Account Based Marketing (ABM) has become increasingly popular with B2B marketers. It allows for a more targeted marketing approach that focuses on high-value accounts. However, there are some barriers that marketers should keep in mind when starting an ABM strategy.
“It’s important to do a realistic scan of your organization’s readiness before beginning an ABM pilot,” says Michael Krieger, Director, Marketing Analytics & Operations at MKR. “Understanding the challenges upfront allows you to develop a more effective and efficient strategy that addresses those barriers, leading to a higher likelihood of success.”
Identifying the right accounts
One of the biggest challenges of ABM is identifying the accounts that are the best fit for your product or service. Start with a clear understanding of your ideal customer profile. You can use data analytics and customer insights to identify the accounts that match this profile and are most likely to benefit from your organization.
Lack of alignment between sales and marketing
A lack of alignment between sales and marketing can lead to confusion and miscommunication, hindering the effectiveness of your ABM strategy. Establish a clear process for communication and collaboration between sales and marketing teams from the beginning. This can include regular meetings, joint planning sessions, and shared goals and metrics.
Creating relevant content
ABM requires creating personalized content that speaks directly to the needs of the target accounts. This can be a challenge if you don’t have the right data and insights. Invest in data analytics and customer research to gain a deep understanding of the pain points and needs of your target accounts. This will allow you to create content that is relevant and resonates with your target accounts.
ABM requires a significant investment, including time, budget, and personnel. This can tax smaller marketing teams. Prioritize your efforts and focus on the accounts that offer the greatest potential return on investment (ROI). Don’t be shy about leveraging technology and automation tools to streamline your ABM efforts and make the most of your resources.
Measuring the ROI of ABM can be challenging. It requires tracking multiple touchpoints across the buyer’s journey. Establish clear metrics and goals upfront and use data analytics and reporting tools to monitor your progress and analyze your results. This will allow you to make data-driven decisions and continually optimize your ABM strategy.
Krieger adds, “Starting an ABM strategy may present several challenges. With the right approach and resources, these barriers can be easily overcome.”
MKR is your partner for data analytics, establishing clear communication and facilitating collaboration between sales and marketing teams, and prioritizing your efforts. Let’s chat about how you can execute a successful ABM strategy that drives results and delivers ROI.