Account-Based Marketing (ABM) had a big year, with a growing number of B2B marketers focusing on campaigns that appealed directly to high-yield prospects. Even so, for the most part, it proved to be quite a struggle to wrangle.
With so many moving parts, it’s easy for you to drop the ball on ABM. The good news is that with some emphasis and direction, you can mend your ABM initiative and get your campaigns created and running quickly.
However, if you are one of those B2B managers who found that their ABM strategy failed them, you are not alone. Here we have done all the heavy lifting for you; scroll down and take a quick glance at account-based marketing and the five most common mistakes to avoid them.
Let’s get straight into know everything about ABM.
What Is Account-Based Marketing?
In its most basic form, ABM is a technique that guides marketing resources toward engaging a particular collection of target accounts. ABM doesn’t only encourage alignment between sales and marketing teams; it forces it because personalization at the account level necessitates sales and marketing being on the same page for account-specific messaging. What is the impetus? Increased sales in a shorter period of time.
Rather than throwing a large net for their lead-generation activities, ABM marketers collaborate closely with sales to identify key prospects before tailoring personalized programs and communications to the buying team inside target accounts.
Now, you know what ABM is, let’s look at a few common mistakes to avoid in 2021!
1. Inadequate Customer Research
Your work with targeted groups should not stop by simply adding them to a list. Comprehensive research is the most effective way for companies to gain a better understanding of their target market. Begin your ABM phase by thoroughly researching your customer base. Go as far as you can. Even if you have the right B2B targeting and detail, your customer profiles would be inaccurate or misleading if you lack it.
After you’ve gathered your info, create a customer profile for the segment. Examine the details and purchasing patterns you’ve discovered to ensure there are no loose ends or head-scratching inconsistencies. Bring in a third-party analyzer to ensure that you target the right leads if you want to expand your brand rapidly and consistently.
2. Considering ABM as a short-term tactic
Getting people’s attention is difficult. People have to deal with more noise every day. Also, with a multi-channel ABM strategy in place, cutting through that requires effort.
Sure, you’re creating tailored, relevant content, but putting it into action takes time (and multiple touchpoints). You won’t see impulse purchases, particularly if you’re selling complex solutions to businesses (which is where ABM shines the brightest). And if you successfully capture a company’s interest, this does not shorten the sales period.
ABM is an investment that will pay off in the long run. It necessitates forethought, research, and dedication. You must understand how you can classify and target your chosen accounts. You’ll need to decide which platforms to use and how you’ll ensure the right account sees the right content. You will almost certainly need to introduce and become acquainted with modern technologies.
Leads would be more helpful, but there will be less of them, particularly if you’re just getting started. If you are not prepared for this, you (or your boss) will conclude that ABM is not for you based on the immediate results. Set high goals for everybody and get them all on board for the long haul. At the same time, don’t depend solely on ABM to generate all of your leads. Instead, use it in conjunction with your demand generation strategies.
3. Failing to Align Marketing With Sales
ABM campaigns that are successful include the joint efforts of a sales and marketing team. Too often, marketing executives make the error of removing one or the other. Consider the campaign to be a physical structure. The most successful would be built on two pillars: marketing and sales. One could survive without the other for a while, but a lack of fortification could bring the whole effort to a halt.
On the other hand, a well-managed ABM campaign encourages meetings with all marketing and sales staff present, maintains good contact between the teams, and keeps both teams focused on the common goal: defining the target accounts and expected results and discovering how to market to them most efficiently. To be efficient, ABM marketing and sales meetings have to be done on a regular basis to stay updated!
4. Not Personalizing Content
There will always be risks associated with reusing content. Failure to personalize content for specific accounts might be the biggest blunder. ABM promotions, in particular, should focus on the solutions your company can provide to a particular goal.
In the marketing world, one-size-fits-all models have very little wiggle room. Rather than applying previous principles, personalize your web presence by using customized “hero” photos or CTA messages for each target account. Additionally, add value to ABM campaigns by distributing unique content through social media, email, and landing pages. It’s a surefire way to satisfy key accounts and ensure efficiency.
5. Tracking the wrong metrics
If you judge your ABM campaigns using the same criteria as your traditional marketing campaigns, you will most likely be disappointed. Remember, with ABM; we’re not looking for a quick fix. The number of clicks and conversions should not determine the effectiveness of the campaign. We still need to evaluate performance, so how can we say if the strategy is working?
The KPIs you monitor will depend on the stage of the campaign. For example, early stages can result in account engagement, both in terms of amount and quality. As the initiative continues, keep an eye on how many of the targeted accounts are successfully closed. Then you can equate this with the other marketing campaigns and test new ways to ensure continuous improvement.
Account-based marketing can be difficult, but it also has the ability to pull in high-value accounts that would otherwise be difficult to access. You can benefit from highly targeted campaigns by avoiding common errors that others make, prioritizing accounts that already display high intent, and personalizing the strategy across all divisions.
Do you want to run an ABM campaign that is genuinely successful? Inforseo can assist you in executing high ROI growth marketing solutions across the board!