Test 5

The holy grail for B2B sales and marketing is finding the right accounts that drive revenue. ABM is the go-to strategy that delivers you the results.

Introduction

Magical things happen when your sales and marketing teams are aligned around two things — customer and revenue.

We're in B2B and we get it — every B2B wants more customers at less cost.

You can reduce customer acquisition costs by:

• Shortening your sales cycle
• Laser focus your targeting 
• Focus on larger deal sizes

“We have our inner story based on the pages visited — we calculate every prospect’s place in the funnel. And then we have several activities in each funnel step. Our nurturing sequence starts with a welcome email and goes on forever. We never stop them. We just regulate the frequency and content.”

In many ways, ABM is the answer to reducing customer acquisition costs, while at the same time helping your business focus on finding and keeping ideal customers. 

That sounds like a win, no?

Let's explore ABM and if it's something you can implement for your B2B.

What is ABM? 

Account-based marketing, plain and simple, is about channelling all your marketing efforts from a broader market towards a target account.  

It's a customer-centric marketing strategy.

Here's HubSpot's definition of ABM:

Account-based marketing (ABM) is a focused growth strategy in which Marketing and Sales collaborate to create personalized buying experiences for a mutually-identified set of high-value accounts.

Despite the name, ABM is a strategy involving multiple teams such as sales, customer success, product development and marketing. 

All this makes ABM an exclusively B2B marketing strategy as well — as it involves building relationships with individuals in the buying committee of a target account. It is particularly effective for B2B SaaS businesses with high annual contract value operating in a niche category.  

In summary, ABM is perfect for B2B companies that have:

• High annual contract value
• Buying committee involved 
• Longer sales cycles
• Market opportunities are limited

ABM vs Inbound marketing

Right off the bat allow us to clarify what ABM is not; it's not inbound marketing, demand generation or content marketing. 

Even so, ABM is not a standalone strategy.

Powerful alone but combined with inbound marketing makes it a robust strategy.

Here's a table outlining what the differences are between inbound marketing and ABM:

In fact, if you've started implementing inbound marketing in your business, you have the right foundations for a strong ABM strategy.

For example, say that you are a B2B business offering accounting services, and you've already launched an inbound marketing campaign to attract your ideal customers.

ABM builds on that foundation, directing resources on specific high-value target accounts and creating valuable content targetted to the buying committee.

What are the benefits of ABM?

If happiness is a metric, the number one ROI we get from ABM is happier customers.

This means a win-win for your business as well:

• Better fit clients
• Faster closings
• Longer contracts
• Bigger deal sizes

Additional benefits of ABM to your B2B business:

• Focus limited resources on high-value accounts
• Create better internal alignment for your sales and marketing teams
• Driving revenue is the objective and outcome 

Is ABM the right strategy for your B2B?

While the benefits of ABM are plenty, there are some factors that make it the right strategy for you to implement. 

If you're facing any of the following challenges: 

1. You have no problem generating leads but not enough qualified leads
2. Your marketing and sales team are siloed and not collaborating
3. Your sales cycle is long and complex involving multiple decision-makers

Conversely, if you don't have long sales cycles or if your deal value per target account isn't large enough it may not warrant you to implement and ABM strategy.

How to implement ABM in your B2B business?

The foundation of any successful ABM strategy is: 

1. Complete buy-in from C-suite executives
2. Alignment between sales and marketing
3. Access to the tools and tech required 

Let's take a look at each point in detail.

Complete buy-in from C-suite executives

Alignment begins at the top, and its about setting the right goals and objectives. Why? All good strategy starts with having the right goals. 

ABM is also a long-term campaign, and its not about winning one opportunity but looking at winning multiple deals over the lifetime of the account. That dedication to ABM requires a strategy beyond a simple nod — ABM is a commitment.

Alignment between sales and marketing

Sales and marketing alignment is something you would see come up a lot in definitions around ABM.

The three ways ABM can work between the two teams:

• One-to-one. A dedicated senior marketer will work with the account team to find the best strategy.
• One-to-few. A marketer will work with 5-15 accounts, usually in the same industry and experiencing similar issues.
• One-to-many. Working with a high number of carefully selected accounts.

It's important that sales and marketing agree on the target list of accounts, clearly defined SOP for handoff of leads and lifecycle stages and aligned metrics. Both teams have to familiarise themselves with ABM from the get-go to ensure a fully effective implementation.

Access to the tools and tech required 

ABM is made possible with access to the right tools. Without a doubt, it's essential to have a CRM and access to marketing automation that allows personalisation at scale.

It's also worth pointing out that subscribing to these tools alone is not implementing an "ABM strategy". We'll dive into this in more detail in the next section. 

The ABM strategy

The four phases of ABM are:

1. Identifying target accounts
2. Preparing your campaign assets
3. Deployment with the right tools
4. Measuring results

Let's look at each phases in detail. 

Map out the touchpoints and buying journey for each buying role, identify triggers and touchpoints for creating relevant content and make sure they are ready for deployment.