Today’s consumers expect highly personalized marketing messaging. This can be challenging for marketers who may be targeting thousands of customers across dozens of industries, regions, and more. The good news is with Account-Based Marketing (ABM) you can ensure you are serving up the most relevant content to the right group, not second guessing whether they will relate.
So, besides a trending topic and a highly used buzzword, what exactly is ABM and how does an organization test the waters?
In short, ABM is a messaging strategy that targets specific accounts, rather than individuals. ABM allows marketers to focus on select accounts, understand the challenges they are facing in the marketplace, and offer solutions.
You may be thinking that your business has hundreds of accounts spanning dozens of industries. Where to begin?
It all starts with strategy. Account Based Marketing is unproductive without a strong strategy that has been developed in collaboration with your sales team.
The sales team understands what customers are looking for and what it takes to close the sale, while marketing has the means to gauge the interest of the customer. The knowledge of both teams is important in developing a successful ABM campaign.
The best way to start is by meeting with your sales leaders and understanding their target accounts. They may be able to provide some common challenges their customers are facing within their accounts. Another topic that can be used to guide the conversation is your sales team’s largest deals in the last sales cycle. Work together to determine commonalities within those deals (industry, location, etc.).
With any new strategy or technology, take it in steps. If your sales team has many target accounts, start by focusing on one or two. You don’t need to run out the gate, start by walking—you will still be able to gauge results. Take the learnings from each campaign to help strategize and optimize for the next set of accounts.
Make Sure Your Data is Clean
Another factor that plays into the success of ABM is clean data. Marketing should work together with their sales team to understand what data is currently required on account and contact records within Salesforce, and how this can be adjusted to better serve ABM campaigns. Example: On a contact record, should the sales team be identifying if the contact is at the C-suite vs. Associate level? Having this information on the contact record will allow marketing to develop specific content based on business role.
It would also be wise for the marketing team to identify unengaged users to ensure accurate reporting for your ABM campaigns. If your system has copious amounts of unused and old data, using a data-cleansing tool is a suggested option.
Invest time in developing content
Because ABM is a hefty shift in strategy and will require significant time investment for asset creation, it is important to get buy-in from your executive team. Get leadership support prior to identifying the responsibilities of your team members.
Now that you understand ABM and where to start, let’s discuss how you can determine if your ABM campaigns are performing successfully.
How to determine success
With any strategy, measurable goals are vital to success. The metrics that your business wants to track may be different than others, but it is important that marketing and sales establish a common goal for each campaign. Some important KPI’s that could be measured are:
- Close rate
- Funnel velocity
- Pipeline value
- Opportunities Created or Closed
Track measurable goals
Once your teams have determined the KPI’s that are most important to track, ensure you have a way to report on the metrics. Both Salesforce Dashboards and B2B Marketing Analytics can be used to gauge your ABM campaign performance. Some dashboards that could be helpful include tracking your accounts with opportunities and activities, pipeline reports and win/loss ratio reports.
Another way to track success is to use the Engagement History Metrics lightning component to compare and contrast high-level metrics for both your ABM and broad-based marketing campaigns.
Execution and Review
After marketing and sales have agreed upon the goals of the campaign and you have identified a method for tracking metric goals, you are ready to start building and executing your campaign. Remember to utilize Pardot’s features like Engagement Programs with scoring adjustments, dynamic content, and Handlebar Merge Language (HML) to provide a personalized experience for each account and individual.
To set your team up for success, be sure to schedule periodical touchpoints to review campaign progress and make small adjustments as needed. After each campaign, analyze results, identify potential improvements, and execute a new campaign with your learnings.
Are you interested in understanding how your business can implement Account-Based Marketing to drive lead conversion and sales? Contact Magnet360 to learn more.