Account-based marketing (ABM) has proven to be a game-changer for B2B organizations, offering a strategic method for targeting and engaging high-value accounts. For sales and marketing leaders, building a high-performing ABM program offers many benefits, including more efficient resource allocation, stronger customer relationships, and ultimately, increased revenue.
In this article, we’re guiding you through a step-by-step process to develop an effective ABM program that aligns with your business goals and customer personas.
Step 1: Define Your ABM Strategy
The foundation of any successful ABM program starts with clear and measurable objectives. Whether your goal is to increase average deal size, accelerate the sales cycle, or expand into new markets, it’s crucial to align these objectives with your overall business goals. For example, if your company is trying to get into the healthcare industry, your ABM strategy might focus on targeting top hospitals and healthcare providers.
Research shows that 60% of companies that had an ABM strategy reported at least a 10% increase in revenue within one year. Setting specific objectives helps keep your team focused and ensures that all efforts contribute to achieving these goals.
Identify Key Metrics for Success
Once you’ve established your objectives, determine the key performance indicators (KPIs) that will help you measure success. These might include metrics like:
- Account engagement: Website visits, content downloads, event attendance
- Pipeline velocity: Lead response time, sales cycle length, conversion rate
- Revenue growth: Total revenue, Revenue by product/service, customer acquisition cost (CAC), customer lifetime value (CLV)
Having clear KPIs not only helps you gauge the effectiveness of your ABM efforts but also provides a benchmark for continuous improvement. By regularly reviewing these metrics, you can adjust your strategy and tactics as needed to refine your account-based marketing plan.
Step 2: Identify and Segment Target Accounts
An essential step in building an ABM program is defining your ideal customer profiles (ICPs). These profiles outline the characteristics of the accounts that are most likely to benefit from your products or services. Key criteria can include factors like:
- Company size
- Industry
- Revenue
- Geographic location
- Business needs and pain points
For example, if you’re a SaaS company specializing in cybersecurity, your ICP might focus on large financial institutions with a history of investing in advanced technology solutions.
Using data from your CRM and third-party sources like LeadLander or LinkedIn can help you refine these profiles. You might also consider using intent data, which can provide insights into which companies are actively researching topics related to your offerings.
Segment Target Accounts
Once you’ve developed your ICPs, it’s time to segment your target accounts based on their potential value and strategic importance. You might create tiers; for example, Tier 1 for the highest value accounts that require the most personalized attention and Tier 2 for accounts that are important but may not warrant the same level of investment.
Let’s dive a little deeper. A Tier 1 account might be a Fortune 500 company where you see a significant revenue opportunity, while a Tier 2 account could be a mid-sized business that fits your ICP but represents a smaller deal size. This segmentation allows you to tailor your marketing and sales efforts to the specific needs and potential of each account group.
Step 3: Align Marketing and Sales Teams
The success of your ABM program hinges on strong collaboration between marketing and sales teams. It’s essential to break down silos and make sure that both teams work towards the same goals. This alignment starts with regular communication and shared planning sessions where both teams can discuss strategies, share insights, and set expectations.
For example, during a joint planning session, marketing can provide sales with valuable content and messaging insights based on their understanding of target accounts. In turn, sales can offer feedback on the effectiveness of these materials and suggest adjustments based on their interactions with prospects.
Define Roles and Responsibilities
Clear roles and responsibilities are crucial for a cohesive ABM program. Define who will handle different aspects of the program, including:
- Content creation
- Campaign execution
- Account engagement
- Account follow-up
- Tracking and analyzing KPIs
For instance, the marketing team might be responsible for developing personalized content and nurturing leads through automated campaigns, while the sales team focuses on direct outreach and building relationships with key decision-makers. Your sales manager or demand generation lead would monitor and report on KPIs.
By clarifying these roles, you can ensure that all aspects of your ABM program are covered and that there’s no overlap or confusion. This clarity also helps in setting up accountability and measuring the effectiveness of each team’s contributions to the overall ABM program.
Step 4: Develop Personalized Campaigns and Content
Developing personalized messaging is at the heart of a successful ABM strategy. Start by tailoring your messaging to address the specific needs and pain points of each target account. For example, if you’re targeting a manufacturing company struggling with supply chain inefficiencies, highlight how your product can streamline operations and reduce costs. Use relevant data, case studies, and testimonials to back up your claims and build credibility.
