Account based marketing (ABM) is poised to be a critical growth driver for B2B companies in 2024. With buyer sophistication on the rise and marketing resources constrained, ABM provides a proven approach to boost conversions and revenue. This comprehensive guide will explore how ABM works, benefits, case studies, and the role of AI – equipping you with insights to implement ABM successfully.
What is Account Based Marketing and Why It Matters
ABM focuses marketing and sales efforts on a clearly defined set of target accounts to penetrate and turn them into customers. Rather than casting a wide net for leads, ABM zeroes in on high-value accounts with personalized content and messaging.
Here are 5 compelling reasons why ABM is essential for 2024:
Driver | Details |
---|---|
Informed buyers | With access to extensive resources, B2B buyers are more informed and selective. ABM allows precise messaging tailored for each target account. |
Longer sales cycles | B2B sales cycles now average 3-6 months. ABM nurtures accounts through extended evaluation periods. |
Limited marketing resources | ABM provides laser focus to allocate resources effectively and maximize impact. |
Pressure to prove ROI | ABM‘s account-centric approach and measurement capabilities help demonstrate clear attribution. |
Rising competition | ABM gives you an edge in penetrating and retaining strategic accounts. |
Step-by-Step Guide to Implementing ABM
Launching a successful ABM program requires meticulous planning and tight coordination between teams. Here are the key steps:
Select Target Accounts
- Work with sales to identify your total addressable market and build an ideal customer profile (ICP)
- Narrow down specific accounts that best match your ICP based on attributes like industry, size, tech stack etc.
- Number of accounts typically range from 1000 for programmatic ABM
Define Success Metrics
- Establish quantifiable metrics and KPIs to track ABM performance
- Common metrics include pipeline generated, deal size, sales cycle length, retention and account penetration
- Agree on goals and monitor progress
Get Buy-In Across Teams
- ABM only succeeds with sales, marketing, CS and executives fully aligned
- Ensure all stakeholders understand the strategy and expected outcomes
- Have an ABM oversight team to coordinate planning and execution
Research and Segment Your Accounts
- Conduct in-depth research on your target accounts
- Identify their pain points, challenges, structures and decision processes
- Divide accounts into segments for tailored actions
Craft Personalized Content
- For each segment, develop customized content that directly speaks to their needs
- Tailor emails, ads, landing pages, case studies and events
Orchestrate Omnichannel Outreach
- With research and content ready, execute orchestrated outreach campaigns
- Layer tactics like email outreach, ads, direct mail, events and sales calls
Analyze and Optimize
- Use data and insights to continuously refine your ABM strategy
- Double down on what works and recalibrate ineffective elements
Critical ABM Technology and Tools
ABM platforms enable target account identification, segmentation, omnichannel orchestration and measurement. Top solutions include:
Account Identification
- Discoverorg, Zoominfo, TechTarget, 6sense, Demandbase
Orchestration
- Terminus, Triblio, Demandbase, Madison Logic
Analytics
- Metadata, LeanData, BrightFunnel, Bizible, Account Hub
Personalization
- Jabmo, Cendana, Cortex, Sendoso
Intent Monitoring
- Bombora, Demandbase, TechTarget
CRM Integrations
- Marketo, Hubspot, Salesforce, Oracle
Best Practices for ABM Success
Start Small and Scale Gradually
- Launch an ABM pilot focused on just a few accounts
- Refine the process and expand methodically once pilot yields results
Show the Money – ABM Delivers ROI
- 80%+ of B2B marketers report higher ROI from ABM vs other approaches
- Companies using ABM grow deals 20% faster on average (Forrester)
- 70% higher annual contract values from ABM deals (TOPO)
- 32% higher win rates with ABM (SiriusDecisions)
The Power of AI and Automation
- Leverage AI and machine learning to identify and segment target accounts
- Use predictive analytics to determine propensity to buy
- Automate personalized multi-channel campaigns
Holistic Funnel Measurement
- Combine marketing and sales data into an integrated ABM analytics platform
- Track granular funnel metrics from reach to revenue
- Attribute every dollar of pipeline and revenue back to accounts
Account Selection is Critical
- Take the time upfront to build a solid ICP and thoroughly vet target accounts
- Prioritize accounts with the highest potential value and likelihood to buy
- Regularly review and refresh your account list to ensure alignment with goals
Executive Sponsorship is Vital
- Obtain active sponsorship from sales leadership
- Educate executives on ABM and ensure continued buy-in
- Have executives incentivize sales team to adhere to account priorities
In 2023, ABM will be more important than ever to increase B2B conversions and accelerate growth. By focusing relentlessly on your highest value accounts, aligning sales and marketing, leveraging technology, and executing personalized omnichannel campaigns – you can unlock the full potential of account-based marketing.