The majority of businesses that use account-based marketing have not only witnessed higher ROI but also a rise in closed deals and deal size, according to reports from eMarketer and IT Services Marketing Associates.
However, several B2B marketers struggle with ABM execution and measurement. The following are some of the top ways in which account-based marketing can be leveraged for successful marketing strategies in 2020.
- Surpass the Data Deficit in B2B Audiences
B2B audiences are smaller as compared to consumer audiences; therefore, it is important to reach the target audience mainly because each individual could lead to outsize relatively progressive increases in target numbers, relative to the spend. Relying on first-party data is not enough as it does not have enough power to scale the number of audiences. Therefore, it is essential to collect third-party data as well.
According to the 2019 B2B Marketing Outlook from Dun & Bradstreet and Adweek, 36% of CRM data is said to be either old or incorrect. Sometimes, top CRM databases are unable to include critical decision-makers and influencers in the buying committee. Marketers can target individuals of an account and engage the buying committees by leveraging third-party data. With the help of the right ABM audiences, B2B marketers can remedy the deficiencies that using only first-party data brings in- it empowers them to reach the right buying committees.
- Set up ABM solutions for global markets
According to eMarketer, only 37% of B2B marketers are using ABM. Setting up a global business strategy is not an option anymore as the lines between advertising, technology, data, and e-commerce continue to blur. With new-age ABM solutions, marketers are now able to create a privacy-first-based audience across several global markets. Therefore, there is no need to compile the data, deal with multiple vendors, and individually review regulations by the market for each audience.
- Measure ABM success after deploying campaigns
It is essential to measure the RoI from an ABM campaign. But there are very typical hurdles to this exercise, which need to be planned for. A Forrester study titled ‘The State of Account-Based Revenue Engine’ revealed that about 60% of B2B marketers do not measure key ABM metrics, mainly because 55% of those marketers are proficient in tying unknown and known visitor data together. In 2020 and beyond, B2B marketers need to look for measurement solutions that provide account-level metrics and insights to allow for optimization. Moreover, optimal solutions will enable marketers to bring together campaigns, websites, and CRM data to achieve success, starting from impressions to revenue across multiple channels.
B2B marketers need several sophisticated solutions including data activation, targeting to execute successful ABM campaigns with global reach. They can benefit from a trusted counselor or a partner that can help them navigate the complexities of ABM while nurturing leads.