A client once asked us on a Demo Call,
Should I even start ABM now? These are my marketing goals & here are the resources available.
Everything was on the table but with one question:
ABM, now or when?
"ABM is first of all the strategy and the right process to select the right accounts, build individual offers for these accounts, and run one-on-one campaigns for Tier 1, and one-to-few for Tier 2."- Andrei mentioned in conversation with our founder on The ABM Voice podcast.
After working with 100's of successful & not-so successful ABM marketers, we know for sure that when is the ideal time to start ABM.
Here are 5 criteria you should look at before kick-starting ABM:
Criteria 1: Do you have a well-defined target audience?
If you already have a clear understanding of your ideal customers and have identified your target accounts, it's a great sign that you're ready to start ABM.
When you know who your audience is, you can create highly personalized campaigns that resonate with their specific needs and challenges.
Do you have a clearly defined ideal customer persona (ICP)?
Criteria 2: Do your marketing & sales team work in silos?
If you want marketing & sales to work as one revenue unit, ABM may be just what you need.
When both teams collaborate closely and work towards a common goal of targeting and nurturing specific accounts, you can deliver a consistent and personalized experience that drives revenue growth.
Are you planning to get sales involved in your ABM efforts?
Criteria 3: Are you experiencing slow or stagnant growth?
If your business is facing challenges in generating quality leads or your growth has plateaued, ABM might be the boost you need.
By focusing on high-value accounts and tailoring your messaging to their unique pain points, you can unlock new opportunities and reignite your growth engine.
Is your growth slowing or stagnating?
- Yes, it is
- No, it isn’t
Criteria 4: Do you have the necessary resources and capabilities?
If you have dedicated ABM budgets, people from sales & marketing teams, creative needs etc. in place to support personalized marketing efforts, then you're in a good position to start ABM and make the most of your investment.
Implementing ABM successfully requires resources and capabilities.
Criteria 5: Is your industry highly competitive?
In highly competitive industries, standing out from the crowd can be challenging.
ABM can be a game-changer in such scenarios.
Roll out personalized campaigns, hit your ICP, differentiate yourself and build stronger relationships that give you a competitive edge. Writing, "Hey Sephra, we have the solution to your tech data problem" is more impactful than selling traditionally.
Just one more evaluation and you’ll know if this is the right time to switch to ABM for your business.
The last thing you’ll need is this exhaustive 4 point evaluation process which will help you decide whether ABM is the right thing for you or not
Evaluation 1: Business Readiness for ABM:
1-1: Check your business goals and objectives:
What are you looking to achieve? Increased revenue, market expansion, or improved customer retention?
1-2: Assessing internal readiness:
- Do you have the necessary resources, technology, and team alignment to implement ABM effectively?
Evaluation 2: ABM fit for your business:
2-1: Evaluating target account focus:
- Does your business have a select group of high-value target accounts that would benefit from personalized attention?
2-2: Target market analysis:
- Do you have a specific target market that you want to focus on? Engineering, tech startups, renewable energy or any other?
Evaluation 3: Target Market Analysis: Recognizing the Signals
3-1: Tracking market trends and ABM adoption:
- Are industry trends pointing towards the increased relevance and success of ABM?
3-2: Identifying customer pain points:
- Do you have a deep understanding of your customers' pain points and challenges? How can ABM address these pain points more effectively?
Evaluation 4: The Right Time - Strategic Triggers for ABM Implementation
4-1: Indicators to start ABM:
- Identifying key signals such as reaching a critical mass of target accounts, stagnant growth, or increased competition.
4-2: High-value target accounts:
- Are there specific accounts with significant revenue potential that would benefit from a personalized approach?
4-3: Expansion into new markets:
- If you're entering new markets, ABM can help you establish relationships with key accounts more effectively.
Yeah, like we said. That’s it
All you need to see if your business satisfies most of the criterias and evaluation steps. The more the better it would be for you to switch to Account Based Marketing.
To start ABM with us - Book A Demo call with us
Remember, getting started with ABM is an iterative process, so don't be afraid to experiment and learn from your experiences.
- defining clear objectives
- Doing account research
- Implementing a personalized approach
you'll be well on your way to launching a successful ABM program.