Account-based marketing (ABM) is a strategic approach focusing on targeting and engaging specific high-value accounts rather than a broad audience. The idea is that companies can foster deeper relationships and drive greater ROI by tailoring their marketing message to individual companies.
The results don’t lie, as Brafton reports that ABM initiatives create an ROI 97% higher than other marketing methods.
However, you’ll have to address challenges associated with account-based marketing along the way. Obstacles like creating custom content, aligning ABM with the rest of your marketing strategy, and determining which accounts to target can create challenges for your company.
This article examines eight common ABM challenges and provides actionable ways to overcome them. From there, you can unlock the full potential of ABM and achieve your desired results.
Quick Takeaways
- Account-based marketing targets specific high-value accounts to develop relationships and create higher ROI.
- Determining which accounts to target involves defining your Ideal Customer Profile (ICP), leveraging data and analytics, and prioritizing accounts showing engagement signals.
- Close collaboration between sales and marketing teams is crucial for refining target lists and ensuring cohesive ABM strategies.
- Regularly review and adjust your target account list based on new data and market changes to stay responsive to emerging opportunities.
1. Account-Based Marketing Only Supports Outbound
Account-based marketing has reinvigorated the direct-mail marketing industry. It’s as if most of the case studies involve tales of some sort of direct mail-based outreach to executives at targeted accounts that resulted in impressive returns and engagement within those accounts.
What we don’t hear much about is leveraging an account-based strategy with inbound tactics. As a result, it may lead some to believe that ABM doesn’t play well with inbound or a content strategy — and that is far from the truth. Truly strategic Account-Based Marketing folds account-based considerations into developing a content strategy, which is what will best fuel your inbound marketing efforts.
The outbound content most tactical account-based marketers are using is typically product-focused and does not serve to educate and establish trust with buyers. The result? Lots of impressions but low engagement.
Consider the foundation of a good content strategy — the development of personas for all of your buyers, including influencers as well as decision-makers across the buying committee.
Adding an ABM layer to this means that you need to figure out what types of companies are in your sweet spot, zero in on the specific needs of buyers from those types of companies, and prioritize the development of personas from “premium” account types.
Creating content that speaks to the needs of buyers from target accounts across the entire span of their buyer’s journey will create the complimentary inbound component to the obvious outbound tactics that can be applied to ABM.
2. Account-Based Marketing Alienates Prospects and Customers
Of course, account-based marketing isn’t perfect. There will be failures along the way, especially as you target some customers and not others.
Some campaigns leave some potential buyers and existing customers feeling either left out or unappreciated by excluding them from opportunities. Mistakes could include:
Excluding Existing Customers in Favor of New Ones
It is much easier (and less expensive) to support an existing customer than to land a new one. In fact, the origins of account-based marketing are often traced back to expanding your presence across key accounts that are already customers.
Recent applications, however, seem to be exclusively focused on new acquisitions. Ignore existing customers at your own peril. Excluding them from your marketing strategy means you will lose market share, strategy or not.
Focusing on Specific Accounts and Leaving Some Buyers Feeling Underserved
If your marketing efforts are highly visible, such as at a content marketing event or on social media, you run the risk of losing potential buyers due to insensitive messaging or “elitist” tactics. Tread lightly and consider carefully how your marketing efforts will be perceived. Never alienate a viable buyer simply because they are not “on the list.”
Truly strategic ABM accounts for buyers that might fall outside the parameters of your target list while still focusing on the companies that are the most likely to buy.
3. Integrating ABM with Overall Marketing Strategy
Integrating Account-Based Marketing with your overall marketing strategy is crucial for achieving cohesive and effective marketing efforts. According to WifiTalents, 91% of marketers using ABM see larger deal sizes, and their average deal size is 171% greater than before.
The key to successful integration lies in aligning ABM with your company’s broader marketing goals and tactics. This alignment ensures that ABM does not operate in isolation but complements other marketing initiatives. For instance, while ABM focuses on key accounts, it should also support and be supported by:
- General brand awareness campaigns
- Content marketing
- Digital marketing efforts
Integrating ABM
To effectively integrate ABM, start by identifying the common goals between ABM and other marketing strategies. This could include shared objectives like:
- Increasing brand awareness
- Generating high-quality leads
- Driving sales in specific market segments
Once these common goals are established, develop a unified strategy that leverages the strengths of both ABM and other marketing tactics.
For example, use insights gained from ABM to inform your content marketing strategy, ensuring that the content is highly relevant and tailored to the needs of key accounts. Similarly, digital marketing campaigns can be designed to not only target a broader audience but also to specifically engage decision-makers within identified key accounts.
Remember, the integration of ABM with your marketing strategy isn’t going to be a one-time effort. It’s an ongoing process. Regularly review and adjust your strategies to make sure they remain aligned and effective in achieving your marketing objectives.
4. Customizing Content for Specific Accounts
Customizing content for each account in ABM is a game-changer.
So, how do you nail this?
Start by diving deep into understanding your target accounts.
- What challenges are they facing?
- What goals are they chasing?
For example, if a target is grappling with digital transformation, your content should offer insights and solutions that speak directly to this issue.
The next step is making sure this tailored content reaches the right people. It’s not just about sending out emails or posts; it’s about connecting with key decision-makers and influencers in a way that resonates with them. Whether it’s through targeted emails, social media, or custom web content, the aim is to engage them with material that feels like it’s been created just for them.
Lastly, keep an eye on how your content performs and be ready to adjust. If certain topics get more engagement, focus more on them. If a particular style gets more response, use it more. It’s all about being flexible and responsive to what works for each account.
