In recent blogs we’ve discussed account-based marketing (ABM) and highlighted its benefits to sales organizations. As a quick recap, account-based marketing flips the traditional sales funnel by identifying specific prospects who fit your buyer persona, then marketing directly to those accounts.
Organizations that successfully implement an ABM program see many benefits, including more qualified leads, a higher close ratio, better collaboration between marketing and sales, and an increased ability to measure marketing ROI. However, ABM is not an overnight addition to your marketing program. It is an organizational shift requiring education, planning and buy-in. Before diving in, many sales and marketing leaders should ask themselves if ABM is a fit for their company.
This blog will share a few areas to think about when considering account-based marketing for your business.
Do you have the right type of customer?
Account-based marketing isn’t a one-size-fits-all solution. It works for specific types of organizations—so make sure yours is one of them before implementing. To start, ABM works best with B2B companies selling enterprise solutions that have a high annual customer contract value. This isn’t a solution for a SaaS e-commerce business or a B2C company.
Additionally, think about your prospect base. Companies selling to a targeted group or niche of high-value accounts are often a great fit for ABM. ABM may also work for your company if you have a wider addressable market, but some accounts are significantly higher in value (such as an enterprise segment of your market).
Is it an organizational fit?
A key element when considering account-based marketing is whether top company leadership is on board. ABM truly requires an organization-wide shift, and it’s important that management from the top down have bought in. Of course, sales or marketing leaders may need to pitch the benefits of ABM to get the support of C-Levels, but the bottom line is that it isn’t wise to proceed without approval and commitment.
In addition, consider the culture and leadership already present in your organization–particularly within your sales and marketing teams. How do they get along now? Currently, these teams may not interact as much as you’d like, but consider the relationships and culture there. Is it an unreceptive, siloed environment? Or are the team members and managers open to change and collaboration?
Do you have the tools you need?
Account-based marketing relies heavily on sales intelligence, yet most traditional sales organizations don’t have access to that level of data and insight. There are solutions out there providing accurate contact information, deep account-based insights, trends, and plenty of additional data which will be critical to the success of your ABM initiative. If you are planning to venture down the road of account-based marketing, it is imperative you find the right data solution to support your new program.
So—are you convinced that ABM is a good fit and want to learn more?
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