Account Based Marketing
Marketers and salespeople used to declare “the more the merrier” when trying to attract prospective buyers. No longer. The driving force behind creating personalized experiences that focus on buyers as individuals is Account Based Marketing.
What is Account Based Marketing?
Account based marketing employs targeted, personalized campaigns to win over identified accounts.
Rather than relying on broad-based campaigns that appeal to swaths of customers, ABM treats “individual accounts as markets in their own right.”
Board members, CEOs, PE and VC investors all understand directly how personalized marketing has been transformational for consumers.
ln B2C, we all experience it every day as Netflix and Amazon users.
Your Board, Investors and CEO also understand that there are differences for companies in B2B, and, of course, the application of personalization and ABM depends on lots of other factors including size, scale, service offering, etc.
But the heads and guts of investors, executives and Boards tell them more can be done and done better in B2B, and they demand it from the organizations they invest in and support.
B2B Account Based Marketing
B2B SaaS, Data or FinTech Business now have Retail-Like, B2C Personalization expectations.
Marketers investing in ABM and personalization should proceed with caution, however, because increasing spend doesn’t guarantee success.
One head of sales remarked, There’s a great deal of activity, but I’m not sure they’re going anywhere?”
Another VC “They’re spinning dials and pulling levers… while they almost drove us right off a cliff.”
What is it about “personalization” (i.e. digital, sales disintermediation and marketing disruption) that is being missed?
To just say it requires leadership that is committed to aligning the optimal customer with “who we really are” in the midst of constant and relentless change is difficult.
Pitfalls of ABM
The odds can feel stacked against ABM success for a number of reasons including the proliferation of thousands of solutions, software, apps and platforms.
A key is outside help with the amount of investment that follows gaining and keeping effective customer alignment / personalization against new tech knowledge and integration. Also, considerable coordination is needed to establish new initiatives, drive innovation and help implement and manage programs.
Building Blocks of Account Based Marketing
Here are 10 items to address for ABM success. It is a complex integration and workflow of many different and connected pipes. Any restriction or pause along the way will greatly reduce or stop flow.