5. Account-Based Marketing Puts Sales In Control of the Marketing Process
Marketing has come a long way over the past decade, largely due to the rise of marketing technologies that allow us to better measure the return on our efforts and investments. Marketers are now able to prove:
- What is working
- What drives leads
- Which leads turn into opportunities
- Which marketing programs drove the most revenue
However, poor visibility into turn-backs (marketing “qualified” leads rejected by sales) and perceived problems with lead scoring and closed-loop reporting still hurt us when it comes to establishing value and measuring performance.
Account-based marketing proponents (like myself) often cite that highly scored leads get ignored by sales because they are coming from companies that they don’t feel that they can sell to.
The establishment of a target account list and the adoption of an account-based marketing strategy that leverages that list can serve to solve that problem. However, there is a tendency to take this too far — giving sales control of the list and a license to reject qualified leads that are not “target accounts.”
Marketing needs to work with sales to compile the list but needs to own the list and the strategies and tactics used to market to that list. These tactics need to be both inbound and outbound.
We also need to:
- Account for qualified buyers coming from outside “the list” and establish clear and precise lead scoring and lead management practices.
- Maintain service-level agreements with sales detailing responsibilities that account for qualified leads coming from both inside and outside the list.
- Build our Demand Process to focus on supporting a buyer’s journey and engage buyers with the tactics that drive revenue.
6. Scaling ABM Efforts
Scaling your ABM efforts is a big step, but it’s totally doable with the right approach.
So, how do you scale up without losing the personal touch that makes ABM so effective?
First, focus on getting your data and insights right. This means having a solid understanding of your target accounts and continuously refining this knowledge. As you grow, your ability to collect and analyze data should also expand, helping you to make more informed decisions.
Next, think about how you can use technology to your advantage. Automation tools can be a lifesaver when it comes to scaling. They help manage the increased workload without compromising the quality of your interactions with each account. But remember, automation should enhance your strategy, not replace the personal elements that make ABM work.
Another key aspect is ensuring your team is on the same page. As you scale, keeping everyone aligned becomes more challenging but also more important. Regular training and communication can help maintain a unified approach.
Finally, don’t forget to measure and adjust as you go. Scaling up means new challenges and learning opportunities. Keep an eye on your key performance indicators and be ready to tweak your strategy as needed.
7. It is Difficult to Measure and Monitor Account-Based Activity
There are some inherent limitations in the technologies we are using that do not support an account-based marketing strategy.
Some new technologies have come to the fore, seeking to address these difficulties. Engagio, for example, works to supplement your existing marketing automation platform with an account-based view into engagement and activity.
Demandbase has long offered tools that work within your web analytics to monitor account-based activity across your web properties (among other account-based outbound marketing offerings).
As popular interest in ABM has grown, technology vendors are rising to the challenge with some impressive technologies to add to the stack.
Technology is not a silver bullet, however. It seems too easy to lose sight of the simple fact that incorporating account-based considerations into content strategy and lead management processes will best bolster any account-based marketing strategy and drive revenue. The best technologies fail without a solid demand process strategy to drive them.
Demand Generation
The most effective account-based marketing programs take a strong demand generation strategy and build upon it by folding account-based considerations into the tactics that drive the best returns for your company.
The truth is that a strategic demand generation process that incorporates content strategy, inbound and outbound engagement tactics, and a lead management process can trump any account-based marketing strategy.
You need to master the fundamentals first. Once that is done, adding some strategic account-based components will take you to the next level.
8. Choosing the Right Accounts to Focus On
Determining which accounts to target is a foundational step in ABM that can significantly influence the success of your campaigns. Selecting the right accounts ensures that your efforts and resources are focused on prospects most likely to convert and deliver high value to your business.
However, this process can be challenging. Here’s how to navigate it effectively:
Define Your Ideal Customer Profile (ICP)
Start by defining your ICP. This profile is a detailed description of the perfect customer for your business based on characteristics such as industry, company size, location, revenue, and specific pain points. Your ICP should reflect the type of accounts that are most likely to benefit from your product or service and have the highest potential for long-term value.
Leverage Data and Analytics
Utilize data and analytics to identify accounts that fit your ICP. This involves analyzing your current customer base to find common traits among your best customers.
Look at firmographic data (such as industry and company size), technographic data (the technology they use), and behavioral data (their interactions with your brand). Tools like CRM systems, marketing automation platforms, and data providers can be invaluable in gathering and analyzing this information.
Prioritize Accounts with Engagement Signals
Next, prioritize accounts that show engagement signals. These signals include actions like visiting your website, downloading resources, attending webinars, or engaging with your content on social media.
These behaviors indicate interest and a higher likelihood of conversion. Tools like intent data providers can help identify accounts actively researching solutions like yours.
Collaborate with Sales Teams
Work closely with your sales teams to refine your target list. Sales teams have firsthand knowledge of account interactions and can provide insights into which prospects are more likely to convert. This collaboration ensures alignment between marketing and sales, a critical factor for ABM success.
Assess Potential for Growth
Consider the long-term growth potential of each account. Some accounts might not offer immediate high returns but could grow significantly over time, making them valuable targets for sustained engagement and nurturing.
Regularly Review and Adjust
Finally, remember that determining target accounts is not a one-time task. Regularly review and adjust your target list based on new data, market changes, and business priorities. This flexibility allows you to stay responsive to emerging opportunities and challenges.
Following these steps systematically identifies and prioritizes the accounts most likely to drive success for your ABM efforts. As a result, you’ll invest your resources where they will yield the highest returns.
ABM Starts With the Right Content
ABM can be challenging, but the results speak for themselves. This marketing method helps you develop beneficial relationships and partnerships to push your brand forward.
Content is vital to the ABM process because the materials you send out must engage with the audience and encourage further interaction. Marketing Insider Group can help you out with our Content Builder Services. Reach out to learn more or book a free consultation with our team.
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