ABM is a Strategy
ABM is a strategy, not a channel, and you don’t need to spend $100,000 on software to implement a new strategy.
Here's how you can start running an ABM program without purchasing expensive tools like 6sense:
Let me clarify—ABM tools can be extremely valuable. However, it frustrates me when marketers say they want to implement ABM but are simply waiting for their CMO to approve new software. Building a solid ABM foundation begins well before you invest in software.
Here are 3 things you need to run an ABM efficiently:
Target account list alignment
The best ABM teams spend significant time choosing accounts and defining their account list criteria. Everyone in the team understands exactly why they are working with their specific list of accounts, going well beyond basic criteria like employee size and region.
It's crucial to understand the unique reasons customers choose your solution. Before making any major investments in ABM tooling, invest time in listening to prospect calls, engaging with the sales team, and thoroughly understanding these customer motivations. These triggers and firmographics naturally then become part of your targeting and account selection process.
Lean in on creative ways to build relationships.
ABM at its core is about building one-to-one and one-to-few relationships with target accounts. While many think of ABM as just personalizing landing pages and ads, it can be much more dynamic. Creative teams are increasingly using various engagement methods like podcasts, webinars, and event programs to forge meaningful connections.
This diversified approach not only makes ABM programs more efficient but also more enjoyable for the team to execute. After all, no one wants to spend their time endlessly personalizing the same page or ad for hundreds of different accounts.
Simplify tracking
One of the biggest pitfalls in ABM is over-complicating tracking. Keep it simple by focusing on a few key metrics before starting your ABM program. These should include measurements like account-level engagement and pipeline growth. The key is to get everyone aligned around the same metrics and utilize your existing technology stack.
For tracking and measurement, you have several options. If you're using HockeyStack, you can quickly set up an ABM dashboard using their templates. Otherwise, leverage your existing web tracking technology and create a basic dashboard in your BI tool to measure account-level metrics.
Treat ABM like any other strategy. Start small and don't rush to invest $100K in technology. Take the time to build a solid foundation first.
Begin by addressing the fundamental questions of ABM: Are marketing and sales aligned on WHY we're targeting specific accounts? This alignment is crucial for success and ensures everyone is working toward the same goals.
The next step is to clearly define WHAT those target accounts look like. Create detailed profiles and criteria that will help identify the most promising opportunities. Then, determine HOW you'll build meaningful relationships with them, focusing on personalized approaches that resonate with each account.
Only after you've confidently answered these questions and established a working process should you consider investing in sophisticated technology. This approach ensures you're making informed decisions about your tech investments based on real experience and proven needs.