BIGGEST Account Based Marketing Challenge of 2019!
ABM presents many challenges as it is targeted marketing method. However, the longer sales cycle is one of the biggest account-based marketing challenges.
According to a survey conducted by flipMyFunnel.com in 2017, ABM takes a lot of to show results and marketers are not able to measure the results. What are different criterions you can use to measure your efforts on ABM?
How many decision-makers do you know?
Identifying the decision makers is crucial to convert leads into sales and is one of the Account-Based marketing challenges. 60% of the marketers have ABM as their primary objective according to one survey but they don’t know to identify specific decision makers within target accounts.
For b2b Account-based marketing, you need multiple channels to succeed for e.g. social media. Social media allows you to learn more about target accounts and thus you can personalize your content. This will lead to one-to-one conversations after which you can use the direct approach to establish a relationship with important decision makers. You need to review and modify every marketing channel to get a deeper understanding of target accounts.
There is a difference between ABM and other marketing methods. Let us take this example. B2B Account-based marketing is like a fish finder who uses a cookie to attract customers. The cookie can stand for relevant content that marketers create to attract target persona. Other marketing methods are like Sonar methodology where they target just any fish resulting in less qualified leads.
Let us see how can you do this job more efficiently and what are the issues faced.
To find the right fish, you need to put the right bait on the lure. Similarly, to attract your target stakeholders, you first need to have personalized content. How can you know what your target account individuals are looking for?
How can you know more about your target accounts?
- Keep a track of keywords, phrases, and topics that target accounts use.
- Make sure to keep your sales team updated about the recent trends and conversations your target accounts are engaging in. This will help them improve approach and product offering.
- Track any negative opinions they freely express on social media. This way you will know their expectations and frustrations.
Even though, efforts that you out doing ABM don’t straightaway start showing results, how can marketers measure results at each stage of the funnel to track the success?
Top of the funnel (TOFU)
At this stage, you can track the rate at which your leads engage in following activities –
- Visiting your website
- Opening your emails
- Engaging with your social posts
- Responding to direct mail, etc
Middle of the funnel (MOFU)
You can ask following questions to track ABM activity at MOFU –
How many meetings could you conduct? Has there been an increase in the number of them? Do these leads (MOFU leads to BOFU leads) move along to next stage? At this stage, you need to see if the engagement is turning into interaction.
Bottom of the funnel (BOFU)
This is the stage where you give your target accounts more personalized experience. In addition to average selling points (ASP), you should also see a higher close rate.
In ABM to measure the metrics, you should not see the number of leads you have got but the quality of the relationship you have with only a few numbers of accounts. You should see if you have achieved your goal to reach each target account and each decision maker in these accounts. Ask yourself if your list of target accounts has increased?
Yes, Account-Based marketing challenge is that its metrics are different. If your deal size is larger then, the sales cycle will be longer. You can also measure –
- Visits to product pages
- The rate of answers to sales calls
- Call duration
- Click-through rates, Email reply rates
Yes, even though you have to take a guess to measure Account-based marketing benefits & success; you should know that b2b Account-based marketing is about quality and not quantity. So, you should not be worried about how many people you could reach but how many of the right people from the targeted accounts you could reach.
IP recognition is important to track your reach online. This will help you understand if the right accounts are reaching your website. If the sales and marketing teams are focused and aligned for the same, there will be great results.
It is necessary to understand the ways to measure your ABM results and find immediate solutions to your problems. What are you determined to do to know all the decision makers of your target accounts? How can you increase your efforts in doing ABM? Post your comments in below section on how you are going address this Account-based marketing challenge.