It’s safe to say that Account-Based-Marketing (ABM) is now an embedded strategy in the B2B space and that it isn’t going anywhere. ABM likes to shift shape, taking many forms including account-based-marketing, account-based-everything, and account-based-sales. Whatever name you choose to call it, they are essentially the same thing and is something you should be looking into it if you’re not already utilising it.
I recently attended an ABM conference in which the strategy was referred to as flipping the marketing funnel upside down, and that’s because ABM fundamentally flips the funnel on its head and allows you to focus marketing budget and resources on high-value accounts.
ABM is taking B2B strategy to a whole new level, some professionals are even saying that the future of B2B marketing will only be account-based… I’ll let that sink in. As a marketing agency, we are seeing a growing number of clients run more ABM campaigns and organisations hiring dedicated Account-Based-Marketing Managers and Executives, which means we are already seeing the repercussions of this movement. Now is the time to start preparing your organisational structure for the future with internal ABM teams and agencies that have been successful in ABM.
This movement to ABM as an embedded B2B strategy has good reason too, ABM increases customer lifetime value by educating the product benefits earlier on in the buying cycle, decreasing the amount of time it takes to close a deal. ABM helps to lay good foundations in the customer journey for sales to speak directly with the customers and close the deal quicker.
On the point of sales and our good old-fashioned favourite… ‘smarketing’, we are noticing the roles of marketing and sales shapeshift over time. This is exactly why ABM isn’t just a marketer’s game. Especially with this year’s change of events with COVID, there’s been a huge uptake for ABM from sales, as ABM offers a direct sales solution for not being able to get out and meet prospects; providing the best opportunity that sales and marketing have had to work together for mutual benefits.
Don’t panic if you’re not as far ahead as some of the other companies that have started ABM. If you haven’t already now is the time to jump on the bandwagon, because remember you’re not alone and it’s not going anywhere. In fact, there is currently a massive knowledge gap in ABM campaigns, the current skillset for ABM varies greatly from company to company and there is a lack of understanding to effectively measure ABM return on investment; which means marketers haven’t progressed very far in terms of ABM strategy since it all started. But remember there are experts out there ready to give you a hand.
One of the most common challenges that marketing managers are facing today is dealing with pushback from management. It’s still relatively new which would explain why managers are still a little hesitant of approving the budget for ABM, the reality is that if you have the right measures in place it’s one of the most trackable strategies you can find.
Stay tuned for more content in Napier’s ABM stream and please reach out to the Napier digital team by dropping me an email if you have any questions!
Still not convinced on ABM? Check out our blog on 5 Reasons Why B2B Marketers are Talking about ABM