Power of ABM: Account Based Marketing in 2021
When the idea of ABMs was first introduced during World War II, it was in the context of intercepting enemy missiles. This was more than six decades before Northrup Grumman used their version of ABM (account-based marketing). It was credited with securing a $2 billion IT contract with Virginia.
At the time, this was the largest IT contract awarded to the state government. Then well known as a builder of ships and submarines, the firm recognized that it would have a challenge swaying the state to consider their expertise in IT and successfully applied ABM.
Executed well, ABM can be highly successful by leveraging a brand’s resources to create an outreach strategy that targets highly-desired prospects. Unlike some strategies, ABS must be tailored to each company to achieve success. And now’s the time for brands to get aboard as Forrester Research predicts that most B2B companies will have adopted it by 2025 and that the term will no longer exist.
Putting together a successful ABM program starts with the marketing and sales departments agreeing on a common goal. More definitively, this means identifying those customers and prospects who have a dependency or business need matching the brand’s value proposition. Seeking input from and listening to loyal customers can also produce valuable insights into tailoring future messages to new and potential customers.
Once a potential list has been identified and developed, prioritize it and segment it into thirds. This will not only increase chances of success and bolster confidence, but also identify areas that need improvement or adjustment. This can also result in a healthy cross-section of new accounts, upsells or cross-sells in existing accounts, and an increase in the current pipeline.
As simple as it sounds, many companies falter when it comes to knowing whom to contact. This can be especially challenging since complex B2B solutions today can require as many as six to ten people in the decision-making process. Identifying and nurturing a relationship beforehand with as many of them as possible can be a game-changer.
By connecting sooner than later, individual buyer personas can be recorded, recognized, and anticipated before any presentations. While all these preparations and cultivation are occurring, it’s also vital to ensure that the needed tech support is reliable and available. Does the current sales and marketing stack include marketing and sales automation software capable of identifying buyer personas and delivering personalization?
Needless to say, it must include CRM for tracking and reporting, as well as software for automating marketing and sales. It’s important that whatever the company is using or intends to use integrate with their other programs and provide actionable metrics. Also invaluable if investing in new software is the ability to measure the ABM’s success and identify potential targets.
In personalizing communications, also consider the three tiers above. Initiate and segment messages to them starting with the lowest by sending a short description of the company’s solution. With the middle third, do the same and add how the solution can help with their specific challenge. And with the top tier, do all of the same but also personalize each one on a case-by-case basis.
Following the above suggestions and having the right data on hand can help ensure a successful ABM launch.
Ronn Torossian is the CEO and Founder of 5W Public Relations. 5W PR is a leading digital pr and influencer marketing agency.
