With B2B sales cycles averaging 12-18 months, marketing leaders are under pressure to keep opportunities warm. Pushing an opportunity over the finish line requires significant effort and resources from both marketing and sales teams. The larger the deal, the more support it needs. Because resources are limited, marketing must prioritize accounts with the highest chance of closing. This is where account based marketing (ABM) comes into play.
ABM marketing is regarded by many as the optimal approach for supporting large, strategic deals. When executed well, an account-based marketing strategy can accelerate sales cycles, provide better-qualified lead conversion, and improve long-term revenue growth. However, deploying an ABM strategy comes with its own set of challenges. To execute confidently, there are many aspects to consider, from messaging to new tools and processes, and even investment levels.
One key element that most B2B marketers overlook in their quest for a successful ABM program is a foundation rooted in a strong demand generation program.
The Real Difference Between Demand Generation and ABM Strategy
The difference between demand generation and ABM isn’t so much in the tactics or channels, but the larger strategic intent of your company. With classic demand generation efforts, marketers aim to generate interest from any contact fitting the buyer profile criteria (e.g., industry, revenue size, role).
ABM, on the other hand, focuses on accounts with high strategic importance due to the potential for significantly larger deal sizes or volume. For example, if you are in the retail or supply chain business, you would target logos like Walmart or Amazon. In any industry, there will be similar strategic accounts that companies aim to win over.
In our view, ABM shouldn’t be a separate program from demand generation; rather, it should be the evolution of your demand generation program. Your demand generation programs convert the unengaged to engaged, while ABM programs convert the engaged to an opportunity. Thus, a single revenue impact engine can start as a demand generation program and evolve into a more specific and personalized ABM engine as you engage and learn more about your target audience.
To achieve maximum impact, marketing leaders should take a measured approach and integrate various tactics into the marketing mix, including enabling technology like an ABM platform, activating the right lead channels, and evolving the messaging continuously.
Five Key Components of an Effective ABM Program
1. Gain a Deep Understanding of Your Database
The foundation of any demand generation program is a quality database with targeted messaging addressing the prospects’ pain points. Marketers often neglect having a structured approach to discovering and testing what messaging resonates better with the database and why. As you convert your database, evolve the messaging to address specific pain points of an industry, vertical, or persona.
Increase contact discovery to build a comprehensive understanding of the account’s organizational structure, including mapping out reporting levels, uncovering influencers, and understanding the relationship between the buyer and the champion within the account. An agile framework for messaging and topical tests allows you to learn more about the interests and needs of your contact databases early on and helps build a meaningful messaging storyline.
2. Focus on Targeted Clusters
Once you know your database, focus on targeting smaller clusters. Narrow your target list to about 200 accounts and 2,000 contacts. This approach allows for deeper account-based research, uncovering buying triggers, pain points, and priorities. Analyze intent signals from platforms like Bombora and DiscoverOrg to pinpoint accounts with a strong propensity to buy. This personalized approach increases the likelihood of capturing the right buyer’s attention at the right time.
3. Leverage Account Scoring and Analytics
Access to good data is critical to any ABM strategy. Tracking and differentiating interactions add richness to your understanding of the quality and readiness of leads for further engagement. Develop a weighted scoring model for leads that prioritizes accounts and interaction signals, helping to inform inside sales and telemarketing efforts. The ability to visualize and evaluate account scoring details with ease leads to customized follow-up plans based on displayed interest and activity.
4. Run Guerilla Sales Campaigns to Maximize Impact
Keeping your ABM program agile means striking while the iron is hot. Within your ABM nurture program, a pattern of engagement with consistent and sustained open and click rates across your campaigns can signal a readiness for a sales conversation. Execute guerilla sales campaigns based on engagement patterns and sales insights to accelerate prospects exhibiting higher engagement signals deeper into the funnel.
5. Turn on the Right Lead Channels
After making initial contact with your target audience, increase the number of touchpoints by activating more lead channels. Improve account penetration by gaining more brand recognition and engagement across key stakeholders and influencers within those accounts. Focus on accelerating engaged targets rather than cold contacts. Tactics like audience-based advertising, remarketing, and broad or long-tail search campaigns work well while preserving the budget.
The 2X Approach to ABM Strategy
Deploying an ABM program can be difficult, expensive, and risky when resources are strained. Marketers may execute tactics without a solid focus on increasing program efficiency or revenue impact. As a marketing-as-a-service (MaaS) firm, 2X has the expertise to help marketing leaders implement and execute ABM.
Our UnifyABM solution applies ABM best practices, using data at every stage to increase efficiency, reduce costs, and ensure no missteps. Contact us to learn more about how UnifyABM and marketing as a service can help with your ABM program.
By understanding what is ABM marketing and utilizing account based marketing strategies, your sales and marketing teams can create effective ABM campaigns that target specific accounts and drive business growth. Whether through social media, targeted marketing campaigns, or enhancing the sales process for existing customers, ABM is a strategic approach that aligns marketing efforts with the needs of your ideal customer profile for better lead generation and conversion.
Domenic Colasante
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