Account-based marketing, known as ABM, is an extremely effective marketing tactic used today by marketers. It offers the best ROI when compared to other marketing options especially in the B2B world, though, there are still common mistakes that are being made in ABM. By knowing what these strategy mistakes are, it becomes easier to avoid them. Let’s dive right in to the top eight mistakes in ABM strategies.
1. Rushing or skipping the research phase
ABM marketers often rely on their sales team to give them the target account list, which is a big mistake. Sales can sometimes have an obscure selection process, or none whatsoever. Instead, you should select your target accounts by first developing an ideal customer profile (ICP). Find out who your top current customers are and what they have in common. Then, think about who you want your customers to be based on your future products and initiatives.
Jan Holmes, an account-based marketer at Boomessays and UK Writings, explains that “the ICP that you create will allow you to tailor and define your target account list from sales and eliminate the accounts that don’t fit the bill. You should also look beyond the sales account list because maybe your ideal customers were not identified by the sales team.”
2. Not aligning with sales
You want to work on the sales list to avoid taking it on board without modification, but you also don’t want to force your marketing list back on the sales team. While you develop your ICP and your account list, you should be constantly working with sales to leverage their in-field knowledge of your customers.
It’s not always easy to get the buy-in from sales, though. You can start your ABM program with just a small section of their list to see how the teams can work together and build trust.
3. Not updating lists
Another major ABM mistake is when marketers fail to update their ABM strategy. The accounts are added to a targeted list for a year and then the marketers never touch the list again to prioritize and remove or add names. This means that you’re spending time pursuing accounts that aren’t your ideal targets while failing to spend time on possible customers. Keep your account list dynamic by constantly reviewing and updating it.
4. Focusing equally on all accounts
ABM needs to be used at different levels for different target accounts. The amount of attention and content you share with your target accounts should be dependent on how engaged they are and the scale of opportunity they bring to your business. If the cost of running an ABM program isn’t worth the contract value you’ll get from the targeted accounts, you may wish to adopt a different strategy.
5. Focusing on accounts instead of contacts
Don’t forget that human contact is the best way to get the deal done. ABM campaigns that focus only on data and trends fail to put the appropriate amount of resources on human interaction. Get actionable ABM data so you can use it to reach real people and build a relationship.
6. Not planning for scale
Your ABM strategy absolutely needs to be scalable. Danny O’Brian, a tech journalist at Australianhelp and Writing Populist, says to “use tools and software that allow you to expand your strategy over time and boost your business’ progress. Connect with the brand team to use ongoing brand initiatives and company awareness to market the business and keep your company foremost in your customers’ minds.”
7. Not testing
You should absolutely be testing your strategy and optimizing it regularly. This process can be automated by connecting your data from all sources and channels. Use this to review your dynamic account list and prioritize the accounts based on what information you receive. The more relevant your data, the quicker you can optimize your strategy and stay ahead of the game.
8. Neglecting contacts
ABM software is very useful for this type of strategy, but you don’t want it to replace the contacts and connections that you make. Use the software to map out your contacts and their authority levels, motivation, and other factors, but keep in mind that the relationship is what will close the deal – not the account.
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