This recent article in Forbes about ABM lists all the important aspects of putting in place an ABM strategy.
But as always, we encourage those who are embarking on this journey to make sure they have the right business strategy in place first. Follow this with the right plans to align sales and marketing, otherwise you risk sub-optimizing all that comes after, including your investments in marketing automation and ABM technologies.
This part — achieving true sales and marketing alignment — is not automated, and not so easy to do — but it is essential, if not compulsory!
Highlights from the article:
It’s a business strategy that delivers results, according to research from ITSMA and the ABM Leadership Alliance:
• 52% of companies surveyed started ABM less than a year ago
• 57% have innovated new solutions from ABM accounts
• Companies are dedicating 28% of their entire marketing budget to ABM
• ABM programs generate higher ROI than traditional marketing, with 45% of companies using ABM seeing more than double the ROI than other marketing initiatives
Getting Started With ABM
Successfully implementing account-based marketing requires concerted time and effort. Get started by asking these simple questions:
1. When we are marketing to customers, are we taking into account the information we already have? How can we apply those insights to be more pertinent to them?
2. Are we applying a progression model to our efforts – outside-in vs. inside-out? Are we following the specific trends in our relationship with these customers? Are we basing our communications on how a new product would complement what they have already bought from us and empower them further?
3. Who owns the relationship with existing customers? Who is responsible for communicating with them? If sales manages this relationship, how can we betterintegrate marketing into the entire sales funnel?
4. Are we applying this targeted way of thinking throughout our organization? What lessons can we leverage to reach new customers?
In short, account-based marketing is no longer an option; it is an expectation from customers and a requirement for marketers. When ABM programs are created with the customer at the center, they become a platform for driving business growth. Show your customers that you know them better than anyone else, and they won’t go anywhere else.