are B2B marketing professionals so enthusiastic about account-based or ABM? //

Account-based marketing is, by definition, a strategy for B2B marketing that aligns the efforts of sales and marketing to deliver targeted advertisements, personalized content, and messages to high-value clients and individuals who are associated with these accounts.

This is because it’s based on the fact that B2B purchasing decisions are usually made by an internal group. ABM tools automate a number of data and workflow processes which allow these groups to target.

ABM is not new. B2B marketers have been using it for over a decade. ABM is gaining popularity due to rapid advancements in data sophistication and access.

This article will answer all of these questions, plus more.

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  What types of account-based targetting are there?
  
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  What are account-based marketing instruments?
  
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  What is the benefit of using account-based tools for marketing?
  
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  What is the best way to decide if you need an account-based platform for marketing?
  
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  Why is account-based marketing growing?
  
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  Why have account-based marketing adoptions accelerated during pandemic?
  

What are the different types of account-based targetting?

A successful strategy aligns the sales and marketing departments so that they can focus on high-value clients who represent the greatest potential for business. ABM flips the traditional sales funnel, starting with a smaller group of targeted accounts and then expanding as they are nurtured further down the funnel.

There are many factors to consider when selecting targeted accounts. These include the history of the business and whether or not the account is in a market that’s growing. The Ideal Client Profile of the business is a key factor.

A predictive analytics model and scoring are used to determine whether a particular account, not an individual, is a good fit for the product or service of a business. ICPs should take into account relevant characteristics such as industry/vertical (both employee numbers and annual revenue), budget, and geography.

After the sales team and marketing team have agreed on a list, three types of ABM targetting can be implemented. Many companies use them all. They aren’t mutually exclusive. The Information Technology Services Marketing Assocation’s (Momentum ITSMA), has defined them as follows:

• 1-to-1. Momentum ITSMA calls it “Strategic Account Based Marketing”. Marketers work with the account teams to create and implement highly customized programs (e.g. face-to-face meetings or virtual meetings) for each targeted account.
• 1 to few. Also known as “ABM Lite”, Momentum ITSMA marketers implement less customized programs for groups of target accounts that have similar needs or attributes.
• 1-to many. Also known as “Programmatic Account Based Marketing” (ABM) by Momentum ITSMA. Marketers use AI-driven automated to send highly-targeted and personalized messages to individual at hundreds (or even thousands in the case of enterprises) key accounts.

What are account-based marketing strategies?

ABM can be automated and executed using a wide range of ABM tools. They include tools for B2B data enrichment and AI-based recommendations, interaction management, (e.g., digital advertising and direct mail, websites and events), and ABM infrastructure.

It’s important to first understand what types of data ABM platforms can work with.

• Firmographic information. This tool provides quantitative information about the business world, such as vertical markets, company sizes and locations, employees, revenue, and growth.

• Intent data. This data identifies company signals or actions that show whether or not a customer is “in the market” for a particular product or service.

Relevant to technology vendors is:

• Data. This data identifies the hardware and software that is used by accounts to run their business (relevant for technology vendors).

Let’s now dive into the features and key considerations that go into choosing an ABM Tool.

Data enrichment

Accurate and robust account data is the foundation of effective ABM. Many B2B companies have a large amount of data from their own sources, but there are gaps which can make it difficult to tailor content or offers. Vendors and partners may provide both very specific business data as well as broader business data that can give important insight into purchasing intent.

Account-based marketing

ABM programs are able to target key accounts on a 1-to-1 basis, as well as 1-to-few or 1-to many levels. The level of precision required will vary depending on the scale and size of ABM initiatives: Smaller businesses may require a 1-to many approach due to the large number of influencers or contacts at their target account, while larger companies may prefer 1-to-1 targeting because it allows for the customization needed to nurture a key customer. Machine learning and granularity are provided by most vendors to allow for more than one level in account targeting.

Personalization or predictive recommendations

B2B buyers are looking for personalized offers and messages from companies with whom they do business. Some vendors offer proprietary AI that allows customers to create and implement highly personalized campaigns and program. In contrast, some vendors integrate third-party tools for personalization or CRM platforms to drive these customized programs.

Interaction management/orchestration

B2B marketers need to engage their target accounts through multiple channels, with ABM programs that are highly customized and consistent. Effective B2B channels include both offline (direct mail, events, roadshows and in-person/phone-based sales outreach) and online (email, websites, virtual events, video calls, webinars and paid/organic search, display ads and social) media.

ABM is managed by many vendors, and they offer a variety of paid advertising programs, including those that are based on cost-per-click, for search, display, and social media.

Account-based Marketing Reporting

ABM may be a tried-and-true strategy, but it’s new for many B2B companies. And, for those who have already implemented ABM, the potential for integration and expansion is huge. In order to maintain C-suite buy-in and support the program, it is important to measure and report on its success.

By investing in AI, vendors are expanding the reporting capabilities of their vendors to include faster, deeper, and more visual analytics, which can highlight trends and patterns. More vendors also provide reports on both an individual/contact and account level.

Third-party integration

Vendors are expanding their application architectures aggressively through native integrations and APIs, to give B2B marketing teams a streamlined way to access the third-party technology already present in their stacks. Most commonly, native or out-of the-box integrations can be found for marketing automation platforms and CRMs. However, many tool vendors offer plug-and play access to CMSs and event platforms.

Salesforce has several tools that are tailored for integration and usage. API integration can incur extra charges. These are usually charged on a call-by-call basis.

What are the advantages of automated ABM tools for your business?

Automation of ABM data, analytics campaigns, and workflow processes can have many benefits.

• Alignment of sales and marketing.
• Sales cycles are shorter.
• Marketing ROI increases.
• Increased revenue and account value.
• Increased pipeline speed and closing rates.
• Customer experience is enhanced.

How can I determine if I require an ABM platform or not?

Answering a few simple questions will help you decide if your business needs marketing software. Determining if your business needs an ABM platform does not differ. Assess the business needs of your organization, including staff capability, management support, and financial resources.

You can find the answer to these questions.

• Have we defined our account-based goals?
• Can marketing and sales agree on a list of target customers?
• Does the management team buy in?
• Do we include all costs?
• Are we ready to report and measure results?

Why is account-based marketing growing?

ABM technology can help you build critical relationships, whether it is by streamlining the communication between sales and marketing or personalizing web interactions with prospects.

Account-based marketing is becoming more popular among marketers. It allows them to regain some control over the process, accelerate the buying cycle, and better convert their target accounts. ABM users have reported positive business outcomes.

In 2023, many companies will increase their ABM spending and staffing.

There are still challenges. According to Momentum ITSMA, and the ABM Leadership Alliance, here are the most critical:

Why has ABM adoption increased during the pandemic period?

The impact of the pandemic on consumer buying behavior was well-documented, but less attention is paid to the effect the pandemic had on business-to-business purchases. The pace of development was not slowed down, but it wasn’t any slower.

We learned how B2B companies were engaging with B2B buyers in a lockdown environment and how marketing software providers helped these companies convert prospects into customers.

ABM is a B2B marketing strategy that has been around for more than ten years. However, the rapid advancements in technology and sophistication of data are driving broader adoption. As I said at the beginning, fundamental changes to the B2B purchasing cycle are also driving this trend. The COVID pandemic has accelerated these shifts as in-person events and meetings have become virtual.

Learn more about ABM

ABM Strategies

Does ABM drive Sales?

Account-based B2B marketing

Account based marketing software vendors

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