Marketing | 2 Min, 45 Sec Read
Account-based marketing, one of the most effective and strategic marketing strategies, where personalized campaigns are designed for each key business accounts, basing the marketing message on the specific attributes and needs of the account.
The study says that 80% of marketers believe that ABM outperforms other marketing investments and is most recognized for its exceptional ROI offering. Yet, marketers are prone to make several mistakes while implementing account-based marketing.
Here we have listed the few most common ABM errors that marketing and sales teams make and how to avoid them.
No Clearly Defined Strategy - It's one of the most common mistakes that marketers make usually while defining their ABM strategy. Without setting any clear parameters in place, defining strategy would mean taking your money down the drain. It's important that you address your target account properly, measure the total addressable market(TAM), understand who needs your product and why, and ask yourself that For continued growth should the company need to focus on new or existing customers? Which marketing tools will be most effective in increasing the value of existing customers or converting new customers? To overcome these scenarios start researching, collecting data, identifying important trends, and creating an ideal customer profile.
Lacking at Account Selection - Many ABM programs fail because of wrong account selection, as the marketing department leans on the sales to decide which account to be placed at the top priority account lists. The lists made by the sales department will often point marketers to the toughest sales in the market and this may not be the best place to start your ABM program. So, both the marketing and sales team should collaborate and establish appropriate metrics that aid in assessing strategies and deciding the high-priority accounts. This helps out the teams to work out the bugs in the workflow, as the more communication between the teams, the better the results will be.
Lack of Account Personalisation - It's vital to identify the status of the accounts within the sales funnel, consider key factors to map out your accounts, and personalize your message to each account effectively. But many ABM teams fail at it, they always lack the personalized content of the middle or bottom-funnel prospects or personalize content excessively to the top-funnel leads. It's important to save personalization efforts such as account-specific portals, company-specific content, and customized messages, only to your top accounts. This personalization requires a significant investment from your end, invest your time in those accounts that will yield the highest returns.
Try avoiding these mistakes, as implementing an effective ABM strategy has many moving parts, thinking your way through a step-by-step approach is the best way for you to get started, and remember success starts with great planning, careful execution, and best practices. If you are facing issues in making a strategic ABM program, TactQ can help you in navigating the complexities of ABM and in executing high ROI growth marketing solutions. If you'd like to learn more about how we can assist your company to leverage ABM strategies, reach out to us now!