Account-based marketing (ABM) is hard to get right. A lot of businesses make the mistake of viewing ABM as a new tactic or channel to add to their existing strategy, where really it’s an entirely different way of orienting your marketing activity towards a small, defined number of named accounts. In that way, it is the most highly targeted approach to marketing there is.
It requires commercial teams to reevaluate attribution, viewing closed-won deals as business wins rather than a salesperson or marketing taking credit. This is one of the reasons we like ABM so much at Winshaw, where we see the marginal gains of nailing sales and marketing alignment.
The downside is it takes time. It’s necessary to develop a deep level of understanding of each target account and produce highly specific content and engagement plans. This is a long-term strategy that means reorienting your sales and marketing set up. It’s not a single campaign, it’s a whole way of looking at your marketing efforts. And it can be difficult to get everyone on the exec and operational teams on board.
So what are the upsides?
Why bother with ABM?
When you go beyond just marketing to imaginary personas at any organisation that fits within your desired parameters, the more personalised ABM approach offers plenty of advantages for B2B businesses. Such as:
1. Higher Success Rates – ABM focuses on high-target accounts rather than casting a wide net. When you identify and pursue the right targets, you can experience higher success rates and more meaningful engagements with prospects. But this means ensuring you are chasing the right accounts for you, with proper research. More on that later in the article.
2. Better ROI – By tailoring marketing efforts to specific accounts, you allocate resources more efficiently, reducing waste and ensuring that efforts are concentrated in the most promising areas.
3. High Margin Opportunities – ABM often leads to deals with high margin opportunities. By focusing on accounts that fit a company’s ideal customer profile (ICP), you can attract clients willing to invest more in premium offerings.
4. Faster Payoff Compared to Cold Approaching – Yes we said it takes time, but once you’ve invested time and money getting your ABM strategy up and running, it becomes an investment that pays off more quickly than cold outreach. Due to its targeted nature, the time and effort spent pursuing the right accounts are likely to be much shorter compared to broad-based, cold marketing approaches.
5. A More Enjoyable Process – The collaborative nature of ABM between sales and marketing teams can create a more enjoyable process. Teams work together more closely and strategically, aligning goals and improving overall effectiveness.
What ABM Is Not
ABM is a targeted strategy, but it's essential to understand what it is not to effectively implement it.
ABM is not a one-size-fits-all solution. It focuses on a small list of target accounts, not the entire market. This approach ensures that marketing efforts are directed towards high-value prospects.
ABM is not about mass marketing. Neither is it delivering content on common paint points to a list of desired accounts – that’s just good demand generation. Instead, ABM relies on hyper-personalised messages tailored to the specific needs and pain points of the target accounts on a very short list.
A famous example of great ABM was by Spotify. They wrote and produced custom songs for the top ten accounts they wanted to advertise on their platform. They booked meetings with 8 out of their 10 target accounts. Not bad.
ABM is not just a marketing tactic. It involves a holistic approach that includes sales, who are critical during target identification, requiring strong sales and marketing alignment to be successful. Alignment comes naturally when there are shared goals and metrics, i.e. driving revenue growth from the same target account.
ABM is not a single campaign. It is a continuous process, adapting and evolving based on the engagement and feedback from the target accounts. With so much resource invested in the success of a sale to a small group of accounts, every interaction and piece of content matters.
ABM is not a product you can buy for your marketing team, though many technology vendors would like you to think it is. Rather, it is a methodology that guides how companies interact with potential clients, combining strategic planning with practical execution.
ABM is not just for net-new accounts. It is highly effective for expanding share of wallet in existing accounts. ABM content can help them understand that you can do much more than what they are currently paying you for.
Implementing ABM means recognising that it's not about volume but quality. The aim is to build meaningful relationships with key accounts that have the potential to deliver significant business value.
Key steps in your ABM strategy
Creating an effective ABM strategy requires specific steps to ensure success. Starting with good, solid planning – identifying the right accounts, building tailored content through the right framework and effectively distributing so you reach individuals where they spend time with the right message at the right stage of their buyer’s journey.
