Blog post By Paula Chiocchi on 2023-04-26
Many marketing leaders tell me they aren’t getting the results they want out of Account-Based Marketing (ABM). According to the annual Momentum ITSMA ABM benchmarking study, when it comes to ABM, B2B marketers can’t “rest on their laurels.” Instead they must constantly innovate, adapt to market disruption, and evolve their strategies.
With as many as 72% of respondents in the study reporting that ABM delivers higher ROI than other types of marketing, it's no wonder more companies are drawn to it. If you’ve hit a wall with your ABM initiatives, here are some of the most interesting takeaways from the study findings along with five tips from my own experience to refresh your strategy.
ABM is a targeted approach that focuses on individual accounts or clients to create personalized campaigns tailored to the specific needs and interests of each account, rather than casting a wide net. It’s all about focusing on accounts that are most likely to convert. But as ABM has evolved, the number of accounts targeted has changed, with marketers using equally a “one-to-one,” “one-to-few,” or even a “one-to-many” approach. Many (47%) of the respondents use more than one approach. To do that, B2B marketers need the right data and insights to identify these accounts and personalize their ABM efforts at scale accordingly.
Data is the foundation of ABM, and marketers need to ensure they have the right data to create personalized campaigns. A recent MarTech article on ABM best practices agrees: B2B marketers should focus on data quality and completeness of the full record. Accurate data is critical for segmenting accounts effectively and tailoring the message and content to specific needs and interests. Marketers need to start with quality data and should also prioritize data cleansing to ensure they’re targeting the right decision-makers as data regularly decays when people change jobs, email addresses, phone numbers, etc.
Quality data can make sure you aren’t spinning your wheels with invalid email addresses, but you still have to identify the right accounts to target. One strategy is audience mirroring, which looks at a company’s best customers to build a prospect audience that “mirrors” those traits. Another way is to find the targets that are already searching for your company or your solution. Intent data helps marketers identify which accounts are already actively researching their products or services and therefore are more likely to convert. This helps marketers focus on accounts that may be in-market and create personalized campaigns. The MarTech article also emphasizes intent data for identifying accounts for ABM efforts.
ABM requires sophisticated technology and tools to be most effective. The Momentum ITSMA study highlighted the various technologies B2B marketers use to support their ABM efforts, with more than 60% of programs relying on CRM, websites, and email. “ABM program leaders are focused on expansion, efficiency, and investments in people and tools” in the coming year, including technology to “automate and create more leverage for existing programs,” the study shows.
ABM requires close collaboration between sales and marketing teams. B2B marketers need to align with sales teams to develop a deep understanding of the target accounts and tailor their campaigns accordingly. The study found that the most successful programs have invested more in aligning with sales to “enable effective ecosystem collaboration.” Additionally, 66% of respondents report that ABM is significantly improving marketing and sales alignment.
With the majority of ABM programs driving substantial business impact, it's worth investing the time and effort to re-evaluate your current strategies. Fix what’s holding you back and focus on the above tips to create more personalized campaigns and drive revenue growth. If you can use assistance with the data fueling your campaigns, please reach out to my team.
OMI’s high-quality B2B business contact data comes with a 95% email validity guarantee. Fortune 1000 firms and start-ups use our data to drive modern digital marketing initiatives—including intent monitoring, email marketing, ABM, and omnichannel campaigns utilizing display, social media, and more. Reach out to our team today for more information.
At OMI, we believe good things happen when you share your knowledge. That's why we're proud to educate marketers at every level - in every size and type of organization - about the basics of email marketing and the contact data that powers it.