Account based marketing or ABM has become the go-to strategy for major companies across the globe. Demand Metric had reported that companies which used ABM for at least one year witnessed a 10% increase in revenue while 19% reported more t
han 30% growth.
As opposed to other traditional marketing strategies, ABM employs data and automation to target predetermined, high-value accounts. ABM works best for companies that sell distinct products or services to distinct audience, which is why it has become a common practice in B2B marketing.
If not implemented properly, marketers may not get the desired results. Here are 3 big ABM mistakes that companies must avoid to ensure increased conversions:
1. Lack of Consumer Research
One of the biggest mistakes that an account based marketing agency can make is not conducting enough customer research. It is imperative to know the type of companies you are targeting as part of your ABM strategy. Marketers should gain considerable information on their needs, their attributes, their challenges, and so forth. The research should be more data-oriented to warrant laser-focused marketing campaigns.
2. Lack of Personalization
For an ABM strategy to work, marketers need to equip themselves with highly personalized content or campaigns relevant to their target accounts. Account based marketing services need to warrant personalization across all platforms such as emails, social media, ads, website content, and so forth.
A good ABM strategy is all about establishing a strong interconnection with target accounts. Companies planning to generate more leads via ABM should avoid referring to general industry problems in a vague manner or only talking about their products and services. The focus should be on talking to the accounts directly about them and their pain points.
3. Monitoring the Wrong Metrics
Once a company is done implementing a marketing strategy, the next step is to monitor the campaign for results. KPIs or Key Performance Indicators showcase the success of a strategy, a department, and the company itself. More often than not, however, an account based company ends up tracking the wrong metrics.
The KPIs you chose to track must depend on the stage of marketing. For instance, brands need to focus on account engagement, both in terms of quantity and quality, during the early stages of marketing. They should also look at the number of accounts that are being successfully converted down the line. Brands can also compare the aforementioned results with the outcomes of other marketing initiatives.
Implementing an account-based marketing strategy for the first time can be a daunting task. However, brands can successfully convert high-value accounts by prioritizing customer research, implementing personalization, measuring the right metrics, and so forth.
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