Originally posted Nov. 10, 2923. Updated Mar 26, 2024.
If you've been around the B2B marketing block a few times, you've probably heard the buzz about Account-Based Marketing (ABM). It's not just another buzzword; ABM is a strategic approach that aligns sales and marketing efforts to target high-value accounts. And when done right, it can lead to some seriously impressive results. So, buckle up and get ready for a deep dive into the world of ABM best practices. 🚀
1. Define Clear Objectives and KPIs
Setting clear, attainable objectives for your ABM strategy is crucial. Are you aiming to increase sales, build brand awareness, or improve customer loyalty? Once your goals are set, define the KPIs that will help you measure success. These could include conversion rates, deal sizes, or customer lifetime values. Make sure these metrics are quantifiable and aligned with your overall business objectives.
Example: For instance, if your objective is to increase sales within a specific industry, your KPI could be a 20% increase in closed deals in the healthcare sector over the next quarter.
“Measure what is measurable and make measurable what is not so.”
-Galileo
2. Identify and Prioritize High-Value Accounts
Using data-driven insights, create a list of accounts with the highest potential value for your business. This could be based on their industry, revenue, or existing relationship with your company. Once you’ve identified these accounts, prioritize them based on their conversion likelihood and potential revenue. Focus your resources on the top-tier accounts to ensure the highest ROI. Before you get too far down the rabbit hole, assess if ABM is the right fit for you.
Example: Imagine you are a software company; using analytics, you might find that your product is particularly popular in the finance industry. You could then prioritize accounts in this sector, especially those with a history of investing in technology.
3. Personalize Your Content and Messaging
ABM is all about delivering tailored content that resonates with your target accounts. Use the data you’ve gathered to understand their specific needs and challenges. Create content that addresses these pain points and demonstrates how your product or service can solve their problems. Personalization can be as simple as using the account’s name in your communications or as complex as creating customized landing pages.
Example: If one of your high-value accounts is in the retail industry, you could create a case study showing how your product helped another retail company increase its efficiency. This shows that you understand their specific needs and challenges.
4. Align Sales and Marketing Teams
Ensure that your sales and marketing teams work towards the same goals and use the same data. Encourage regular communication and collaboration between the teams to maintain alignment. This could involve joint planning sessions, shared performance metrics, or co-created content. The key is to foster a sense of partnership and mutual accountability.
Example: Create a shared dashboard where both sales and marketing teams can view the status of leads and accounts, ensuring everyone is on the same page and working towards the same goals.
5. Use the Right Technology Stack
Invest in ABM tools that facilitate account identification, engagement tracking, and personalized content delivery. These tools should integrate seamlessly with your CRM system to ensure a cohesive workflow. Popular ABM platforms include Demandbase and Terminus. If you combine ABM with Inbound Marketing, HubSpot may be your best bet. Ensure your team is trained on these tools and understands how to use them effectively.
Example: If your target accounts frequently visit your website, a tool like Demandbase could help personalize their web experience, displaying content and offers relevant to their industry and needs.
6. Engage Across Multiple Channels
Reach your target accounts through a variety of channels to maximize impact. This could include email marketing, social media, paid advertising, direct mail, or in-person events. The key is to be where your audience is and deliver a consistent message across all channels. Multi-channel engagement ensures that your message is seen and heard, increasing the likelihood of conversion.
Example: If you’re targeting senior executives at a high-value account, you might send personalized emails, connect with them on LinkedIn, and invite them to an exclusive industry event you’re hosting.
7. Measure, Analyze, and Optimize
Regularly review your performance data to understand what’s working and what’s not. Use these insights to tweak your strategy and improve your tactics. This could involve refining your content, adjusting your targeting criteria, or experimenting with new channels. The goal is continually optimizing your ABM efforts to achieve better results.
Example: Suppose your engagement rates on email are lower than expected. You could analyze the data to find out why and then test different subject lines or send times to see if that improves your open rates.
“Marketing’s job is never done. It’s about perpetual motion. We must continue to innovate every day.”
— Beth Comstock, Former CMO & Vice Chair, GE
8. Focus on Building Relationships
ABM is not just about closing deals; it’s about building long-term relationships with high-value accounts. Focus on delivering value and establishing trust. This could involve providing helpful resources, offering expert advice, or simply checking in regularly. Remember, strong relationships are built on mutual respect and value exchange.
Example: If one of your high-value target accounts mentions a challenge they're facing on social media, you could reach out with a helpful blog post or offer a quick call to discuss their issue.
"Building relationships is a vital currency you cannot afford to run out of."
-Yvonne A Jones
9. Be Patient and Stay the Course
ABM is a long-term strategy that requires patience and perseverance. Don’t expect to see results overnight. Stay committed to your strategy, nurture your relationships, and deliver value. Over time, your efforts will pay off in the form of stronger relationships, increased sales, and improved customer loyalty.
Example: Even if it takes several months to see significant engagement from a high-value account, continue to share relevant content and check in regularly, showing that you’re committed to helping them succeed.
10. Celebrate Your Wins and Learn From Your Losses
When you achieve a milestone or close a big deal, take the time to celebrate your success. Acknowledge your team's hard work and use the win as motivation to keep pushing forward. Conversely, when things don’t go as planned, view it as an opportunity to learn and improve. Analyze what went wrong, adjust your strategy, and move forward with renewed focus.
Example: If you successfully close a deal with a high-value account, take your team to Happy Hour or do a company-wide shout-out on Slack. Remember to analyze what worked well so you can replicate it in the future. If a deal falls through, conduct a post-mortem to understand what went wrong and how you can improve next time.
"The cost of being wrong is less than the cost of doing nothing."
— Seth Godin
There you have it, folks—a comprehensive guide to ABM best practices that will set you on the path to success. Remember, ABM is a journey, not a destination. Keep refining your approach, learning from your experiences, and always striving to deliver value to your high-value accounts.
FAQs about Account-Based Marketing
Q: What is Account-Based Marketing (ABM)?
ABM is a focused growth strategy where marketing and sales teams collaborate to create personalized buying experiences for a mutually identified set of high-value accounts.
Q: How does ABM differ from traditional marketing?
Unlike broad-based marketing, ABM targets specific accounts with personalized campaigns, aligning marketing and sales efforts to penetrate these accounts more deeply.
Q: Why is ABM important?
ABM enhances alignment between marketing and sales, improves customer experiences, and increases ROI by focusing resources on accounts most likely to drive significant revenue.
Q: Can small businesses implement ABM?
Yes, ABM is scalable and can be adapted by businesses of all sizes to focus their marketing efforts more precisely and efficiently.
Q: What tools are necessary for ABM?
Effective ABM requires tools for data analysis, content personalization, customer relationship management (CRM), and marketing automation to orchestrate targeted campaigns.
