When should you consider an account-based marketing (ABM) or advertising strategy? There are several scenarios where it makes sense.
1 – When you sell products that are only relevant to a small set of target accounts and focusing broader is a waste of time and resources. We’ve seen these approaches used at several companies. Here are a few examples of target markets where ABM would be useful:
- The Fortune 500 or 2000 list
- Top geographies where you have outstanding sellers
- Specific verticals with only a small number of potential customers, such as energy
2 – Another common, though slightly less obvious scenario is where you have a clearly defined and potentially lucrative set of “high-value” targets (have the potential to generate substantial revenue and/or are strategically significant or influential). We wrote about this in a previous CTA and explained how you can segment your customers. Because these high-value targets can make or break your sales it is critical to make sure your sales pitch to these high-value targets provides the greatest chance for success. In these cases, your ABM outreach is really sales support with the goal of diversifying your internal champions and buyers at a given prospect.
3 – When you are targeting a VERY specific buyer in an organization (like the CMO or CEO) but cannot reach them directly and instead have to have someone else pass along the message to them. In this case, you might target the whole executive leadership team or the department the target manages.
4 – When the org chart of the company is unclear and you need to throw a wide net (i.e. banks give everyone the VP title) and you might need to reach a lot of people to find the right buyer. In this scenario, you reach out to the whole finance department within an account.
How Firms Leverage ABM and ABA
Firms are starting to adopt Automated Business Analysis platforms, like Outlier, to help them optimize marketing campaigns and programs. We’ve seen a few of our Outlier customers segment customers via Google Analytics or Adobe Analytics, build ABM campaigns and then use Outlier to monitor the success of each campaign. With each of these campaigns they test messaging, CTA, creative, and subject with the goal of testing customers and using it in their prospective marketing efforts. Outlier will automatically identify any unexpected changes and they change their marketing strategies thereafter. It helps these companies stay on the pulse of what’s happening and react with lightning speed.
Remember that as an early company, a few key wins can deliverable ROI far beyond the sale to the targeted account. The more specific and targeted you can get with your marketing dollars the better. Whether you are big or small, you will see better and faster campaign performance allowing you’re to more quickly leverage the strategic advantage early sales deliver.