Running ABM ads, replacing demand generation, among others are some of the coming ABM mistakes marketers should avoid.
The Digital Kungfu’s Account-Based Marketing (ABM) Survey found that 85% of marketers that monitor ROI believe ABM outperforms other marketing investments. Even though ABM has proven to be successful, there are several common mistakes marketers tend to make while executing it.
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Only running ABM ads
ABM is a tool, and it cannot be an entire go-to marketing plan. Although running ads typically constitute for the main part of an ABM strategy, it alone cannot constitute a whole strategy. Taking a three-tiered approach to ABM ads is an excellent way to maintain target accounts as the main goal is to increase awareness to a broader set of customers.
Ads definitely help is scaling a company’s ABM efforts and remains a programmatic way of delivering a message a large audience. However, only focusing on ABM ads is not enough, it must be one piece of an orchestrated campaign.
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Ignoring demand generation for ABM
It’s no secret that ABM delivers better ROI than any other strategy. However, this does not mean marketers should replace their demand gen strategies altogether for ABM. It is essential to run ABM as well as demand generation, simultaneously with full-fledged efforts.
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To continue benefit from targeted marketing strategies, companies need to tap accounts along with focusing on broader inbound marketing strategies. Find a balance comprising ABM and demand generation that is suitable for the company.
With more complicated deals, it is better to rely on ABM, while in the case of smaller deals, rely more on demand generation tactics.
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Not building an ABM alliance within the company
It is essential for marketers to think about key change management pieces before kick starting their ABM efforts. Avoid assuming that all teams targeting an account are on the same page, and instead get buy-in from each team leader individually.
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Get regular feedback from the head of customer success and head of sales and understand what ABM means to them. If their thoughts are in line with the company’s plans and understanding, that is a healthy process. It is vital for everyone to know about the process and framework for building the ABM strategy as everyone needs to be on the same page to know the infrastructure of the program. Marketing leaders need to ensure having a success metric in place to understand what is working and what’s not. Finally, having definite roles and responsibilities across the team and making sure they are effectively followed.
Final Thoughts
As marketers are selling complicated solutions to large companies, it is not easy to execute a seamless ABM strategy in enterprise markets is never going to be easy. Marketers can handle these ABM pitfalls and mistakes by strategic collaboration and guarantee maximum results from their ABM program. Marketers need to take concrete, measurable steps that will significantly increase the company’s chances of winning the most attractive deals.
