Demystifying Account Based Marketing

February 14, 2018 | by Vourneen Taylor

 demystifying abm.png

There is a big buzz around ABM or Account based marketing at the moment. Lots of clients are asking about best practices, how to implement or transition to ABM. I thought maybe there was something I was missing. Had I overlooked a transformative new marketing strategy? Then I got slightly paranoid and starting asking others about it, but they came back with what I already knew. Then I thought I would do some extra research. There was so much interest, there must be something to it, right?

1) ACCOUNT BASED MARKETING IS NOTHING NEW – it's just marketing

If you were not employing ABM strategy naturally to begin with well then we might have a bigger problem to deal with. Key accounts or target accounts have been around since the days of Mad Men and the birth of advertising agencies.

Most B2B companies should know:

a) What companies they would like as customers and

b) The opportunities that lie in existing customer accounts.

When there is a big enough opportunity everyone across departments come together to get the deal. It is not a new concept, there are articles on this subject dating back decades.

Wikipedia tells us “key account marketing, is a strategic approach to business marketing based on account awareness in which an organization considers and communicates with an individual prospect or customer accounts as markets of one. Account-based marketing is typically employed in enterprise level sales organisations”

Basically, this just tells us the focus is on the company or account level.

 

2) HOW TO IMPLEMENT ABM - just use marketing tactics

Business strategy plan over ladder leading to success

 

Let's have a look at some tactical suggestions by different companies:

Bizible

Account Development Rep (ADR) - aka BDR's or SDR's

  • Follow on social from ADR account
  • Persona prospecting with some score-based engagement and personalized outreach
  • Account-based contact sequence
  • Pre-event appointments to stop by tradeshow booth
  • Re-prospect returning visitors

Terminus

  • Target contacts and decision makers with relevent online ads to increase awareness this is done before & during Business Development outreach
  • Using event marketing to bolsters sales activity with follow up calls, emails, online ads targeted to attendees and social outreach
  • Sales and marketing then work together to create targeted messages and online ads that match the opportunity stage

Engagio

  • Sending personalised human emails from/to multiple target account contacts
  • Direct mail package
  • LinkedIn profile views
  • LinkedIn messages
  • Phone calls
  • Account-based ads

To give you some ideas, here is an outline of ABM tactics at various stages of the funnel.

account based marketing

 

3) USE SEGMENTATION - you already have this in place, correct?

intern to CEO-1

The above photograph is of a whiteboard diagram that I scribbled to explain how I look at segmentation.

I typically use 4 quadrants:

  • Demographic ( city, industry, no. of employees, job title etc.)
  • Behavioral (what did they click, visit, open)
  • Recency (How recently did they engage)
  • Frequency (How often did they engage)

By using this quadrant you can get a much clearer understanding of interest or intent to purchase. For example your ideal account could be a Marketing Manager of a Software company, they visit your blog and subscribe. On a report or scoring model this might look great. However if they subscribed 5 years ago and did nothing since it doesn't look so good. That is where recency & frequency come into play.

I also look at the persons level of knowledge and authority in the organisation. This helps to understand how to craft your message or what tactics might be suitable to use. 

“Buyers are looking for their existing suppliers to keep them updated with relevant propositions” source

According to the Marketing Practice Decision Maker's Index “77 per cent of decision-makers say that marketing from new suppliers is poorly targeted and makes it easy to justify staying with their current supplier.”

Well this is just good content marketing and relationship building right? Remember educating your buyer with helpful, valuable content is the cornerstone of Inbound Marketing.

 

4) GOOD TIMING - the right message at the right time -sound familiar?

business-time-clock-clocks-48770.jpeg

You can also use various tools to help you ascertain the right time to approach a target account. For example Datanyse can help you to uncover sales triggers like technology changes, traffic increases or funding rounds. You can use Hubspot to trigger notifications to sales reps based on a scoring or engagement metric.

 

5) BE PERSONAL & CUSTOMISE YOUR MESSAGE - doesn't this sound like an Inbound approach?

gift wraped personalised

Let's take a look at what Wikipedia says.

“By treating each account individually, account-based marketing activity can be targeted more accurately to address the audience and is more likely to be considered relevant than untargeted direct marketing activity.” - Wikipedia
Yet again personalisation should be something you have already implemented. Ideally you want aim to individually gift wrap each message for your persona or account to show them you actually care. You shouldn’t be treating every customer the same or pushing the same message out to your entire database. If you are doing this, please stop or at least use smart content with personalisation.

6) WORKING TOGETHER AS A TEAM - This is vital to all successful businesses

aligning vectors.png
 
The above image is taken from a presentation delivered by Dharmesh Shah co-founder of Hubspot at Inbound earlier this year. To read more about "aligning vectors" or people in an organisation I would highly recomend reading this article aligningvectors.com.
“Every person in your company is a vector. Your progress is determined by the sum of all vectors.” — Elon Musk
This is essentially an inbound approach and it goes a step further than just "smarketing". I strongly feel if all teams are aligned with the same focus you will get greater results and happier employees.
 

SUMMARY: GETTING NOTICED BY THE RIGHT PERSON & ENCOURAGINGTHEM TO TAKE ACTION IS KEY - that's the basics of inbound marketing, right?

Ultimately, I feel ABM or Account Based Marketing is just marketing at an account level. There are no new fancy tactics or playbooks here. Outbound tactics can be used to bolster a campaign but in a relevant and targeted way. ABM is just reinventing the wheel.

Instead, we are thinking about all the levers we can pull to communicate the right message to the right person at just the right time. We are thinking about all the resources we have, working together to win accounts. It sounds like Inbound marketing at an account level to me?

 

Sources:

 

Inbound marketing

Written by Vourneen Taylor

Vourneen Taylor

Vourneen Taylor delivers Inbound Strategy Workshops and in-person Hubspot training for fast growing teams in international SaaS businesses. She has 15 years experience in marketing and has onboarded over 350 Hubspot customers. At last count, she has traveled to over 125 destinations in 27 countries and has lived in London, Prague, Amsterdam, and Melbourne, as well as, her home town of Dublin. Outside of work, she enjoys sampling craft beer, good coffee, and planning the next adventure.