Do More, With Less
With the start of a new year comes the task of executing new and innovative marketing strategies that better connect with potential customers (and, of course, drive revenue). In the face of economic headwinds and an increasingly privacy-driven environment, many marketers have been asked to complete this task with minimal budgets and resources. That is why it’s critical to ensure your account-based marketing (ABM) strategy is set up for success.
According to Hubspot’s “State of Marketing Trends Report,”1 70% of companies report using ABM. However, Forrester’s “State of Account-Based Marketing in 2022”2 report suggests that up to 60% have very limited ABM strategies (and 26% are ABM in name only!). When ABM is executed properly, you may reduce wasted spend and help boost ROI by ensuring your marketing efforts reach the right audiences, instead of the most audiences. I put together a 5-step guide in this series of articles (along with some pro tips to help take your efforts to the next level) to help get you up and running with a robust, data-driven ABM solution that can put your marketing dollars to better use.
Step 1: REVIEW
Analyze Your Previous ABM Activity
Understand Your Target Audience
To excel in the future, we must first understand our past. So, let’s start with a thorough review of your targeted accounts for last year. Which accounts did you prioritize with ABM? Some organizations start with a list of accounts (often provided by the sales team) to target, while others build out an Ideal Customer Profile (ICP) and target accounts that fit within their selected criteria. Once you have reviewed your list of previously targeted accounts and understand the reasoning for which they were selected, the most important question to ask yourself is, were they the right accounts?
Speak Their Language
A relevant, effective messaging strategy is the key to help build a deeper relationship with your target audience. It is wise to take a step back and review the assets and themes used within your previous ABM efforts. Key questions to ask yourself include: How well did your messages resonate with your targets? What types of content assets were utilized (articles, webinars, videos, ads, etc.)? And finally, were they effective?
Know Where You Should Be
Speaking of messaging, it is vital to understand what channels those messages were delivered on and consider whether they were the right ones. Did you leverage social media, paid search, email marketing? What are the new channels your audiences enjoy? Upon review, you may discover opportunities to lead or join interesting conversations throughout your audience’s buying journey in the new year.
Timing is Everything
Your next step should include benchmarking your ABM progress against your buying journey analytics. This is where you can dive in and figure out whether you delivered the right messages at the right time. Did you rush to deliver your pitch, send your prospects into information-overload, or miss a key touchpoint in the buyer journey? Your buyer analytics can help paint a detailed picture of your previous timing successes and missteps.
Streamline Reports & Operations
This last step is often overlooked when reviewing marketing strategies, but it is essential. When gauging success, what reports do you monitor the most? Are there internal resources you can leverage to firm up your operational structure to streamline your analysis?
Once you have completed your lookback analysis, you will be ready to start shaping your new strategy with those insights in mind. In the next article in this three-part series, I’ll discuss how to determine which accounts are the right fit, as well as the intent behind their actions. But before we dive into the next steps in setting your foundation, download the ABM Audit Checklist and conduct a thorough analysis of your current ABM strategy.
- Hubspot. (2022). State of Marketing Trends Report 2022. https://www.hubspot.com/state-of-marketing
- Forrester. (2022). The State Of Account-Based Marketing In 2022: ABM Deployment Types Decoded. https://www.forrester.com/report/the-state-of-account-based-marketing-in-2022-abm-deployment-types-decoded/RES177690
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