Account-based marketing (ABM) can be an effective way to win new business. Even better, companies that use it see an average of a 91% increase in their average deal size. But if you’re going to try ABM, it’s important to understand what can keep you from reaching your potential. That’s why we’re highlighting several common ABM roadblocks – and what you can do to avoid them.
What makes account-based marketing (ABM) unique
Account-based marketing involves bringing marketing and sales together to target best-fit accounts. The idea is to focus specifically on the customers who offer the best potential ROI instead of casting as wide a net as possible.
Why this marketing plan is worth using
The proof is in the data. Research shows that 85% of marketers who measure ROI find that ABM offers the best return on investment of any marketing strategy.
Additionally, you can generate more revenue with ABM than with other strategies. Data shows companies that employ ABM can earn an average of 200% more revenue from their marketing efforts.
The bottom line is that if you want to start getting more out of your marketing budget, then switching to an ABM strategy could be one of the most effective methods.
Common ABM roadblocks – and how they can disrupt your plan
If you want to get the most out of online marketing with ABM, it’s essential to be aware of the most common pitfalls. Here are several things to think about as you put together your marketing plan.
Poor alignment between sales and marketing
Aligning your marketing and sales segments is the foundation to a successful ABM strategy. That’s because marketing and sales have to work together first to grab the attention of prospects and then convert them. It’ll be tough to excel with account-based marketing if the two groups aren’t on the same page.
How to fix it
The best way to improve alignment between sales and marketing is to give the two groups plenty of planned opportunities to meet with one another. Ideally, this should start at the beginning of your shift to an account-based marketing strategy.
It will be necessary for marketing and sales to have a set of shared goals and a shared understanding of the strategies used to reach them. Try to make these goals as specific as possible to ensure everyone’s attention is pointed in the same direction.
Using inaccurate or misleading metrics to measure performance
Your online marketing strategy can only be as effective as the metrics you use to measure it. If you’re using inaccurate statistics or irrelevant data to measure your effectiveness with ABM, it’ll be tough for you to achieve your goals with this marketing plan.
How to fix it
ABM is unique because it doesn’t rely on visitor-centric metrics like page views and impressions, unlike most online marketing strategies. The idea is to focus on getting the most value out of smaller leads.
So, what metrics should you be using for ABM? There are a few that can work, including:
- Marketing-qualified accounts
- Account engagement
- Pipeline velocity
- Average selling price
- Customer churn rate
The key for your team is identifying which of these metrics is best at evaluating the effectiveness of your ABM strategy – then using those results to analyze your performance over time.
Failing to scale your strategy
Account-based marketing may not seem very difficult to execute when you’re only working with a few prospects. But as your operation grows, it becomes more challenging for your team to continue delivering the ABM results you want across a more significant number of leads. That’s why failure to scale is another considerable roadblock for ABM.
How to fix it
Automation technology can be an effective tool for scaling your ABM operation. It can handle simple yet essential tasks for you so that your team can focus its efforts elsewhere.
Another idea is to start using templates for different types of content instead of building them from scratch. Maybe you want to send out customized emails to every lead on your list. Instead of writing all of those from scratch individually, you can use a template to get a good chunk of them written.
Targeting the wrong accounts
Your ABM campaign can only be as effective as the accounts you target with it, so account selection is very important. Some companies will derail their ABM campaigns entirely simply by not understanding which types of accounts they should be focusing on.
How to fix it
Make sure you verify that each account you select aligns directly with your goals. Additionally, it’s important not to be too aspirational with your selections.
Sure, it’s great to try to expand your business with high-value accounts. But if you only go after accounts that are a bit above your current average customer, then it’ll be tough to maintain your effectiveness with an ABM strategy.
Not using enough personalization
Personalization is one of the most important parts of online marketing. Even though ABM differs from typical marketing strategies, that doesn’t mean you should give up on personalization.
Companies that try ABM without building personalization into it typically have difficulty reaching their goals. That’s because the content they share with their leads isn’t optimized for them, so efforts to connect with those leads fall flat.
How to fix it
Create content that addresses the issues your target audience truly cares about. That could be blog posts, YouTube videos, or whatever else you think will resonate with your leads.
Personalize every lead touchpoint. if you email an ABM lead, address them by name in the subject line. Taking advantage of these little opportunities for personalization can add up to make your company stand out considerably over time.
Failing to leverage the best technology
Leveraging the right technology can enhance the efficacy of your marketing strategies considerably. But if you’ve been using a strategy besides ABM, then the technology that you currently use may no longer be a good fit for your goals. If you don’t adjust, you likely won’t be able to get as much out of your ABM campaigns as you could be.
How to fix it
It can be difficult to do an honest and thorough evaluation of your entire suite of marketing technology. That’s why it’s a good move to bring in an outside firm to do the work for you. A company specializing in marketing technology can help you assess what you need to change from a technological standpoint to optimize your ABM campaign.
Not adjusting your strategy as you get more data
Ultimately, the data you get after implementing your ABM strategy will be the best indicator of what’s working for you and what isn’t.
If you’re not paying attention to this and using it to update your efforts, then you’re simply not going to be able to get as much out of account-based marketing as you could be – regardless of how much upfront effort you put into setting this up.
How to fix it
Make it a point to track and analyze your ABM data over a long period. Ensure that you’re checking it at set intervals and paying close attention whenever you implement a new ABM strategy.
If you notice your results aren’t where you want them to be, make changes and see how they impact your data. If you keep refining in this way, eventually, you’ll get to an ABM strategy that will provide lasting results.
LeadLander makes it easier to excel with account-based marketing
Are you interested in improving your account-based marketing performance? LeadLander can help. Our website visitor tracking software provides you with a ton of information about who’s visiting your website.
You can use this information to target your ABM prospects in more precise ways. It could be the missing ingredient to that successful ABM strategy you’ve been working toward.
You can sign up for a risk-free 14-day trial of LeadLander today to experience the benefits for yourself.