongoing effort to get the wallet share of the client.
Reporting on ABM efforts and calculating RoI is challenging if being done only based on leads or pipeline generated. It is important to measure all touchpoints at an individual level, account level, BU level, and organization level.
This can ensure that your efforts are accounted for and you can show progress being made on the ABM initiatives.
These are some lessons that I have learned while working in marketing for a decade and some that I frequently head while taking interviews. Happy to discuss more over a cup of coffee. Reach out to us.
