Extremely easy steps to implement an ABM strategy that you should know
Deciding on Account-Based Marketing approach is right for your organization is one thing; putting it into play is another. Purchasing an account-based marketing technology is not the same as implementing this methodology. In fact, if you purchase this technology before developing the strategy, you’re off to an uncertain start. Moreover, the successful ABM strategy implementation goes well beyond your company’s ability to define and then focus marketing efforts on the best-fit accounts.
Although organizations of all sizes can implement account based marketing, it’s important to determine whether it’s right for your business model before you decide to make the move to an account-centric approach.
Is ABM fit for your Business Model?
You should implement ABM, if
- Your sales cycle is long, complex due to the cost or level of commitment required from the buyer and often involves multiple stakeholders.
- Your sales and marketing team wants to make a greater impact with a more strategic focus.
- Your high-value customers who generate the most revenue for your business have distinct characteristics OR You have identified accounts with distinct characteristics that have the potential to generate more revenue.
- There are organizations with needs that your solution clearly addresses.
- Your organization’s goals include expanding into a new segment, territory, or vertical, or going after your competitor’s customers.
- Your organization offers several products or services and has set goals to grow customer lifetime value through upsell and cross-sell.
If ABM is suitable for your model and you’re considering implementing an ABM strategy or simply too many technologies and marketing trends converging that make ABM inescapable, there are foundations and best practices that you should address, which will help structure your strategy. I’ll list them for you here….
Position Organizational Buy-In (team up, define goals and strategy)
Before you begin planning your first ABM campaign, you’ll need to assemble a core ABM team and place ABM as a strategic initiative.
This team of stakeholders across the organization will vary depending on your organizational needs, but at the minimum, it should be made up of leaders from sales, sales development, and marketing.
Now that you have a team, it’s important everyone sits together to define goals and objectives you might want to achieve through ABM, which will inform strategies and metrics for going forward.
Identify Target Accounts
Once you are staffed up and everyone agreed upon the goals and strategies of implementing ABM, it’s time you select the accounts to target to achieve your goals.
It’s recommended you have the ideal customer profile, or ICP, pre-defined. If you don’t have the ICP documented, you can leverage technology to define and identify these best suitable accounts with also a high possibility to buy.
If you haven’t already, you’ll also need to define your buyer personas. After all, while ABM is focused on accounts rather than leads, each account is still made up of individuals with diverse roles and priorities.
Most importantly, your ABM team needs to work with momentous alignment in this process of identifying target accounts.
Create Engaging Content
Content is the basic component of any campaign, but with ABM, you must ensure your content and messages must reach both far and wide within a single account.
Right content for ABM is personalized, relevant, and planned that resonates with problems of the audience.
There are tricks to creating such content at scale for different buyer personas, verticals, company sizes, deal sizes, or stages of the sales cycle.
Engage Across Channels
This is it, this stage is about putting ABM into action. You listen, learn and send the right message across to your buyers.
Unfortunately, there is no one channel or device, that the contacts in your account use to interact with you. You should be well equipped and available across multiple channels to truly penetrate and engage the key influencers within the account.
Measure, Analyze and Optimize
Like any other business strategy, it is essential to accurately measure the effectiveness of the ABM approach and optimize when needed.
It can get complex here, but a good strategy always starts with setting goals and analyzing the movement towards these goals.
Select the Right Technology
Technology is not always a must-have, but for companies to effectively implement powerful ABM methodology at scale, using the best suitable technology is much needed.
True that you might need five different tools for execution of the account-based play, but it’s highly recommended to choose from products which provide all the tools supporting your organization’s ABM goals under one platform.