As the calendar turns to September, it’s budgeting and planning season for many marketers. Besides scrutinizing every revenue dollar and expense line from the last year, many CMOs look for new ideas and strategies to support their growth goals in the next year.
One of the most buzzed-about B2B marketing topics right now is account-based marketing (ABM). The Allocadia team and I recently attended Flip My Funnel to get the latest on this trending topic.
If you’re looking for advice on setting up ABM plans for success, consider these five articles your must-have prep list.
Get Your Data Ready
“Selecting your target accounts (the most important step in the process) is a mixture of art and science, both intuition and logic. Effective account selection combines gut feel, historical performance, and sometimes predictive data science to come up with an ‘Ideal Customer Profile.’ Data plays a critical role in this process.” – Read more at Engagio.
Coordinate Cross-Functional Participation
“ABM is not just for marketers. It requires cross-functional participation, especially Sales. The Sales team is an essential channel for promoting content, sending invites, and figuring out exactly who the influencers are going to be. ABM doesn’t work as a solo sport.” – Read more at Business 2 Community.
“Account-based marketing requires a shift in focus from “getting more leads” to “getting the best-fit leads.” It may take time for you to find your way and understand how to best allocate your resources if you’re used to the traditional lead generation mindset. If you have a small team, start by dedicating a portion of their time to ABM and advocacy, and the rest to traditional lead gen activities… Be sure to work closely with your sales team from the get-go so they can help you better understand and identify your most promising net-new accounts. Finally, bring in customer success reps so they can provide target upsell/cross-sell accounts with extra special attention.” – Read more at CustomerThink.
Create an Account Based Everything Model
“’Marketing by itself is insufficient to reach these target accounts,’ says Jon Miller, CEO of Engagio. ‘If you really want to connect with the right people at the right company, you need a human to reach out proactively – to call, to email, to do social media. Ideally, it should be all three.’ That is Account Based Sales Development, which is just as important to the process as Account Based Marketing, even though it hasn’t gotten the same attention. Therein lies another challenge: coordinating Account Based Marketing with Account Based Sales Development to create the Account Based Everything model.” – Read more at Huffington Post.
Track this One Key Metric
“Customer lifetime value (CLV), the revenue customers generate within their lifetimes as clients, typically spans a three- to five-year period and should dramatically increase with an account-based approach. Customer acquisition costs (CAC), the amount expended to acquire customers, combining what marketing and sales each spend, should also decrease with ABM. Execute ABM effectively, and you’re bound to see these totals improve in tandem, as you develop a clearer picture of your ideal customer profile and your customer acquisition processes are streamlined accordingly.” – Read more at CMO.com.