Top 5 Account Based Marketing Mistakes
Top 5 mistakes that make ABM (Account Based Marketing) a failure
Account Based Marketing Mistakes According to IDG’s 2019 IT decision makers’ role and impact survey , the number of people impacting enterprise technology purchasing decisions increased from 16 in 2017 to 21 in 2019. This reflects the fact that the importance of IT-related decisions in the enterprise is growing as digital transformation, Account Based Marketing Mistakes which means business change that fuses digital tools and analysis to all parts of the organization, is in full swing.
As the number of people who influence purchases increases, so does the challenge of technology marketers. This is because everyone involved in the purchasing process is important. Content marketers must strive to understand the purchasing process of individual companies, which is also why marketers’ interest in account-based marketing (ABM) is growing.
What is Mistakes Account Based Marketing Mistakes
ABM strategies are becoming more and more integrated throughout the marketing program, but there are common mistakes that hinder getting the most from ABM. IDG shares insights from years of experience in demand generation and ABM campaigns.
1. Treat ABM the same as any other marketing campaign: ABM is a strategic approach towards long-term sales growth. Marketing to accounts (potential customers) is a tactical lead generation. Having a list of 75 target customers in a campaign and trying to secure more than 100 leads can trigger ‘brand spam’.
2. Lack of knowledge of complex purchasing committees:Many vendors still collect filtered leads on a rank-by-position basis, without understanding the purchasing committee, and miss the opportunity to communicate with important stakeholders or future decision makers. The 2019 IDG IT decision-maker’s role and impact survey found that 21 people participated in the technology purchasing process, including IT as well as line of business (LOB). In other words, if you are targeting only IT managers or decision makers, it will lead to a failure to understand the target account’s purchasing committee.
Account Based Marketing Mistakes
3. Setting wrong expectations: ABM’s KPI tends to be the same as traditional media campaigns for short-term sales growth. Successful ABM campaigns require unique KPIs.Account Based Marketing Mistakes According to SiriusDecision, ABM’s main KPI is the level of account penetration, the percentage reflecting the duration and number of deals, and the overall size of the transaction.
Common Account-Based Marketing Mistakes You Need to Avoid
4. Uncustomized content: Many marketing content is still not properly evaluated. Most of them are vendor-oriented, lack expertise, and aren’t tied to potential customer challenges. The production of personalized content related to the target account is essential in a complex ecosystem.
According to the 2019 IDG Customer Engagement Survey, half of IT decision makers want content tailored to their industry or to their current preferred platform. In particular, it was found that IT decision makers in the Asia-Pacific region valued contents reflecting industry characteristics.
5. Lack of consistency between sales and marketing: The lack of understanding and communication between the marketing and sales teams is surprising. Account Based Marketing MistakesMany sales teams lack the understanding of how the ABM strategy works, as well as the follow-up to leads or the defined process of engagement. This situation can lead to a lack of internal discussion on customer nurturing at a strategic level, and only adheres to traditional sales practices.
Biggest Mistakes Account-Based Marketers Make and How to Avoid Them
Applying traditional lead generation to the ABM campaign is a shortcut to failure and lazy marketing. Understanding the complexity of the purchasing committee and tailoring content at the account level is the heart of ABM. More importantly, accept the fact that no one is contracting immediately with the first IT vendor they meet