By Dan Hanrahan
ABM is a buzzword. Admit it. But are real companies thinking as much about their ABM strategy as the thought leaders, social influencers and vendors who are making all the noise?
ABM provides a strategy for B2B companies who want to grow revenue by focusing on the best-fit prospects. The key metric shifts from the traditional lead generation to real revenue. And, it takes into account that most B2B buying decisions aren’t made by a single person, but rather a collective group within a company. If you’re only looking at one person, you’re totally missing half the picture.
Not to mention, ABM helps get your sales and marketing on the same page, which staves off lost productivity and lost opportunities, according to MarketingProfs. They found organizations with tightly aligned sales and marketing functions experience 36 percent higher customer retention rates and 38 percent higher sales win rates.
Around 90 percent of marketers see the value in ABM, according to a study from Sirius Decisions. But only 20 percent of companies have a full ABM program in place. The gap is mostly due to a lack of knowledge and total misunderstandings.
Here are seven misunderstandings and total myths about your ABM strategy blown out of the water.
Myth 1: Account based marketing is totally new
Actually, it’s not.
In its purest form, ABM has been around forever. History’s most predominate agencies, like Ogilvy & Mather, Leo Burnett and Young & Rubicam, have depended on an ABM strategy to close their whales for decades.
In the 60s, courting and keeping big accounts was a delicate affair. Copywriters, art directors, designers and account executives huddled to map out key stakeholders for each account. Personalized proposals were painstakingly crafted over several days – or even weeks. Then campaigns were run against targeted lists for each account.
There was no sophistication. Everything was done by feel, without any guarantee that accounts would stay loyal. Everything depended on keeping the accounts extremely happy.
Today, advertising has given way to marketing, but it’s the same old game. While it’s easier than ever to attract and close one-off clients, our whale accounts are still our lifeblood. And so we make sure they feel special using targeted content, tailored campaigns and focused outreach.
To paraphrase our friend Matt Heinz, ABM is shifting from fishing with nets to fishing with spears. We’re doing what we’re already doing, but more efficiently. ABM is tagging the prospects you want to do business with, and marketing very precisely and narrowly to them, directly.
“I think we have a renewed interest in ABM now, because there’s an advancement in tools and technology that make it a little easier to execute,” Matt said. “But the idea of doing target account selling and target account marketing is not new.”
Myth 2: I can’t focus on an Inbound and ABM Strategy
The modern B2B marketing-sphere makes it almost impossible to not take an account-based mindset. But what hurts marketers most is this antiquated philosophy of inbound versus outbound and the idea that somehow ABM is only an Go to the full article.