How To Increase Business Growth With Account Based Marketing (ABM)
Let’s delve into ‘Account-Based Marketing’ (Oops! can already hear you groan). But seriously, it’s going to 2019 soon and the continued success of your ABM strategy will highly depend on revisiting your target account list and having the right mindset towards growth. More often than that, these two actually go hand-in-hand.
At Transfunnel, this is one of the things we want more companies to succeed at and that is why we think it is the right time to address any concerns regarding your ABM strategy or increase your growth.
As every marketer knows, ABM is now a proven, intelligent, profitable, and a fine-tuned process with tools to help identify opportunities and track them through to a close. But have you looked at the trends lately? Well, if you haven’t, here’s a little something for you:
If you searched for “account-based marketing”, this is what you’ll get - it’s almost non-existent existence three years ago to highly-trending today. However, the buzz around it is still quite ambiguous as not everybody understands what it can really do for their business.
According to B2B leads, 87% of B2B marketers have agreed ABM delivers a higher ROI than other marketing activities.
So, what’s this exploding interest in ABM about, you wonder and how is it that you haven’t been able to reap any benefits yet! That’s because you are using ABM but just not to its full extent. And here’s what you can do about it:
Going Back to Where You Started From
If you are into ABM or are thinking of implementing it in your business, you already have an account list that you plan to target, yes? You need to check who got you the account list. Was it the sales or the marketing team? When was it generated? Has there been any updation since? The process of selecting the right accounts for you to target is something that just cannot be rushed. It is important that you focus on your highest yield accounts, so it not only helps you in getting bigger deals but also saves your team the time and energy they put into acquiring any accounts possible at all.
The primary channels you might be ignoring
It is only natural for you to choose a couple of channels as you begin your ABM journey, however, it is worth investing in other primary channels that might even get you better results if you explored them. For example, at Transfunnel, we look at which channels are primarily being used and where we can offer personalised content, orchestrated strategies that derive great results. When you apply account-based marketing to new channels, your approach becomes wider and strategies become stronger, yielding you bigger and better leads.
Better Alignment Between Sales and Marketing
If your sales and marketing teams can’t see the rise of the sun together, then all the planning in the world can’t save you from a failed ABM strategy. The success of your campaign is not the responsibility of the marketing team alone; sales and even the operations team need to bring in their best, through all stages of the funnel.
According to RollWorks, Thanks to closer work between sales and marketing, 66% of companies have reported that the key benefit of ABM is an increase in pipeline opportunities. And that,
ABM helps reduce up to 50% of sales time wasted on unproductive prospecting, which historically has caused sales to ignore 50% of marketing leads.
Measure Success and Optimise Engagement
To understand whether your ABM campaign was a success or not, you need to measure the results. And to analyse the results, you need to define success not just at the end but through all stages of the ABM process. These will not only give you a clear picture on how successful it has been but will also provide insightful information to your sales team at each stage of the process. Ultimately, it is a good way to know what worked, what didn’t and what needs to be done the next time you are going ahead with another ABM campaign.
Final Thoughts on Account-Based Marketing
According to a joint Marketo and Reachforce study, companies that use ABM become 67% better at closing deals when they sync their sales and marketing teams.
You may have restricted time and resources but if you have limitless confidence in your strategies while implement ABM, you can bring home success depending upon how solid your strategy is, how aligned your sales and marketing teams are, and how you are measuring the impact or analysing the progress through each stage of the funnel.
Ready to begin your ABM journey? We have got your covered with not only our full-support but also with lending you a few minds on developing a strong strategy for your business to win you leads.
Get in touch with us! Let’s take your success forward.