Account-Based Marketing (ABM) 

What is account-based marketing (ABM)? A Forbes article shares the following metaphor, “ABM is a customized strategy used to win a specific account or account. The metaphor often associated with it is fishing with a spear vs. fishing with a net.” 

So, if we take this approach – fishing with a spear vs. fishing with a net, it comes with both its challenges and advantages. Or maybe it just sounds like hard work? With spearfishing you need to be patient, directive, and know what you’re aiming for.  

The Forbes article also shares, “ABM requires a higher focus, higher budget, a personalized and holistic approach, and content to fit the particular needs and attributes of the account. It requires more effort, but there’s also a higher chance of getting what you want.” 

In the land of digitization where businesses had to adapt to new ways of working, many found that an alliance was needed between marketing and sales. During the height of the pandemic, when sales representatives were unable to have face-to-face meetings, they leaned on marketing to provide more material to help with their conversations. Equally, marketing was looking at how to better target and communicate with their key audience who was swamped by information and lots of offers.   

Another key description about ABM – in an Investis Digital piece, they state how “Account-Based Marketing shifts your marketing focus from a volume-based lead strategy to a one-to-one communication style, modelled after-sales strategies.” Enter spearhead vs net.  

Now, if you have your spear and you’re ready to go fishing – let’s explore some core tactics to make your fishing trip a success.  

Where to start?  

The top 3 things you need to get aligned are:  

• Your overarching strategy 
• Your teams 
• Your selection list  

It’s your call which came first, the chicken or the egg. The strategy or the accounts? The team or the accounts? You know the type of big fish you are looking to spear, so pull these three vital components together first.  

ABM is powered by strong teams working together, to drive a personalized pitch that represents why you want to work together, and more importantly what you can offer. Alignment amongst your team and strategy is key.  

Your team should also be able to provide a list of key accounts you can pursue. This can be from already established relationships whether it’s through LinkedIn or within your business. Don’t make things overly hard for yourself. If you have hot leads or have leads that are easy to convert, go in strong with your powered team and strategy for high conversion. This list can be narrowed down to industry, segment, location, and risk.  

If you have opted for a clear strategy, your teams and contact list should fall from this. Otherwise, once your teams and list have been established, your strategy can cement and align your trajectory. 

Next steps: 

• Personalization 
• Communication and messaging  
• Measuring your success and defining stages/ qualifications 

Personalization is ringing in every marketer’s ears. With algorithms, cookies, and data flying around about companies’ movements, choices, and directions they are going in, it’s becoming easier to align yourself up for the shot. Personalization has shown that 86% of marketers have seen a measurable lift in business results from their personalization campaigns, according to Evergage.  

Communication is of such importance both internally and externally. ABM is successful with strong teams and clear communication. Make your messaging aligned to your strategy and as mentioned above, make it personalized.  

Finally, measure your success. As Forbes advises, “define your metrics and goals, set up a monitoring dashboard that includes key performance indicators, such as higher account engagement, a higher win rate, a shorter close time, higher deal size, etc.” 

Finally, it’s important to “copy and format paste” and invest.  

What I mean by copy and format paste is that once you have covered the above stages you can replicate this approach for plans and pitches. However, it’s not a straight lift. So, continue to double down on research and get to know your end audience. But, feel free to keep your stages and metrics similar.  

If you have made it this far, welcome to the key difference in ABM marketing in 2022; Technology.  

Digitization  

Digitization has revolutionized this marketing effort by allowing machines to do most of the heavy lifting for you. Machine automation, AI, analytics, engagement, monitoring, and scoring. All of these can be done from the hard work you created and allows you the opportunity to have this critical information given to you about the accounts you shortlisted or maybe didn’t even consider. The reason it is one of the last stages is that, as with anything, once you have done all the hard work identifying what you want and how you are going to get there – it helps 3rd party suppliers or partners to give you what you need. Do your research and find the right tools for you.  

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