With evolving marketing dynamics, traditional marketing funnels are no longer enough to drive demand generation. Heading towards 2024, it is essential to continue adopting Account-based marketing (ABM) to accelerate growth and align with changing customer needs.
Since B2B buying has gone digital, brands can no longer rely on marketing leads or field sales to drive key account growth. Furthermore, advances in analytics and digital marketing have opened up unimagined prospects for marketers in recent years.
ABM is one of the best strategies to be battle-ready in 2024. Brands must continue to use data efficiently to select key accounts and target them with a global omnichannel marketing strategy.
Here’s how forward-thinking brands must get ready to enter the market in 2024 and beyond.
Make Every Hyper-Personalization Effort in ABM Count
In 2024, ABM continues to demand a laser-focused approach. This means generic messages will no longer be helpful in retaining customers.
For ABM, hyper- personalization goes beyond just using a potential customer’s name in an email. It will be more about delivering value at every touchpoint based on insights into every customer’s needs and pain points.
- Monitor and audit their ongoing marketing campaigns to identify areas where personalization efforts could be enhanced.
- Use data efficiently to gain a deeper understanding of the target audience. This will help craft messages, offers, and content as per their behaviors and interactions. A well-designed CTA can result in higher engagement rates.
- Furthermore, develop a continuous learning culture around the personalization efforts in ABM. Use A/B testing and other approaches to refine the strategies and make communications as relevant as possible.
Power the ABM Strategy with the Intent Data
How do brands know which accounts are the ideal ones to target? The answer is intent data. Intent data is one of the most vital tools in ABM that transforms the approach of engaging with high-value accounts.
As per a recent report by Anteriad, “The 2023 Marketing Data Impact Report,
In 2024, brands must continue to prioritize accounts with genuine intent data. This ensures that the marketing and sales efforts are aimed at the most promising leads. Moreover, brings greater efficiency to the ABM strategy and fosters a more substantial alignment between sales and marketing teams.
In the ABM world, where data quality affects engagement rates, intent data will help target the right accounts and forge deeper, more meaningful connections.
Thanks to current digital marketing innovations, ABM can now be used in ways other than email and display advertising. Brands use their ABM platforms to target accounts across marketing channels such as email, programmatic display advertisements, and Google Ads.
In 2024, target accounts will have a more unified CX across all digital channels with an omnichannel strategy. This strategy includes standardized messaging delivered on the right channel and guiding buyers through the buyer’s journey until they are ready to buy.
Brands can access all their omnichannel digital marketing engagement data at the account level with an integrated ABM platform. They can see omnichannel marketing synergies and track ROI.
Make the Most of Full-Funnel Metrics
ABM means guiding potential clients through the funnel effectively and efficiently, and not just bringing them into the funnel. Previously, ABM metrics focused on top-of-funnel marketing activities.
In 2024, brands must assess ABM’s impact across the full sales funnel to understand how investments pay off at every stage.
To make the most of the full-funnel metrics, consider collecting inputs from other cross-functional leaders to identify metrics. This will help brands work around the ABM strategies.
Brands must continue to-
- Evaluate their current ABM tracking metrics to determine if they cover all sales funnel stages.
- Start tracking quick wins. This means tracking the number of leads and how many turn into paying customers.
- Lastly, make it a practice to analyze these metrics to aim for better results over time.
As per a recent report by XGrowth, ” The State of ABM in APAC: 2023, 2024 Outlook, ”
- 65% of marketing leaders say that despite the tougher economic conditions, ABM remains a high priority within their marketing spend.
- The highest proportion of marketing leaders (38%) plan to maintain their current ABM spend.
- A significant proportion (28%) intend to increase spending. While 34% are still working it out.
In 2024, brands must navigate through the game-changing trends in ABM- from embracing hyper-personalization to using intent data and optimizing full-funnel metrics.
By embracing these trends, brands can deliver more efficient and successful ABM programs. Always remember to also harness the power of the gained insights to drive the business forward towards accelerated growth and deeper customer engagement.