Account based marketing (ABM) is making a name for itself – both in terms of the benefits it brings and its perceived complexity. With its roots in B2B and specifically the IT sector, account based marketing turns traditional lead generation on its head. Concerned with the few rather than the many, ABM treats each targeted account as a market of one. Able to increase average deal size and supercharge close rates by 67%, it’s easy to see why most industries are keen to ride the ABM wave. But like most new methodologies, account based marketing challenges are a source of unease for marketers, directors and investors alike.
That’s why today’s article is dedicated to overcoming the obstacles to ABM adoption and exploring how a marketing consultant can help manage this transition. Account based marketing doesn’t have to be hard, it should work hard for you.
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For a recap on account based marketing, check out our Focus on series: ABM basics.
What are the common obstacles to account based marketing?
Let’s take a look at the top 3 account based marketing challenges and ways they can be overcome:
Obstacle: Lack of confidence
Solution: As account based marketing differs from traditional lead generation, reassuring directors and stakeholders is a must. Yes, your lead pool looks relatively dry but lower acquisition costs, higher conversion rates and larger ROI justify the approach. Getting support at C-suite level, such as through Marketing Director as a Service (MDaaS), can ensure your ABM plan is given the time it needs to deliver results.
Obstacle: Not knowing who to target or where
Solution: This is the biggest of all account based marketing challenges, the major hurdle to the finish line. If ABM is to work you must have a clear understanding of your targets, personas and the channels to reach them. When did you last conduct persona research? Do you know your customers pain points? Internal teams can become blinkered so consider a consultant to gain clear, data-driven and unbiased research.
Obstacle: Lack of alignment
Solution: Account based marketing demands tight sales and marketing alignment if it is to deliver account specific and unified messaging. A CRM (customer relationship management) system aids data flow between departments but sales and marketing alignment should not stop there. Has your business developed shared KPIs? Does sales enablement content need updating or creating? This is where a consultant can add value, supporting in periods of transition plus advising on software integrations and automation tools.
Where to get help with your ABM strategy
A successful account based marketing approach is rooted in a clear strategy. It can be easy to spend time, money and resource or succumb to the appeal of ABM tech services. By partnering with a qualified marketing consultant, you ensure the correct strategy is in place.
Think Beyond’s chartered marketers help many UK businesses with account based marketing. From research to planning through to training, implementation, delivery and reporting, we offer you end to end marketing support. In short, Think Beyond is your marketing partner.
Contact the ABM experts today
Also, you can book a free 1 hour marketing consultation by completing our online contact form.