Account-based strategies for marketing have become a critical skill for B2B professionals. The B2B sales process needs to be coordinated with an account-based model for successful marketing campaigns.
Account-based marketing is the most discussed strategies in the CMO circles and marketing conferences. TOPO, the sales and marketing research firm released a report to the B2B community last quarter, stating that ABM is going mainstream by the end of 2019. . The sales process synced with an account-based model drives solutions that are purchased, increasing the Total Available Market (TAM) for B2B brands. The numbers give marketers a strong indication of what is in store for the future. Account-based leads are almost four times more likely to be closed by sales.
However, most marketing teams struggle to transition from a quantity-based lead generation system to create a content-rich strategy to route sales in a more precise and collaborative account-based approach. Account-based marketing is not the antidote to the elusive marketing-sales alignment. Having an account-based strategy and mindset promises deeper sales buy-in, aligning with the marketing effort . However, if metrics are not shared, there is no collaboration and no executive leadership behind the strategy. Thus, the probability of success with any account-based model is considerably low.
Account-Based Marketing cannot deliver results individually. Marketers driving an account-based effort or operating in a silo will fail. It is essential to acknowledge this challenge as the B2B industry has attempted to adopt multiple versions of “ABM” descriptions. For an account-based approach to be successful, it needs to have a holistic approach to integrating and not just aligning marketing, customer success, sales, and product. ABM’s main feature is to boost the customer base and revenue expansion. ABM quickly pushes up revenue by strengthening relationships with existing customer accounts.
The adoption of ABM might create lead-based metrics to go down; marketers should still embrace it. Many of the marketers are driven by quantity metrics such as web site visits, database contact size, and the number of leads. However, the critical strategic parameters for account-based efforts are different. Key success indicators include an increase in average contract value, faster close rates, and a higher lifetime contract value. As marketers move towards adoption of an account-based approach, they need to be careful not to get obsessed with accounts that deviate from the real buyers. Successful account-based marketers emphasize the things that still matter to people like – being differentiated, relevant, timely, and inspiring in their communications.
Intent data is gaining more traction and success in account-based strategies. Gone are the days of the lead generation era, which was about digital buying language tracking and acting on the behaviors of individuals. In contrast, the account-based era revolves around understanding the collective actions of people that work at target accounts, engaging with specific topics.
Using the “intent” data has become a significant sign as a way to prioritize when and how to follow up with specific accounts. Mastering account-based strategies and tactics is a top career bet. It is the perfect time for marketers to commit to mastering account-based strategy for professional advancement and the overall success of the organization.
Read More: Top Four ABM Best-Practices