Rebuilding your ABM strategies for sales growth in 2021
2020 has been anything but accommodating, and 2021 might just head in the same direction. The budget cuts have just become normal, but the markets will take years to go back to pre-CoVid times. Hence, it is not wise to unnecessarily invest resources in prospecting and qualifying leads.
Isn’t that what every business has to do? Not necessarily. Account-based marketing is gaining ground for all the right reasons. It saves your reps from mulling over unqualified prospects, utilizes time and efficiency, and does the amazing job of aligning your marketing and sales teams together. Also, 87% of B2B marketers surveyed by ITSMA reported that their ABM initiatives outperform their other marketing investments in terms of ROI.
However, 2021 calls for a better approach, even with ABM strategies. Check out these 5 remodeling plans that can help you build a driving plan for 2021.
1. Streamline the Accounts
The very first step to a successful ABM strategy is to know which accounts to target. Although you might have been doing that, it is time to streamline the accounts on your lists and sort through ones that have the most attributes that an ideal user of your product must-have.
Invest resources into direct account level research and insights, the engagement shown by the company and data management, and sharing between sales, marketing and the stakeholders. The data-based honing down of accounts will be a head start to more convertible prospects – mature ABM programs now account for 79% of all sales opportunities.
2. Join sales and marketing forces
Why ABM marketing stands out from the other techniques is for the importance it gives to the alignment of sales and marketing. When you are targeting a particular organization, you are bound to deliver only customized content, unique to the prospect company. And while the marketing team will be nurturing the prospect, sales will focus on the conversion.
If there is any discrepancy between the collaboration of the two teams which is left unaddressed, it can lead to the downfall of your ABM strategy. Companies deploying ABM are 67% better at closing deals when they sync their sales and marketing teams.
3. Build your marketing mix and relationships
Companies that implement ABM have reported a 74% improvement in customer relationships. You must interact and engage with them on platforms they prefer. Research on where they spend a considerable amount of time – journals, websites, social media, etc. and create a plan to distribute your content consistently across all platforms; a multi-channel approach.
Leverage your company’s social media accounts, establish your credibility and provide value through discussions on groups and posts. Your online presence is the nurturing room for prospects.
4. Revisit your lists
In the whole attempt to successfully carry out your ABM strategy, your team might not be updating the list of accounts you have developed. Everything should be tested, so as to not waste any of the ideas you’ve worked on.
If one plan of action does not work for one account, it does not mean it won’t work for any. Some content formats are more effective, some emails are better received and some prospects are just better at reception. Hence the necessity to constantly evaluate your prospects and filter them according to value. Apply account-based marketing to advertising as well, to create more targeted and impactful ads.
5. Monitor your progress
Success at the early stages of the campaign is good, but if you want to sustain it for long, you must determine some key performance indicators (KPI) or metrics to gauge the actual progress of your plan. When it comes to account-based approaches, 73% of the highest performing organizations measure revenue, relationships, and reputation.
Tracking of results regularly will help you identify weaknesses in the strategy as well as its implementation, and changes can be made swiftly without disrupting the whole campaign.
It will also give you a basis to declare whether your program was successful or not. Make sure you convey the results of your ABM marketing to the teams through appreciation dashboards and give your team the recognition they deserve.
ABM marketing is not a completely new concept, however, it is being adopted rapidly across companies, all thanks to the significant results it brings to the brand if pulled off well. That means it is not an overnight execution; it needs commitment and the will to dig however deep the campaign needs.
ABM will get you the best and highest-value leads in your niche and simultaneously improve the collaboration skills of your team. Incorporate the hacks in your existing strategy or build a new one, but remember that in the end, it is all worth the effort.