As with any new strategy, you need a plan. At its best, a well thought out ABM strategy can increase your overall network and brand loyalty. At its worst, it’s just another form of inbound marketing. So what goes into a successful ABM strategy?
Establish an ABM team
In order for any strategy to work, sales and marketing need to be in alignment. The goals and KPIs of your ABM strategy should be collaboratively determined by sales/marketing partnership. An ABM team should consist of people from sales, sales development, and marketing.
Identify an ideal set of target accounts
Obviously, you need to identify the accounts that are most likely to buy from you when building your ABM strategy. Otherwise, you’re simply shooting in the dark. Using third-party market intelligence, combined with your current marketing database, enables go-to-market teams to create and identify high-value accounts currently in-market.
Attract contacts from high-value accounts
After identifying the accounts you want to target, you should then identify the right personas within those accounts that will actually influence an ultimate buying decision.
To streamline tedious research, organizations can use Sales Intelligence to find stakeholders and decision makers likely to engage in the sales process. The name of this game is personalization. Even the most basic segmentation — both within your target account universe and the personas you’re trying to connect with — goes a long way toward increasing the level of relevance your solution has to a prospects’ needs.
Measure and analyze ABM results
Whenever incorporating something new into a marketing or sales strategy, tracking results is imperative to understanding how it actually impacts total ROI. Analyzing the results of a new strategy allows you to identify gaps and make adjustments where needed.
Start by comparing Key Performance Indicators (KPIs) from normal sales and marketing activities to results from your account-based efforts. Basic metrics to keep track of and compare are account penetration, deal-to-close time, win rate, and annual contract value (ACV).