For many B2B companies, account-based marketing or ABM was the trend of 2017 and that trend is expected to continue throughout 2018.
While marketers and social influencers might be making all the noise, ABM is much more than just a buzzword. ABM offers a strategy for B2B companies to increase profits by focusing on accounts that fit their prospect goals. This form of marketing considers the fact that the majority of B2B decisions are made by a group of people rather than just one person.
ABM also keeps your sales and marketing departments from stepping on each other’s toes, and instead, aligns their efforts so that opportunities are not lost. Approximately 90 percent of all marketers believe that account-based marketing has value for their company, but only about 20 percent have ABM strategies in place.
Here are 4 myths to debunk about account-based marketing:
Myth #1: Account-based marketing and automation are one and the same.
Some B2B marketing leaders think that account-based marketing functions can be automated. They believe that the primary purpose of ABM is to understand the account and then determine the best way to go about crafting a message for that account. Once the message is crafted, it can then be spread across in a slightly modified manner to similar accounts. Nothing could be more inaccurate. The big deal with ABM is that the approach to content and strategy must be unique and specific to each account. It is different from modification in which an image or header can be changed and sent to a new account. ABM is about developing a unique and unified approach to each customer which cannot be done through automation.
Myth #2: Account-based marketing is a new thing.
Actually, it is not. Account-based marketing, in its true form, has been around for several decades. In the early days of advertising, everyone from creative directors to account managers to copywriters would identify who their key stakeholders were, and then would create customized strategies specific to these stakeholders. There was no real rhyme or rhythm to the process. Company leaders knew that in order to thrive, they had to keep their primary stakeholders happy and feeling special. And they did this by targeting them with information that they would love. Today, it is the same thing, just with more sophistication and efficiency.
Myth #3: Account-based marketing is difficult work.
So, what? All marketing is difficult to do in some respects. Getting to significant results is even more difficult because it takes time and patience. ABM might be just as hard as any other marketing method, but it focuses a company’s efforts on the accounts that matter the most. Some marketers might think that ABM is difficult because of the belief that only big accounts get the special treatment. In reality, ensuring any account whether big or small is treated personably and uniquely takes a lot of time, money, resources, and effort. Today, there is a wide range of tools, tips, and techniques to help remove any limitations on doing ABM the right way.
Myth #4: Account-based marketing is a magic wand for all my marketing problems.
Account-based marketing won’t fix everything that is wrong with your marketing strategy. It does have the potential to streamline your marketing focus and increase your return on investment. However, there are other marketing solutions that can work just as well when used in the right way. A good ABM strategy will use principles from both inbound and outbound marketing to offer value and tailor to specific accounts. Success with ABM depends mostly on doing good work in researching and engaging with your target accounts.
Account-based marketing is a highly-targeted strategy that can decrease the wasting of money, time, resources, and manpower. Look at the results of individual campaigns after using ABM for a while and see how effective ABM can be in reaching potential accounts with information they want to receive and are more likely to use.