Personalized content can include things like:
- Custom emails
- Tailored landing pages
- Targeted ads
- Customized demos
- Direct mail
For instance, you might send a personalized video message to a key decision-maker, showing how your solution directly addresses their company’s challenges. The goal is to make each account feel like they’re your top priority and demonstrate a deep understanding of their unique situation.
Leverage Multiple Channels
An effective ABM program will use multiple channels to reach target accounts. Using a mix of email, social media, events, phone calls, and direct mail allows you to engage decision-makers in different ways and at different times. For example, you might start with an email introducing your solution, follow up with a personalized LinkedIn message, and then invite the account to a private webinar tailored to their industry.
Make sure that there’s consistency in your messaging and take care to time your outreach strategically. In one study, 73% of marketers reported seeing an increase in average deal size when they focused on quality of ABM leads over quantity. This approach helps increase the chances of getting noticed and also reinforces your value proposition across various touch-points.
Step 5: Implement ABM Technology and Tools
The right technology stack is hugely important for executing a successful account-based marketing plan. Essential tools include:
- A robust Customer Relationship Management (CRM) system like HubSpot or Salesforce
- Marketing automation platforms like HubSpot
- Business intelligence and website visitor tracking tools like LeadLander
- Analytics tools like Google Analytics
Smooth integration is key for a seamless workflow. Your CRM should sync with your marketing automation platform to provide a comprehensive view of each account’s engagement history. This integration helps in tracking interactions across different channels so that all team members have access to the latest account information.
Use Data and Analytics
Data and analytics play a vital role in an ABM program by providing insights into account engagement and performance metrics. Some key metrics you might monitor include:
- Email open rates
- Content downloads
- Webinar attendance
- Social media interactions
These metrics help you understand which accounts are most engaged and which tactics are performing well.
Using insights from these analytics, you can refine and optimize your ABM strategies over time. For example, if you notice that a particular type of content is driving high engagement, you can produce more of it. And if you find that certain accounts aren’t engaging as expected, you might need to adjust your messaging or try interacting with them on different channels.
Step 6: Execute and Monitor Your ABM Campaigns
Once your campaigns are ready, it’s time to launch them. Set clear timelines and milestones to keep your efforts on track. For example, you might set a goal to send personalized emails to all Tier 1 accounts within the first two weeks and follow up with a targeted social media campaign in the following month. Keep in mind that ABM is a marathon, not a sprint. It takes time to nurture relationships and build trust with stakeholders at these high-value accounts.
Continuous monitoring is essential to assess the effectiveness of your campaigns. Use your ABM tools to track real-time engagement and make adjustments as needed.
Optimize and Iterate
Remember that ABM is an iterative process. Regularly analyze the results of your campaigns to identify what’s working and what’s not. Use this analysis to make data-driven decisions and refine your strategies.
Be prepared to adjust your tactics based on feedback and data. It’s key to stay flexible when responding to changing account needs and market conditions. The more you optimize your campaigns, the more effective they’ll become over time.
Step 7: Measure Success and Report Results
This is where the KPIs you set earlier come into play, like metrics around account engagement, pipeline contribution, and revenue growth. For instance, you might measure the number of target accounts that moved from the awareness stage to the consideration stage or the average deal size compared to previous campaigns.
Accurate tracking and reporting are crucial for understanding the impact of your ABM efforts. Use your analytics tools to compile data and generate reports that provide a clear picture of your progress.
Share the successes and insights from your ABM program with your sales and marketing teams, as well as executive leadership. Highlight significant wins like major account conversions or revenue increases, and discuss lessons learned from any challenges faced.
Celebrating wins helps boost team morale and also reinforces the value of your ABM program. At the same time, be open to discussing areas for improvement and brainstorming ways to overcome challenges. This transparency fosters a culture of continuous improvement and collaboration.
Find Success with Your ABM Program
Building a high-performing ABM program requires a collaborative and iterative approach. By aligning marketing and sales efforts and leveraging data-driven insights, you can create a powerful ABM program that drives engagement and revenue.
Now is the perfect time to start building your tailored ABM program. With the right strategy, tools, and team alignment, you can effectively target and nurture the accounts that matter most to your business. For additional insights into the leads visiting your website, try LeadLander with a 14-day free trial, no credit card needed.