Should SMBs implement ABM? All Questions Answered Here
Unless you are living under a rock and hibernating for this entire year, you are aware of Account Based Marketing (ABM) strategies that are blowing away every marketers mind.
According to ITSMA, a whooping eighty-seven percent of marketers measuring ROI say that ABM outperforms other marketing investments.
For those of you who are unaware or unsure about what ABM can do, you can read the benefits of account based marketing here.
However, to begin with, let us look at the definition of Account Based Marketing –
Marketo defines ABM as an alternative B2B strategy that concentrates sales and marketing resources on a clearly defined set of target accounts within a market and employs personalized campaigns designed to resonate with each account.
As we can understand from the definition above, ABM is focused on a few things
- Sales and marketing collaboration
- Focusing on accounts and not random leads
- Being specific
- Tailoring and personalizing each conversation along the buyer’s cycle
You know what is surprising?
Account Based Marketing is hugely considered a strategy for big businesses and brands. But, this is highly misleading.
We would say – it is a myth!
ABM can yield the same result for small and medium-sized businesses as for big businesses.
Let’s look at a few specific advantages that small and medium-sized businesses have with ABM
As an SMB, your time, money and resources are extremely precious. ABM allows you to plan and spend the resources on the highest yielding accounts.
According to Marketo, when their marketing team began implementing an Account Based Marketing strategy, they discovered that the target accounts were 40% more likely to close than non-target accounts.
Not only that, according to the 2014 ITSMA Account-Based Marketing Survey, ABM delivers the highest ROI of any B2B marketing strategy or tactic.
No surprise here, ABM is extremely reliable, accurate and incredibly precise.
Measurable and attributable
ABM is laser focused!
So, the advantage is knowing exactly which activity or tactic is giving you the highest ROI and shifting your focus exclusively on those.
You are not pumping money into random strategies that are not measurable. ABM is highly measurable in numbers!
For a small business, there is nothing better than knowing that each penny has yielded a much-needed result. Right?
Generate more conversions and leads
Marketers generally cast a wide net and wait for any fish to get caught. Basically, they believe in luring a large number of leads and then, working on conversions.
In contrast, ABM only focuses on those accounts which fit your buyer persona and are most likely to buy your product and services.
Increase conversions and faster sales cycle.
When ABM has been in use for at least a year, 60% of users reported a revenue increase of at least 10%, and 19% reported a revenue impact of 30% or greater (Demandbase in eWeek)
Align sales and marketing teams
Account selection needs collaboration between the two main teams – Marketing and Sales.
Now that we are aware of the benefits of Account Based Marketing, let’s look at a few things that SMBs should take care while implementing this marketing tactic.
Let’s try ABM because everyone in the industry seems to be doing it – this is a wrong approach that many SMBs take.
Before you decide to channelize money into this strategy, take a moment to set goals. These goals should be SMART and should have a direct impact on business results.
S – Specific,
M – Measurable,
A – Attainable,
R – Relevant and
T – Timely
Start by aligning sales and marketing teams or professionals in your company:
If you are an SMB, chances are you have a small team for both or have hired freelance professionals.
In either case, you have to work towards aligning both the teams. Get the teams together and draw account specifications (especially, buyer persona) and other ABM details.
It is when sales and marketing put together all the relevant information that you have the exact information on client type, pain points, industry type, job title, decision makers etc.
In short and in terms of Mintigo,
Marketers can no longer live by “I think, I feel” and sales can no longer manage by “gut instinct.” Data is the new power currency in sales and marketing
Engage the accounts with personalized content
It is rightly said that personalization is no more an option.
ABM content needs to be customized according to the specific accounts. For example, if you are targeting C-suite in a technical industry, you cannot throw an infographic to lure them. You will need to create a detailed case study or a white paper.
So, focus on creating personalized and useful content that addresses the pain point of your audience.
This is not to say that you cannot recycle content you have already. Carry on a content audit to understand your present status and see where you can repurpose or tailor the existing content.
Analyze and optimize
Last but most importantly, you should measure the success of ABM strategies. One of the best ways of doing this is to define success (or KPIs) for each ABM step – the accuracy of lead information, engagement scores, conversion rates etc. These insights help in optimizing and refining your strategies, programs, and tactics.
That said, SMBs can achieve a high success rate with ABM strategies only if they invest in the right solution. Also, ensure that you do not make these 7 deadly mistakes in implementing your ABM strategy.
Are you ready to start your ABM journey? We have got you covered. All you need is to drop a comment with your queries or call us.