Mar
05
2019
Welcome to Chapter 1 of Mojo’s new series for our upcoming ebook launch—Account Based Marketing: A Workbook and How-to Guide. In this series, we’re blogging the book a chapter at a time over the course of 10 weeks. At the end, we’ll launch the ebook which includes an interactive workbook and tools to help you start a successful Account-Based Marketing program. Sign-up for our newsletter to get an advanced copy straight to your inbox (doesn’t it feel good to be first?!). We can’t wait to share it with you.
Account-based marketing (ABM) may seem like a hot new marketing trend taking center stage, but this is not the case. ABM has been around for a long time, but it is once again becoming the preferred marketing strategy of the most innovative and successful B2B companies. In fact, 93% of B2B organizations say they consider ABM to be very important to their organizational success. So, what is account-based marketing and why has it made a spectacular comeback?
Let’s start with three of the most common account-based marketing (ABM) definitions. ABM is:
While all slightly varied, what these definitions have in common lays the foundation for ABM. They identify 3 key things that makes a marketing program an ABM program.
A great comprehensive definition of ABM reads:
“ABM is a strategy used by B2B marketers to identify and target the accounts they value most. ABM solutions include account-based data and tech to help companies attract, engage, convert, and then measure progress against customers and prospects at scale.” *Demandbase
Now, I’m sure you’re asking yourself, what is up with this “account” terminology? Aren’t marketers supposed to bring Sales leads? This is a fundamental shift in thinking that’s required in account-based marketing. No longer does marketing focus on leads and individuals; marketing now focuses on a specific group of target companies or accounts.
Sales has never closed “individuals” or “leads.” Sales closes accounts. In the end, marketing is adjusting its own lens to better align with larger business goals and to do so, marketing has to talk the sales and business talk before ABM can walk the business walk. So, if Sales has always worked in accounts, why is ABM just now becoming the talk of the town?
Let’s take a trip down memory lane. Account-based marketing began over 20 years ago, influenced by our friends in Sales, as a strategic way to market to target accounts. It didn’t have the success it enjoys today for a few reasons.
Today’s advancements in technology and the deep understanding your business has of its customers all fuel account-based marketings rapid growth over the last 20 years, and it’s no surprise when 96% of marketers claim to have higher ROI with ABM than other marketing types. *Demandbase
Sales and Marketing alignment is typically like oil and water; it just doesn’t mix. But it doesn’t have to be that way! With ABM, Sales and Marketing must repair the relationship and work closely together so both teams can focus on their shared target accounts. When this happens, you have much higher close rates and you keep business objectives top of mind. But that's not all you’ll gain with ABM.
Here are some of the key benefits you’ll find with ABM:
No man is an island, and no department is a silo. Account-based marketing is only strong when:
How do you do this with ABM? The most important element to understanding ABM and how it positively impacts business objectives is by flipping the funnel. Yes, our Sales funnel is getting turned upside down. ABM starts with a hyper-targeted focus, then expands to create advocates. The traditional sales and marketing funnel begins with a large group of people, then homes in on the best clients.
*This flipped funnel was created by our good friends at Terminus
Because ABM requires great targeting skills from Step 1 of the process, the whole organization sees the benefits:
Questions and critics are almost guaranteed, but by presenting ABM in a way that speaks to tangible, measurable, key business metrics, you will have a better chance at convincing others that ABM will make business better for everyone involved. And education is an integral part of the journey, so as you introduce ABM, make sure educational resources are available. Knowledge is power, after all. If that’s not enough, there’s one thing that will surely convince any naysayer— a decrease in cost per opportunity with an increase in pipeline generation.
It’s a total-organization effort, a partnership, and it begins with measuring past metrics, discussing how ABM meets business objectives, and fully committing to the collaboration it takes to make ABM a success.
In Chapter 2 of our series, we’ll be talking about ABM Readiness. Look forward to the “Are You Ready for ABM” quiz coming next week.
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