Making the most of your Outbound Demand-Generation Efforts
6 key tips for a successful ABM strategy
More and more companies are considering an Account-Based Marketing (ABM) approach, and with very good reason. A recent 2019 survey carried out by Digital Kungfu revealed that 47% of ICT companies have been successfully using ABM for at least a year and the number of companies using ABM strategies has doubled over the past 12 months. Alongside this, 85% of marketers (according to Marketo research) said that ABM provided significant benefits to retaining and expanding existing client relationships.
When ABM is driven by strong data, and it absolutely ALWAYS should be, the ROI can be huge. However, you need to be willing to test & learn and pivot your approach along the way. That’s not to say push your other Demand-Gen efforts to one side (unless they’re really not working), but keep them ticking over as you refine and hone your ABM approach with those target accounts you REALLY want to win.
To be truly successful with ABM, you need to have a strong well-thought-out strategy, but most of all, be PATIENT. Remember - it’s all about quality, not quantity! Here are 6 key tips to consider:-
1. Become OCD* about data accuracy
One of our primary criteria – as well as one of the things we’re most proud of at BuyingTime – for any ABM campaign is clean, fresh, relevant data and insight. This aides any targeting of a smaller audience - selecting target accounts based on data accuracy. It really is no secret that high quality data and research are the basis for big wins in ABM.
How can you possibly expect to find target accounts that are an ideal profile match and have long-term value without accurate data? Putting the effort into data research and insight building with a good degree of diligence will improve everything across the board -verything from the data for your ABM campaigns to the wider data for your other outbound demand-gen campaigns, and even current customer data. Suddenly, all of your marketing will have the potential to be much more targeted and personalised.
*Not literally, but you get the idea.
2. Compare and find similarities to define targets
Do a review of your current largest customers and existing relationships to find commonalities, then utilise this information to help outline your target account list. From this you should be able to create an ‘ideal customer profile’ to help qualify and track down other prospects that are similar to your best clients. This could include a common set of characteristics:- Company size (financially - turnover, profit); Likely points of pain; Company size (number of employees); HQ Location; Hierarchy Structure; Funding availability etc.
Once you’ve found more prospects and target accounts you can use client/account history and their similarities for hints on content messaging, relevant industry information/topics and even your customer success/retention strategy. This will help you better segment your audience and align messaging for all of your Account-Based Marketing (ABM) and Demand-Generation efforts.
3. Make sure Marketing and Sales are in it together
Classic Demand-Generation marketing is much like a game of “Hungry Hippos”, with the Marketing Team initiating a campaign to generate leads (from a wide unrefined audience) that are then handed over to Sales Teams for conversion. But with ABM campaigns, the relationship between Marketing and Sales needs to be more unified, with both teams working from a specified target list and taking considered strategic steps with communication and marketing cadences - much more like a game of “Risk”.
For an ABM plan to be successful, everyone needs to be onboard and in sync. Target accounts and the strategy for each should be agreed upon beforehand, campaign messaging & content consistent and personalised, offers/value-adds account-specific, and follow-up actions immediate. The whole plan and campaign should be responsive and agile based on the actions of each target account.
We say it all the time, but seriously, get EVERYONE involved in your ABM campaigns aligned.
4. Goals, Measures of Success, ROI
With Marketing AND Sales working cohesively on an account-based approach, it’s essential that everyone involved in a campaign agrees on the following:-
Lead definition
Campaign goals
Process flow
Measures of success
What represents ‘good’ ROI
Think about and consider your key performance indicators (KPIs) not just as individuals, but as one big Sales & Marketing team. It seems very self-explanatory, but this can often become an overlooked piece of the campaign fundamentals - after all, you need to be able to measure some level of success and ROI.
Key things to know when setting campaign goals are:-
Number of accounts you’re targeting
Monetary spend needed to convert
Estimated conversion rate
It often takes time to truly determine what success looks like for ABM, as the traditional metrics, like the number of leads aren’t as important. KPIs can change, and it’s often hard to know exactly how many qualified opportunities will be generated in a given timeframe, as well as how many of those opportunities are needed to fill the funnel and add to the company’s revenue goals*.
Don’t worry if you have to change and amend campaign goals or success measures as you go - just make sure you’re benchmarking and goal-setting as you start learning what works and what doesn’t.
*ABM/Target Account opportunities are usually of higher value and better qualified than other Demand-Generation efforts
5. Keep it personal but with consistency
ABM campaigns shrink your audience significantly, so your content and message must be customised for and resonate with each individual account you’re targeting. The highly personalised user experience is what makes Account-Based Marketing effective, but it can benefit your demand gen efforts as well.
This is only ever going to be as good as your knowledge & understanding of your accounts. Firmographic, demographic and technographic data can provide plenty of the insights you need. You also have to know things such as:-
Decision makers and key influencers - who is buying?
Sales cycles - contract dates? Other suppliers?
Competitive products/services and your key differentiators
Business goals are and how your offering supports them
All of the cold, hard insight can help you create bespoke messaging and an offer so well tailored to the prospect that it’s hard to pass up.
6. Evaluate the results as you go - ABM is all about ‘Test & Learn’
ABM is a patient process and depending on what you read/who you listen to it can take up to a year to get some results along with any return on your investment. However, that doesn’t mean wait a year to analyse the successes and failures. You should always be on top of what’s happening with each account throughout the campaign - which accounts are engaging and interacting, which accounts aren’t or have gone quiet. Don’t waste time trying to get something from an unresponsive account or be afraid to qualify out an account - move on and focus on the next one.
Much like with standard demand-generation campaigns, ABM is all about learning, optimising, iterating, adapting and saying goodbye to stale/stagnant targets. You just make sure you’re doing it with more diligence and consideration, at a higher cadence.
Account-based marketing (ABM) isn’t a complicated concept, and actually isn’t anything new, but it does mean a shift in thinking and re-aligning Sales and Marketing. All of the strategy, planning, stakeholders and dedicated resources need to be in-sync and plenty of time, thought and investment is required to make it a success. But the potential for higher levels of success and larger rewards over your traditional demand-generation campaigns are worth the effort.