Account-Based Marketing, or ABM, is when you approach B2B marketing strategically to reach out to potential customers. Also known as key account marketing, it is based on customer account awareness. Here, the organization considers both individual prospects and customer accounts as one market and communicates accordingly.
ABM was one of the top trending stories in marketing in 2017 and is likely to grow significantly in the B2B marketing domain in 2018. However, 2018 may see a shift in the focus and implementation of ABM strategies.
Most companies are using highly customized one-on-one program with a few existing accounts, and others are also using segmented and less personalized one-to-many programs. These programs focus on acquiring new logos with broadly targeted prospective accounts.
Both these approaches have individual merits; however, the industry is yet to use a blended approach to ABM. This blended approach will be the focus in 2018 as companies scale their approach.
“My prediction for ABM in 2018 is that it will be on its way to becoming the dominant B2B demand creation strategy, and those who don’t get on board will be increasingly left behind. More and more companies are using technology, data and account insights to make smarter choices about the best path to growth,” said Megan Heuer, Vice President, Research at SiriusDecisions.
Trish Bertuzzi, President and Chief Strategist of The Bridge Group, said, “My advice for people to succeed in ABM in 2018 is to stop thinking ABM M=Marketing and start thinking ABR R=Revenue. Any successful strategy is about one thing and the one thing is the cha-ching. A great account-based strategy isn’t just about Marketing doing something differently. It also requires that Sales and Sales Development change the way they interact with buyers. When the entire organization aligns their activities around ABR it brings it all together.”
Jon Miller, CEO and Co-founder of Engagio, said, “My prediction is that in 2018, companies will recognize that just buying targeted ads does not represent an ABM strategy. You’re not going to get a senior executive at a large company to engage with you just by showing them an ad. Good ABM isn’t about waiting around to see if someone clicks an ad; it’s about crafting relevant, personalized messages and reaching out to the right personas at the right companies proactively.”
Here are some useful tips to run effective ABM campaigns in 2018:
#1 Use Marketing Automation Selectively and Effectively: Avoid misusing or overusing marketing automation when implementing ABM strategy.
#2 Create your “List” Judiciously: When strategizing for ABM, focus on a list of a small, selective group of prospects that will fit your customer profile perfectly.
#3 Recycle and Reutilize Your Success Stories: Check what worked well in your previous accounts and reuse those strategies in the current account if it fits.
#4 Get your Data Correct: Ensure that your ABM strategies are based on solid data. Remember, the more you work on gathering relevant data, the more chance of success your strategy has.
#5 Be Disruptive: This might be easier said than done. Your ABM strategy should be designed in a way that it will shake up your prospective client and give them food for thought.
So, we can conclude by saying that ABM is currently the most talked-about digital marketing strategy to reach out to your potential prospects, educate them, and turn them into customers. However, as a smart marketer, you need to avoid any pitfalls and strategize well to make it work for you. Come up with a data-driven plan for your 2018 ABM campaign effort that will give you an edge in this competitive business marketing world where competitors are vying for every inch of customer’s attention.
Leavitt, R. (2017, December 20). The Best of ABM: Resources for 2018 Planning – ITSMA. Retrieved January 16, 2018, from Click Here
Redlinger, B. (n.d.). Prophets of Profit 2018: ABM Experts Give Their Predictions & Advice – Part 1. Retrieved January 16, 2018, from Click Here
Schmukler, M. (n.d.). How to Use Account-Based Marketing Wisely in 2018. Retrieved January 16, 2018, from Click Here
Scientist, M. L. (2017, November 29). 2018 Planning Tips: Getting Account-Based Marketing (ABM) Results Ramped Up. Retrieved January 16, 2018, from Click Here