After implementing ABM, the 2020 Gartner Technology Marketing Benchmarks Survey observed increases in key marketing and sales areas.
In marketing, conversion rates increased throughout the funnel, web traffic increased, and advertising and email performance improved. Marketing teams need to implement a robust strategy for better ROI
Here are the steps for sales and marketing teams to create and implement an ABM strategy:
Step 1: Formalize the account selection procedure.
To formalize the account selection procedure, marketing teams should create target company personas based on the most likely high-value clients to convert and/or return.
Assess the business objectives and values that these target accounts tend to share and the major buying journey steps that precede their purchase.
Step 2: Establish coordination between sales and marketing teams
Successful account engagement requires proactive, ongoing coordination between marketing and sales teams for ABM strategies. This prolonged communication gives the marketing team additional opportunities to provide personalized content.
Step 3: Strengthen the technology stack and employ third-party targeting tools
The proper software stack and technology investments are crucial to the success of account-based marketing. Adopt an end-to-end ABM platform that provides all required functions across each process step.
Marketers can also establish an ABM program using the existing martech stack, adding additional tools as needed to scale.
Conclusion: When deciding between a full end-to-end ABM service and supplementary tools to augment existing marketing technologies, it is important to remember that there is typically no single correct answer.
The key to success is open collaboration with key stakeholders to determine the business strategy that makes the most sense and offers the highest ROI.