ABM is a tried-and-true method for B2B marketers looking to build a giant funnel and boost revenue. However, certain typical ABM misunderstandings have emerged through time.
According to the Content Marketing Metrics, 80% of marketers believe Account-Based Marketing (ABM) gives a higher Return on Investment (ROI) than other marketing measures, so there’s no doubt the method is still popular among B2B companies.
While ABM may appear to be more widespread these days, many B2B marketers claim to utilize it – there are still myths about how it functions and what makes it profitable.
Here are four common misunderstandings and fallacies concerning the ABM approach that have been debunked.
Marketing technology is at the heart of ABM
When it comes to individualized strategies and campaigns, some businesses feel that technological solutions like digital marketing and marketing automation can handle the majority of the job. But the fact is that, while technology is an essential and vital aspect of ABM and marketing in general, it cannot handle everything. In today’s world, the typical person’s attention span is shorter than ever, making engagement more challenging. This emphasizes the need for personalization, as well as coordinated sales efforts that don’t necessarily rely on technology to build closer connections with targets.
ABM is a really useful tool
ABM is a neat concept. It appeals to a prospect’s positive emotions, making them feel unique. And when a prospect feels unique, they are more likely to connect with marketers. They have greater faith in the firm and, as a result, are more loyal to it. ABM, on the other hand, is not a tool. It’s all part of a strategy.
B2B marketing often entails communicating with various stakeholders, influencers, and decision-makers, especially for high-value, high-consideration projects. That’s wonderful because it means they will be able to obtain greater buy-in. However, it also means dealing with a variety of opinions, issues, and techniques inside each account. As a result, an ABM approach must treat individual accounts as complex and multi-dimensional entities similar to traditional markets.
There are various tools available now that can assist with the plan. However, this should only be considered once marketers have established their objectives and identified how to get started with their present tools.
ABM is appropriate for any entity or setting
While ABM is a fantastic marketing technique, there may be times when it isn’t as cost-effective as traditional marketing methods. Products with a quick sales cycle, products with a big market share, items with excellent brand awareness, and lower-complexity products that imply lower-cost expenditures are just a few examples. For these sorts of sales, ABM may not be essential since the target is already aware of the brand or views the purchase as a commodity.
ABM is the answer to all marketing problems
Even while Account-Based Marketing is very successful and targeted, it is not the best marketing approach. As the name implies, ABM works wonders when dealing with individual or group accounts. On the other hand, ABM cannot be used for generic marketing aimed at a larger audience. They won’t be able to customize their outreach efforts on such a large scale.
Customers come to marketers and sign up for deals, for example, and SEO plays a distinct function. They can work with these leads to determine prospective customers who will need to be nurtured as part of an ABM campaign.