If you’re reading this, you probably already know what ABM is, but just in case a refresher course is needed, ABM stands for account-based marketing, and it’s the newest strategy to successfully market to corporations and/or clients. Account-based marketing is different from normal methods of marketing. Normal methods of marketing say that you get your product out to as many views as possible, everyone is a customer and should not be forgotten.
Now, despite how it may seem, account-based marketing doesn’t ask of you to forget other customers but focus in on them. Think of every client and/or company as their own market. Research the key players inside the company and tailor your marketing to that client for an almost guaranteed higher ROI.
Now I know I wrote in a previous article that account-based marketing is the future and is the logical evolution of marketing as we know it, so right now you must be thinking to yourself, “Why should I bother with anything else?” Well, as amazing and effective as account-based marketing is, it isn’t always the right choice when it comes to specific circumstances.
The first thing that should come to mind is simply the size of the company. Account-based marketing is good because it brings your marketing and sales team together that so they can research and evaluate the clientele. In doing so, you learn if it’s worth going after a client based on the size and who the key players are. Account-based marketing requires more resources than normal marketing so if the company you are looking to sell too is underneath a certain size, it might not be worth it in the long run if you aren’t going to get a large ROI.
As a counterpoint to my first reason, it is essential that your marketing and sales teams identify the high-value accounts. If you find a high-value client that is worth pursuing, you make sure you allocate all the right resources to it and make sure that your teams are operating smoothly like machines.
Thirdly, it really matters who you are researching. While at first glance, utilizing account-based marketing seems to show that you care more about the client, the client may think that you are researching them so that you can get a better price on them. And while this is technically true, it isn’t done with negative intent. In any case, some people make take it the wrong way, so it’s important to be careful with your research.
Account-based marketing is something you should implement when your teams are working to their capacity. While it is true that account-based marketing strengthens the communication between the sales and marketing team, there has to be some connection, to begin with.
To successfully implement account-based marketing, everyone has to be on top of their game. If one person slips up, say one of the teams misidentifies one of the key players in the company, that could lead to a fatal mistake that ends with that company dropping your business and all those resources that were spent were for nothing.
It seems that a lot of this boils down to plain, common sense. You have to ask yourself, “Is it worth it?” However, when you ask that, realize that you are not just asking it for yourself but also for your combined sales and marketing teams and anyone else who may be working on the client. Foresight and the eye of a seasoned leader are needed to pull the proverbial trigger.
In the end, there are a few factors that will define whether or not you should implement account-based marketing. It matters how big the client is. If they’re small enough they might not warrant the effort and resources needed to implement account-based marketing. At the same time, you should make sure that you are spotting all the high profile targets. Also at the same time be mindful of who you are putting your resources into, because some might not like the personal approach.
In the end, it all comes down to common sense and decision making. Account-based marketing is a powerful tool that can bring your business great success, but you have to implement it wisely and strategically so that you can harness its true potential. Will that business be yours?
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