According to Alterra Group, 97% of marketers say account-based marketing delivers a higher return on investment than other marketing methods. In fact, analyst firm Topo found ABM increases average contract value by 171% (Source: Craig Rosenberg, Topo at ABMIgnite!).
Here’s a way to start ABM with a risk-reduced, phased approach.
Small to mid-market companies are often overwhelmed by the work and culture shift implementing ABM can entail. Starting with a manageable goal can ease resistance and still produce tangible results.
Begin by getting your sales and marketing teams to agree on just three target accounts. This step should be easy. If it’s not, you have bigger problems and should work on funnel definition and sales and marketing alignment before going any further.
Begin #ABM by getting your sales and marketing teams to agree on just 3 target accounts. Share on XOnce you have identified three targets, your marketing team should write a few custom pieces of content specifically for those accounts. These don’t have to be novels or huge white papers. Often, a two-page executive brief or case study is more impactful and easy-to-digest.
Use the content in LinkedIn InMail and sponsored content campaigns, along with in-house email marketing and sales outreach programs. LinkedIn sponsored content works best if your ABM targets are large enterprise companies because LinkedIn wants to see a minimum of 1,000 users that meet your demographic criteria. If you are targeting mid-market companies, you will have to group targeted companies. For small prospects, sponsoring content to LinkedIn Groups such as trade associations and publications is the best route.
Once you have closed or disqualified your top three accounts, you’re ready to select the next seven accounts. Remember not to ignore the companies you closed out of the top three targets. They should be nurtured and mined for upsell opportunities. The businesses that were not ready to buy, but expressed interest, should continue to receive personalized content.
When you have selected your next seven companies, you can add personalized videos and targeted online advertising to your mix. A great video platform for hosting and sending ABM videos is Consensus. It not only lets your sales reps and marketing teams easily send customized videos and content, but it also provides a plethora of useful analytics and interactive ways for your viewers to customize their experiences.
In addition to using personalized videos, start incorporating targeted online advertising programs. Ad targeting solutions, such as Terminus and Kwanzoo, use combinations of tracking cookies and reverse IP lookup to serve ads, websites, and custom content to your target companies and personas.
Once you get to the deep dive level, it’s time to invest in some serious gear that will automate your efforts and make your ABM process more scalable. You’ll still need to produce quality, customized content to feed the machine; however, products such as DemandBase can help with account identification, account ranking, ad serving, sophisticated website personalization, and more.
ABM tech stacks start at $10,000 per month, with additional budget needed for content generation and ad fees, so this level is best suited for mid-market companies with high growth goals and enterprise companies.
While ABM can seem overwhelming at first, if you have a well-aligned sales and marketing team and take a phased approach to it while continuing your traditional inbound programs, you can implement ABM successfully.
If you’re interested in account-based marketing, contact us with your questions.