Unleashing the Power of Account-Based Marketing: Tips for Success in 2024
Episode Summary
In this episode of Marketers Talking, Mason Cosby joins to discuss getting ABM programs off the ground. Listeners can expect to learn about common struggles with launching ABM, key metrics to focus on, tools that can help, and where ABM is headed in the future.
About
Mason Cosby
Mason Cosby, Founder of Scrappy ABM, the only ABM service provider focused on providing step-by-step programs for the early “crawl” stage of account-based marketing.
Tools & Relevant Links
Episode Takeaways
Account-based marketing (ABM) has become an extremely popular concept in recent years. However, many companies struggle to actually implement ABM successfully. In this podcast episode, Jess and Mason discuss common pitfalls when launching ABM and share advice for getting ABM off the ground effectively.
Why ABM Initiatives Often Fail
According to Mason, there are three main reasons ABM initiatives fail:
- Lack of sales and marketing alignment. Often ABM is pushed by sales without input from marketing, leading to mismatched expectations about what ABM can deliver.
- No dedicated resources. ABM gets thrown to someone as an additional duty without providing additional bandwidth. But to do ABM right requires focus and strategic planning.
- Not changing metrics. Companies measure marketing performance the same with or without ABM. But you need to track metrics like account engagement and pipeline influenced to gauge ABM success.
Back to Basics: The 4 Ds Framework
Instead of jumping straight to technology, Jess recommends going back to basics with a simple 4 Ds framework:
- Data: Identify target accounts and your reason for engaging them.
- Distribution: Determine communication channels to reach your accounts.
- Destination: Create valuable content and offers to guide accounts.
- Direction: Track engagement to optimize your efforts.
You can execute basic ABM using your existing CRM and marketing automation platform before investing in more advanced tech.
The Future of ABM: Less Hype, More Strategy
Mason predicts less hype and more focus on foundations in ABM’s future. Many companies realized they bought ABM platforms without an underlying plan. And economic conditions require scrutinizing spending on unused tech stack bloat.
ABM success requires strategy before technology. Following a thoughtful approach focused on the fundamentals will lead to better results than buying the latest shiny tech toy.
Key Takeaways
- Get sales and marketing alignment before starting ABM.
- Dedicate staff and resources specifically to ABM.
- Change metrics to track ABM performance accurately.
- Master the basics before investing in new tech.
- Develop an ABM strategy focused on value before purchasing tools.