Hamed Wardak On The Age of ABMs
People born between 1928 and 1964, known as the Silent Generation and Baby Boomers, likely identify ABMs with anti-ballistic missiles designed to intercept enemy rockets before they hit their designated targets. Their origin dates back to World War II. Now in 2020, how times have changed.
Today, ABM stands for account-based marketing. It’s being billed as the best way to remain competitive in the B2B world and maintain pace with buyers. Targeting, personalizing and tailoring the consumer experience are keys to its success as well as collaboration between marketing, sales and senior staff.
Brands that have updated and kept pace with AI and marketing automation are best poised to employ ABM. Their ability to build clearer consumer profiles gives marketers a tremendous edge in today’s competitive marketplace.
What Has Changed?
Pre ABM, marketers chased down leads, reacted and responded to potential consumers, and sometimes even chased down arbitrary buyers. That’s changed with ABM, which now causes marketers to be more account-based and take the initiative in engaging with prospects who identify with certain characteristics and buyer groups identified through ABM.
Sales staff, many of whom worked independently and relied on manual methods and data from earlier sales will now have to entrust marketing and ABM with is sales and marketing data to achieve greater success.
Like a gourmet chef, finding the right mix of good ingredients is key. The marketing firm, Alterra Group, reported that 97% of marketers who utilized ABM over any other program enjoyed a higher return on investment. The key, however, is achieving the proper mix of account and lead-based strategies that most suit the brand.
What Else?
It’s also critical that marketing and sales huddle often to identify their primary target audiences. Together, they can then determine the most effective channels, messages and campaigns that will be most successful using ABM.
In addition to increasing sales, ABM can be helpful in cross-selling and even upselling existing customers. Others have found it successful in entering new markets.
Marketing Practice’s Decision-Making Index reported that buyers expect their suppliers to keep them informed about new developments and changes on products and equipment that affect them. Yet, the research revealed that more than half their suppliers did poor jobs marketing. Another 77% thought it was better to remain with their existing vendor, not because they were satisfied, but because new ones poorly targeted them.
Opportunity
The latest revelation potentially opens many new doors. However, it will take a combined effort by marketing and sales to put together an ABM strategy that not only pleases and satisfies existing clients, but is also appealing to new ones. Gathering the necessary data and analyzing it to target the right public and then personalizing and tailoring the messaging can lead to great results.
The Other Side
Besides starting an ABM strategy, companies also need to monitor and be aware of customer behavior to ensure they may not be losing them. Some signs that signal such a change include reorganization within a client organization that changes the relationship, the client seeking help or product elsewhere, and goals not being met, including an anticipated return of investment from the relationship.
About the Author: Hamed Wardak is an enterpreneur.
