Overcoming Common Challenges in Account-Based Marketing Implementation
Account-Based Marketing, abbreviated as ABM, has transformed into one of the strongest B2B marketing strategies that target high-value accounts with personalized campaigns. However much everyone speaks about the benefits of ABM, most marketers faced challenges when implementing the strategy. Here, we’ll discuss some common challenges marketers face during ABM implementation and how to overcome them.
Introduction to the Environment of ABM
What is Account-Based Marketing?
Through an understanding of the pain points, it is a pre-requisite to establish what ABM is. ABM stands for the targeted approach towards engaging one-to-one engagement of particular accounts in marketing efforts instead of casting a wide net over a whole market.
Changing Shades in Marketing Paradigm
ABM implies a move from pure lead-based marketing to more account-centric marketing. As such, it becomes the production of fewer leads but can be accompanied with quality support for accounts most likely to get converted to potential customers.
Common Problem Issues
Different Alignment Between Two Teams of Sales and Marketing
One of the main difficulties in ABM execution is that there is minimal coordination between sales and marketing teams. This collaborative effort from both teams would be very critical in narrowing down target accounts, personalizing messaging, and the coordination of outreach efforts to have an effective ABM.
Inaccessibility of Data and Insights
The other challenge that is most common is access to accurate and comprehensive data needed for effective ABM. Relevant information on target accounts, particularly firmographics, technographics, and behavioral data is not easy to gather for marketers to develop personalized campaigns.
Lack of Scalability
Maybe the last hurdle for companies in the implementation of ABM is scalability. While, theoretically, ABM is personal, scaling outreach to a larger number of accounts without diluting the quality of targeting can prove a problem.
ROI and Attribution Measurement
Traditional marketing strategies have better definable means of measuring success, not so with ABM. Its effect will have to be measured along the length and breadth of the end-to-end customer journey. This can make it difficult to measure the ROI of ABM projects, and more difficult, ascribe successes from specific marketing efforts.
Strategies to Overcome Challenges
Foster alignment between sales and marketing
Organizations should ensure open communication, common goals, and implementing technology appropriate for collaborative work by the sales and marketing teams. It also includes regular meetings and cross-functional workshops that help to align strategy and objectives.
Invest in Data and Technology
At eBranding Studio, investing in data enrichment tools and tech platforms is crucial to overcome ABM data challenges. The gathering of all-inclusive insights about target accounts is very significant because it allows marketers to make highly targeted campaigns while raising the accuracy of targeting.
Focus on Target Account Selection
Identify the most likely accounts to convert rather than trying to target every potential account. Do your research, locate the accounts that most likely align with your ideal customer profile and would most likely benefit from your products or services.
Develop Scalable Processes and Automation
Overcoming the scalability problem requires organizations to focus more on the scalable processes and to use marketing automation tools. Marketers can simplify the ABM initiatives of reaching more numbers of accounts by automating repetitive tasks and workflows.
Implement a Multi-Touch Attribution Model
The organizations must choose the multi-touch attribution approach and not purely depend on the models of first or last touch attributions for the assessment. Instead, they should look into the entire customer journey to receive a better view regarding success at multiple touchpoints along the buyer’s path.
conclusion:
Account-Based Marketing is implemented in organizations, which creates multiple challenges. However, these difficulties can easily be overcome by the right approaches and strategies in place. Such an organization can unlock the potential of ABM to bring meaningful results by fostering alignment between sales and marketing, investing in data and technology, selecting the right target accounts, scalable processes, and a multi-touch attribution model. As one moves up in the B2B landscape, mastering the implementation of ABM will be the golden key for delivering value to target accounts and beating the competition.
For further information and inquiries about Account-Based Marketing, contact eBranding Studio at contact@ebranding.studio. We’re here to help you enhance your marketing strategies and achieve your business goals.
