Account-based marketing has been generating a lot of buzz over the last few years. And despite the fact that 90% of B2B marketers acknowledge the advantages of ABM, only 20% of companies are actively using this tactic. The wide gap can be attributed to skepticism due to misconceptions about ABM.
Even if ABM proponents and influencers are spreading the good news about it, it’s not that easy for companies to make the switch from mass or segmented marketing to account-based marketing. But let me tell you it’s worth the time, energy, and resources.
Let’s debunk the misconceptions surrounding ABM to help you make the right decision when you’re reassessing your marketing approach.
ABM is a totally new concept
The concept of account-based marketing has been around since… forever. Think about it, marketing and sales professionals zero in on target organizations that they want to include in their clientele. This has been going on even before marketing went digital.
Many B2B marketers believe that the ABM approach was already being applied in the past, albeit without a systematic process. In fact, the term “account-based marketing” was coined by the Information Technology Services Marketing Association (ITSMA) more than ten years ago.
However, as digital and marketing automation trends continue to catch on, marketers and industry leaders have rebranded and developed the concept into what we now know to be account-based marketing.
ABM is incompatible with inbound and demand generation marketing
Some ABM skeptics say that account-based marketing is purely outbound. However, inbound marketing also plays a significant role in successful ABM campaigns.
Highly personalized content such as eBooks, whitepapers, and even webinars can be extremely valuable in reaching your target account while cultivating a business relationship.
According to the 2016 State of Pipeline Marketing report, 35.4% of B2B marketers claim that their overall marketing strategy is composed of 25% ABM. This means that they’re complementing their traditional marketing strategies with ABM to target more valuable accounts.
ABM is only for million-dollar accounts
While it’s true that ABM focuses on a handful of highly qualified prospects that can potentially generate higher revenue than others, ABM isn’t simply about targeting just a few big accounts.
ABM is scalable to a high volume of accounts while still retaining the promise of a more personalized and individualized approach. This is what makes account-based marketing incredibly effective for B2B marketers.
There is only one kind of ABM
Account-based marketing can be customized to work with any business size or industry. According to ITSMA, there are three types of ABM that are currently being utilized in today’s marketing landscape namely strategic ABM, ABM lite, and programmatic.
Strategic ABM follows a 1:1 model, where one marketer handles a single account. ABM lite assigns one marketer to a few accounts.
On the other hand, the programmatic type, which is the newest type of ABM, automates the approach to accommodate hundreds of accounts so that marketers can cover more ground.
ABM is just a duplication of the sales team’s approach
In account-based marketing, both the sales team and marketing department work closely together to determine their target accounts and achieve the same goals.
ABM is built on a solid account planning to create actionable and sustainable marketing and sales strategies. Alignment of both teams is crucial to the success of account-based marketing.
Companies need to delve a little deeper into how ABM can help grow and maintain their sales funnel. ABM can help businesses eliminate waste and decrease risk by implementing a complete tailored, customer-centric approach.
With ABM, you can better track your revenue and build stronger relationships with prospects. Customer experience is also heightened with an ABM strategy because communications and content becomes more relevant and valuable. So you can delight your existing clients, turning them into promoters and ambassadors of your brand.
Don’t let these misconceptions prevent you from reaping the benefits that account-based marketing can bring to the table. Find out how ABM can benefit your business by contacting PureB2B today!