According to a recent Terminus survey, over 90% of B2B marketers are all aboard the Account-Based Marketing (ABM) train; either they’re just getting started, cruising along, or already rocking it. Its clear ABM has serious potential for raking in more leads and conversions. But to make it rain with conversions, you must play smart and strategic from the word ‘go.’
In this blog, we’re diving into the common hurdles you might face with ABM, and we’ve got some tricks up our sleeve to boost those conversions. But before we jump into the nitty-gritty, let’s clear our basics.
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Account-Based Marketing (ABM) vs. Traditional Marketing
ABM isn’t about casting a wide net and hoping for the best; it focuses on a few close relationships rather than spreading yourself thin. Here’s how it works- ABM brings sales and marketing teams together to target prospects or accounts most likely to become loyal customers. By concentrating efforts on these high-potential accounts, ABM aims to maximize ROI and build lasting partnerships. The real perk? ABM can significantly boost B2B conversion rates, but to do that, engaging with the right prospects in a personalized and strategic manner is important.
Meanwhile, traditional marketing often involves broad-reaching campaigns aimed at a large audience. These campaigns cast a wider net, hoping to attract a broad spectrum of potential customers without the same level of targeted focus as ABM. While traditional marketing can generate leads across a wider pool, it may not achieve the same depth of connection or personalized engagement that ABM offers with its targeted approach.
ABM Strategy Hiccups: Are You Making These Common Mistakes?
Marketers, if you’re feeling a little stuck with your ABM strategy, don’t worry. It often happens to the best of us. Sometimes, even the most brilliant plans hit a snag. Let’s talk about some common ABM roadblocks you might have encountered.
1. Broadcasting Your Message to Everyone (Like That Awkward Group Text)
Will you send a birthday e-card to your entire contact list? Not exactly the most personal approach, right? That’s kind of what ABM feels like without a clear target. To make a real difference, we need to identify your ideal customer profile (ICP) – your marketing dream team!
Answer these questions to craft your perfect customer profile:
- What industry does their company operate in?
- How many employees work at their company?
- What is their company’s revenue?
- Who are the key decision-makers you are targeting within their company?
- What specific product or service are you aiming to sell to them?
- What are the primary challenges or pain points they face?
You will paint a crystal-clear picture of your ideal client by answering these questions. This lets you target the right accounts with laser focus, building meaningful relationships that lead to conversions (aka happy, paying customers). So, ditch the shotgun approach, hone your targeting skills, and watch your ABM strategy become an unstoppable force.
2. Creating One-size-fits-all Content
So, you’ve found the perfect prospects—great job! But now comes the crucial part: engaging them. Sending out random content isn’t going to cut it if you want those conversion rates to soar. ABM helps you zero in on the right accounts and craft messages that hit their specific needs and pain points.
If you’re still blasting out generic content, it’s time to shake things up. Focus on your chosen accounts’ unique challenges and create content that speaks directly to those issues. You can even tailor your content to specific industries or organizational decision-makers.
Another smart strategy is to align your content with the customer journey. This will smoothly guide B2B buyers from one stage of the funnel to the next. Embracing this ABM tactics will boost your traffic, help you nurture leads, and improve your conversion rate.
3. Flying Solo
If your sales and marketing teams are off doing their own thing, don’t be surprised when your ABM strategy falls flat. ABM includes teamwork, sales, and marketing at the same wavelength. So, how do you get these teams to play nice together?
First, share all that insightful data you have on your existing customers with both teams. Get them to check out look-alike accounts with similar revenue, size, and industry. Ensure they can also access insights like customer behavior, sales performance, and competitor research.
Teams must integrate these insights, including sales performance, customer behaviors, and competitive and market research. When sales and marketing join forces, they can get a full picture of the customer journey and focus on all the key metrics. This teamwork can lead to better results and higher conversion rates.
4. Expecting Instant Results
ABM isn’t a magic wand that will instantly boost your conversion rates. B2B buyers spend a lot of time researching products, so the buying journey is much longer than in the B2C world. Thinking you’ll see overnight success with ABM? Think again. Even if you find the perfect prospects and engage them well, closing the deal can still take some time.
It’s crucial to set realistic expectations from the start. ABM is a long-term strategy that requires consistent effort and patience. To reach your target audience effectively, you need to create personalized content across various channels.
Sure, ABM might bring in fewer leads than traditional marketing, but those leads will be top-notch. By nurturing them over time, you’ll have a better shot at boosting your conversion rate. So, hang in there and gear up for the long game with ABM. Patience and persistence are key!
5. Not Testing Enough
If you’re rolling out your ABM strategy and expecting it to work perfectly from the start, you’re in for a letdown. Like most marketing tactics, ABM is all about trial and error and learning as you go.
You can’t just launch your ABM campaign and then stop tracking or testing it. That’s a surefire way to fail. Instead, it would be best to implement your strategy and closely monitor how your target audience responds. For example, suppose you publish a social media ad for your latest product with eye-catching visuals, expecting a huge click-through rate. If the response is lukewarm, it’s time to adjust your strategy.
Testing is essential for refining your ABM approach and boosting your conversion rate. Each test provides insights into what resonates with your audience and helps you gauge the effectiveness of your campaign. Analyzing responses is the best way to improve your strategy and optimize your campaigns. Remember, the more time and effort you invest in testing, the better your chances of increasing your conversion rate.
Conclusion
The foundation of a solid account-based marketing campaign? Knowing your audience well. ABM can do wonders for your leads and conversion rates, but it’s all about strategy. If you’ve noticed any of these hiccups in your approach, it’s time for a tweak.
Want to level up your ABM game? Let’s team up and make it happen. Partner with us at Datamatics for tailored ABM strategies that fit your business like a glove. Drop us a line at [email protected] and let’s craft something awesome together.
