2019 has just begun and we feel that it is the right time to consider a few important things that can benefit your business. Among all other tools that you are analyzing and making better, account-based marketing (ABM) happens to be one of the most important ones. Account-based marketing has proved really successful in the past years and it continues to be the favorite of marketers this year too. However, with the changing times, it is important to keep updating your technology to make the most of marketing. To continue reaping the benefits of ABM, here are a few things you might want to consider.
- Check and rebuild your target account list
Every organization has a target account list which is created by the sales team most often and passed on to the marketing team. It has been observed that list is never updated once it is made. It is important to note that the list is only beneficial to you as long as it has the names of the right accounts. Right accounts mean the ones that have great potential and can make way for your business profits. Below tips should come handy when you revisit and rebuild your target account list for 2019:
- Evaluate the customers you have at hand presently and make a lookalike model.
- Take advantage of verticals and strategic accounts.
- Find out which accounts are high-value and then figure out the best individuals in those accounts.
It is important to keep revisiting your list from time to time. For a business to be successful, you should continuously look for insights that help you grow.
- Distinguish your target accounts
There are three different ABM tiers for marketers including one-to-one, one-to-few, and one-to-many. One-to-one ABM refers to an arrangement where a senior marketer along with account team generates marketing programs for single accounts. In one-to-few ABM, the same principle is used but the target number of accounts is five to 15 with similar business issues. Further, one-to-many ABM personalizes this effort at even a larger scale where the target accounts are several hundred. For most profitable business, it is important to have a combination of all the above approaches. We advise the organizations planning for 2019 to make sure to achieve a right balance between these ABM strategies.
- Look out for more channels that you can use
Every organization uses a number of channels to implement their ABM. The journey starts with a few channels and later on the number multiples in a bid to expand the marketing efforts. It is important to keep using these channels that work for you. But at the same time, it must be kept in mind that improving technology is making way for new channels and therefore, always keep looking for other channels that you can use for your benefit. For example, in advertising, use more than just display ads.
- Sales and marketing alignment
This has been discussed a lot. And it is highly recommended by the industry experts to align marketing and sales. Now is the time to reset the functions and bring sales and marketing together. This will help the marketing efforts to become more effective. The sales team will convey what they are looking for and marketing team will shape their efforts based on that because ultimately all the marketing efforts are for generating sales. It is recommended that sales and marketing teams meet more often and build the ABM strategies together.
- Track the quality-focused metrics
Lastly, it is important to track how your ABM program has been performing in the past. This doesn’t only mean that you measure the success based on quantity-based metrics. It is equally important to see how you performed through quality-based metrics. This includes win and loss rates, funnel velocity and lifetime value (LTV) of customers.
In sum, the success is highly dependent on what strategies you are using and the strategies only remain effective if you keep rebuilding and revisiting them on a regular basis. It is the time for businesses to address the fundamentals and build a strong ABM program for 2019.