1. Intensive research (target identification and pain point analysis)
Intensive research is fundamental. ABM is 80% planning, 20% execution. Identifying the right accounts to target is critical, else you will be wasting resources on buyers who don’t need you; and it will feel like you are marketing into the void.
Desk research starts with identifying your target accounts, utilising both quantitative data and qualitative insights.
Start with who fits into your ICP. Create a long list of 100, then whittle it down, removing who is too big, too small, not in-market this (or next) year.
Customer research should focus on identifying individual pain points and purchasing behaviours. Analyse feedback from existing clients and use tools like LinkedIn for deeper insights. This approach helps build a comprehensive profile of each account, ensuring that the ABM strategy is tailored to meet their specific needs and challenges.
Collaborate with your product and client teams to understand customer needs and preferences. Involve sales, and work closely with customer success managers and account directors to enhance your understanding of pain points.
Get an independent view from the industry. Talk to people within the industry or your team who have worked in other companies similar to your targets. Anecdotal insights can be valuable, and you often can’t find these online.
2. Build a content framework
Start by aligning content with your strategic narrative and demand generation strategy. Develop messaging that addresses the pain points and goals of each target account. Include educational content, case studies and product demos that resonate with different personas within the target accounts.
You can use tools like HubSpot to manage and distribute your content effectively. A strategic content framework enhances brand credibility and builds affinity with your audience, so ensure your content addresses the problems your target accounts face, offering valuable solutions and insights. Targeted, relevant content is essential for high engagement and conversion rates.
3. Tailor insights to each account
Each account is unique. Provide personalised content that speaks directly to the needs and challenges of specific people within each account. This involves customising messaging and highlighting relevant case studies and industry-specific insights. Use platforms like LinkedIn to gather and tailor information to suit specific accounts.
Engage your sales team to provide anecdotal insights that can be intertwined with your marketing content. This personalised approach not only demonstrates your understanding of each client's needs but also builds trust. It makes your ABM efforts more compelling and effective, leading to stronger client relationships for your sales team and higher conversion rates.
4. Distribute Content
Getting your message in front of the right person at the right time is crucial. Utilise all the channels in your arsenal, like LinkedIn, email, industry press and PR to reach your target accounts.
If you have run a demand generation strategy, you will be well versed in leveraging platforms like LinkedIn and dedicated email campaigns to maintain consistent communication and visibility. Building a community around your brand helps in sustaining engagement and building longevity with your clients.
5. Events Strategy
An events strategy can also be important, organising webinars, live events, and community-building activities to engage with your audience. Drive sign ups with your existing channel mix, but never forget your client relationship managers (if expanding existing accounts) and sales people. A personal touch is much more effective than cold channels. A proprietary event can often become the key conversion point.
Best practice tips for effective ABM
Target high-value accounts
Prioritise accounts based on potential value. Use your CRM system to identify and manage these key accounts effectively.
Personalisation is key
Personalise all communications and content for each account. For example, tailor landing pages, email newsletters, and even direct mailouts to address specific needs and challenges.
Keep sales and marketing on board
Ensure both sales and marketing teams are aligned with regular meetings. Shared KPIs can facilitate this collaboration, leading to more cohesive strategies and execution.
Leverage technology
Utilise marketing automation tools to streamline outreach efforts. Platforms like HubSpot or Pardot offer robust automation features that can help manage and execute ABM campaigns efficiently.
Data-driven decisions
Use data analytics to track the performance of ABM campaigns. Analyse engagement metrics and adjust strategies based on insights to continually improve results.
Custom content
Develop content tailored to the targeted accounts. Case studies, whitepapers, and relevant blog posts can be very effective in engaging these specific prospects.
Consistent engagement
Maintain regular and consistent engagement with your high-value accounts. Consistent communication helps build stronger relationships and keeps your brand top-of-mind.
Feedback loop
Establish a feedback loop with clients to understand their evolving needs. This can help in adapting your strategies and improving client satisfaction.
ABM is not everyone’s cup of tea. It means taking a step back and reworking your commercial structure. But if you are interested in discovering how an ABM setup might look at your organisation, get in touch for a chat, and we can see if a workshop is right for you.
