B2B marketers have recognized the importance of ABM and its impact on ROI. Due to its immense popularity, account-based marketing is gaining momentum and is creating more opportunities for better lead conversion. However, it needs to be backed by a solid strategy, and b2b marketers need to avoid certain mistakes too so that they can harness the effectiveness of ABM for generating and converting leads.
When ABM is planned and implemented strategically it can give some valuable benefits to b2b organizations.
Here are some important benefits of ABM-
- You can build strong and long-lasting relationships with the prospects
- Get more highly qualified leads that can convert easily
- Develop more personalized engagement with prospects
- Create more relevant and focused content for specific accounts
- Shorten the sales cycle
Though ABM has many more benefits, let us see the common mistakes that can actually stop b2b marketers from enjoying those benefits.
This blog discusses 3 ABM mistakes that should be avoided by b2b marketers at all times.
Targeting more accounts than one should-
Though there is no thumb rule as to how many accounts should one manage at a time, ABM is all about focus. ABM accounts need dedicated efforts, time and resources for it to show results. Rolling out your strategy across too many accounts at a time can reduce the chances of success.
One can think big but when it comes to ABM it’s always better to start small and gradually scale up the resources as well as the number of accounts. The whole main approach toward ABM should be exclusivity and ABM involves specific accounts that demand more and dedicated attention. This exclusivity leads to success in ABM. But if too many accounts are targeted and they flood in all at one time, it won’t give you the time or the focus to achieve the desired results that are expected of ABM.
Lack of measurement of results-
Following up with results is one of the most critical aspects of ABM. It’s always good to begin with a great strategy and planning along with implementation, but if the results are left unmonitored it can hamper the overall effectiveness of ABM campaigns.
Specific accounts need specific measurement and analysis to get the desired results. Measurement techniques need to be very relevant to specific accounts as each account is exclusive and has different needs. There is no one-size-fits-all formula when it comes to measuring ABM results.
Innovation is key to ABM! Marketers therefore should think out-of-the-box and create special metrics to make sure they are aware of the results.
Absence of alignment between sales and marketing-
This is where most b2b marketers go wrong- not realizing or not being aware of the consequences of lack of alignment between sales and marketing functions in the organization.
Both team members need to be on the same page and need to be fully aware of what strategy is being used and why. Sales and marketing cannot afford to work in isolation especially in the case of ABM.
Insights, planning, strategies, and implementation can be done more effectively with cooperation from both sales and marketing teams.
Conclusion-
ABM if done systematically and with all the focus it needs can deliver incredible results. It has the capability to convert the best leads into customers. Avoiding pitfalls and taking an innovative approach can help marketers win at ABM.