Till now you might all be familiar with Account-Based Marketing. It is highly picking up steam in the marketing world, but it’s still not the main approach most businesses take. Account-Based Marketing undoubtedly rolls over most of the businesses Lead Generation.
So for the ones who are yet avoiding using ABM here are a few reasons why ABM might make sense for your business. Know the ultimate benefits of Account-Based Marketing
- 1. ABM is the perfect choice for the B2B sales process.
- 2. ABM streamlines the sales process
- 3. ABM can make your business stand out of your competitors
- 4. ABM primes consumers for a great continuous relationship with your business
Here’s something that you need to know about ABM today!
Account-Based Marketing gets results when it’s done right. That means the world of marketing is probably going to keep hearing about it in one way or another. ABM relies highly on nurturing leads and personalizing content, and when you incorporate them into your own work already you experience the vast change in your ROI.
It has been noticed that the number of companies, practitioners and agencies talk about the game of ABM, but fail to do anything other than increase costs; It would be beneficial for you to know the key areas that cause ABM to fail.
Here are the 10 mistakes B2B Marketers make when using an Account-Based Marketing.
1. Missing out the important research needed to select the right accounts
The very first step in selecting accounts should be to define your ideal customer profile. Look at the data of your most excellent existing customers. What do they have in common? Are there trends you can use to start to define what your ideal customers look like? Also, understand what you want your future customers to look like based on the ground of product developments or expansion initiatives.
Your ICP definition will enable you to refine and prioritize sales’ target account list and potentially eliminate accounts outside of your ideal profile.
2. Fail to line up with sales on the right target accounts
As it’s important to not take a sales-provided list at face value, it’s also necessary to avoid forcing a marketing-generated list on a sales team. Alternatively, collaborate with sales teams as you develop your ICP i.e Ideal Customer Profile and target account list; where knowledge is crucial to your success.
3. Relying on static target account lists
It’s become difficult for marketers to use traditional demand generation tactics and manage engagement reports to help sales recognize new accounts that are good prospects, and continually shift investment dollars to where the activity is. Concurrently, if the data shows accounts that are not engaged or showing interest, marketing should move those accounts down the prioritization chain.
4. Fail to Message Appropriately
Texting is a popular means of communication: It’s quick, it gets an idea across and it’s convenient. Mobile messaging should be set strictly for informational purposes: updates, analytics or quick questions. If there is a specific question that can’t be answered with a clear-cut stream of information via messaging, you should always communicate in person, or at least over the phone.
5. Fail to Align
ABM is the ultimate approach in sales and marketing alignment. Successful ABM needs the implementation of multiple, complex “plays” combining every arrow in your go-to-market space. If you’re not aligned with targeted advertising, emails, content, website, PR, sales outreach, etc. ABM is not going to work
6. Failed to track the Right Metrics
If you’re using ABM with a primary analysis in the very first year of revenue, then you can also be disappointed. It’s simple that ABM is not just a primary based result-driven matrix.
It is always better to build metrics around five key areas of progress. These components are what lead to enduring revenue and the results that make ABM worthwhile.
Coverage: Understand how well you know your targeted accounts.
Awareness: Check outhow much attention are your targeted accounts giving you.
Engagement: It’s important to know how much and what are the key role-players engaged in.
Reach: Always find better ways to gain attention and get the commitment to your consumers.
Influence: Figure outhow much impact your efforts have on your targeted accounts to determine their problems and find potential solutions.
7. Neglect to determine accounts, segmentation, and personas
To endorse the priorities and for messaging, identify the perfect and powerful reason for each persona to buy from you. That means knowing the pain points of the consumer and how your solution can help them to ease their problems is important. Many companies also use that information to split personal responsibility between Sales and Marketing based on how compelling the value is.
8. Using Unclean Or Bad Database
STOP using unclean data, right away! If you are using your unclean data for your running campaigns, you will not achieve your targets. Let’s assume you ran an account-based marketing campaign but did not fetch results. Your data will be worthy only if it is regularly cleaned and updated. Also according to the research by DiscoverOrg – Sales and Marketing departments lose approximately 550 hours and as much as $32,000 per sales rep from using bad data?
9. Failing to Coordinate Between Teams, Especially Sales and Marketing
We have already discussed how a lack of coordination between sales and marketing teams can damage your campaign results. In traditional demand generation, marketing throws leads over the fence for sales to chase. In ABM there aren’t any barriers. The collaboration is close, constant, and focused on defined, account-specific objectives. It is essential that all the relevant teams participate and contribute to the campaign.
10. Not Personalizing Content At Each Level
It is no surprise that personalization is important at every step of marketing and sales. Remember, the entire focus on the ABM campaign is to narrow down the challenges and pain points of a specific type of business and then engage the decision-makers with personalized content. If your content is generic and non-targeted, you might save money today but in the long run, you are losing out on huge chunks of money.
As per Marketo research, 79% of consumers say they are only willing to engage with an offer if it has been personalized to reflect previous interactions the consumer has had with the brand. ABM only works when communications and content are personalized and customized to suit your target audience and when they meet their requirements.
Have you ever made any one of these ABM mistakes? If yes it’s time to clear out all of them and make sure you are a savior in the ABM market. Need help? VSynergize can accelerate pipeline with powerful & connected capabilities that drive Account-Based Marketing Success. Reach us now on 855-203-8196 or email at email@example.com