Account-based marketing is booming. According to recent statistics, 84 percent of B2B marketers say that it delivers higher ROI than any other approach, and 92 percent say that it is “extremely” or “very” important to their overall marketing efforts.
Here are 5 common mistakes that marketers make when running their ABM programs, so you don’t fall into the same traps.
- Not choosing the right accounts to target
If you want ABM to work for you, you have to target quality accounts that will bring in a great ROI. This means identifying the accounts that align with your organization’s goals and product.
Large accounts that aren’t quite a good fit might seem like feasible targets to some sales reps, for instance, but their efforts could end up falling flat. Likewise, your marketing department might be pulling in dozens of smaller accounts, but these aren’t necessarily qualified or of high value.
You need to strike a balance between accounts that match your buyer personas and those that will lead to real opportunities down the road.
- Not aligning sales and marketing
ABM starts with internal communication. If your sales and marketing teams are operating in silos, there is no way your program will be successful.
Everyone needs to be committed to identifying potential accounts and servicing them using all of the channels and tactics available – from inbound efforts like content marketing to outbound sales calls.
- Not identifying account decision makers properly
A lot of time and energy is wasted in ABM by pitching to the wrong stakeholders. You want to talk to the decision makers who will be able to approve a purchase, or at the very least, the gatekeepers who can give you access to these decision makers.
In order to do this, you can use tools like LeadSift to identify decision makers within your target account who are sharing relevant content – these will be the most likely candidates for an initial sales pitch, as they have already shown interest in your product or service category.
- Not measuring the right metrics
How can you tell if your ABM strategy is working, if you’re not measuring correctly? The data you collect about your prospects is of the utmost importance in the short term, when deciding how to target and pitch customers, and the long term, when building a new ABM program or refining your current one.
- Focusing only on digital
ABM may have grown to prominence thanks to digital tools like social media and online advertising, but that doesn’t mean it has to rely solely on these tools to be successful. Don’t overlook the power of combining digital with analog marketing efforts. For instance, using Twitter to live tweet during a conference, or creating content for on-the-ground salespeople to print and use in meetings.