ABM in the 'Dotlight'

The Hardest Part of ABM: Pivoting to an ABM mindset

The Hardest Part of ABM: Pivoting to an ABM Mindset

The term ‘Account-based Marketing’ first appeared in 2003 in a paper written by Bev Burgess for the snappily named ‘Information Technology Services Marketing Association’ - now thankfully shortened to ITSMA.

The last twenty years has seen ABM grow into somewhat of a Marketing phenomenon, so much so that:

94% of B2B Marketers in a recent survey claimed to be using ABM, with mature programs delivering around 79% of sales opportunities.

State of ABM Report | Terminus

Of course there have been new marketing initiatives before. Back in 1947 Lester Wunderman came up with the term Direct Marketing. In 1987 Stan Rapp invented Maxi Marketing and many other new approaches have been launched and many since forgotten.

But not so in the world of B2B marketing, where ABM has shaken it to its very core.

I’ve worked in B2B marketing for over 40 years.

When I started off there was no such thing as ABM back then. There were trade magazines and some direct marketing using pretty poor B2B mailing lists, which were hit or miss at best.

Thankfully things have improved.

New strategies such as Account-based Marketing allow you to put a targeting lens on your Total Addressable Market and focus your Marketing efforts and dollars on winning, growing, and retaining your most important accounts.

In my opinion, ABM isn’t just a new name for B2B Marketing. It’s a totally different approach and way of thinking.

The methodology, set down by Bev Burgess and others some twenty years ago, has created a repeatable framework for winning, growing, and retaining your most important accounts.

This methodology, combined with advances in technology and the explosion of social media (where would we all be without LinkedIn?), has seen B2B Marketers embrace ABM like perhaps no other strategy (bar Demand Generation dare we say?).

To be successful at ABM does not just need Marketers to devise the right ABM strategy, deploy the right methodology, and harness the right technology - it also demands a different mindset towards marketing to businesses.

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ABM enables marketers to get up close and personal with their audience - much in the same way as the best Salesperson would, and this requires a change in approach.

From a Strategist/Planner perspective, it’s not only a question of getting into the audiences’ mind, but also your own Sales team to understand what they need, how they sell and what makes them succeed (or struggle).

This requires a bigger investment in time as well as budget, so the big question is:

How do you ensure the leadership team understands, appreciates and supports an ABM approach?

What does ABM demand of us to deliver effectively?

How does this change, not only strategy and execution, but also company mindset?

To answer these questions we need to look at why shifting mindset can be difficult and it all begins with you.

Educating yourself on ABM

ABM is a strategy. It is not a tactic.

It requires a long-term commitment to deliver the best results as it doesn’t just communicate to an audience, it engages with them, creating a relationship that is personal and long-lasting.

A relationship that can be built in conjunction with your Sales and Customer Success teams.

ABM depends on data.

Anyone with a direct marketing background will be used to this, but the depth of data insights that are required were only previously available to B2C Marketers - think shopping data, mobile phone usage, or frequent traveler information.

Understanding how to use the wealth of data that us B2B Marketers can now access (and to comply with data privacy legislation in all relevant markets) is a skill that needs to be learnt and mastered.

Educating your team and stakeholders

ABM is a company-wide strategy. That’s part of the beauty of it.

It touches and influences not just Marketing but Sales, Customer Success, Operations, Product, Leadership, and many more. Such an intense, long-term strategy may not be understood by those used to shorter, more tactical campaigns.

ABM requires greater insights, looking at the company’s product or service not through the company's eyes, but through those of the audience.

Challenging embedded ways of thinking

Where other Marketing strategies - think Demand Gen or Product Marketing - the results are measured soon after the campaign lands, be that clicks, enquiries or sales.

With ABM the results play out over a longer period - and, ultimately, deliver more. Quantitative analysis is still important, but there is a qualitative element that must be taken into consideration.

The direct engagement with a key person or group, within a highly targeted company - be it an existing customer or a prospect - helps to build not only strong awareness, but a lasting relationship.

The figures (i.e. revenue) may not show this in the short term and so the embedded ways of determining success need to be reappraised.

Changing your own thinking/ behaviour

All the best things in life require dedication and commitment. The 10,000 hour theory, which has been applied to sports, music and anything you want to become good at, applies equally to ABM.

It can’t be mastered overnight, there are so many facets that it could take a lifetime to master. (My favourite quote is from the famous cellist, Pablo Casals, who at 93, when asked ‘why do you still practice 3 hours a day’, replied “I’m beginning to notice some improvement”).

It’s up to you to lead the charge on shifting attitudes towards ABM. Although hugely successful, it’s still marginal or untested in some companies.

Like any great change in Marketing, such as the introduction of Direct Marketing or Digital Marketing, there will be those who believe the old ways are the best.

If it ain’t broke, why fix it?

Investing in new or untested areas is nearly always a risk. With ABM the figures speak for themselves, so less of a risk, more of a change in knowledge and behaviour.

Ditch vanity
metrics

Whilst on the subject of figures, a bitter pill to swallow is also the fact that vanity metrics become somewhat obsolete.

By this we mean those quantitative figures that show interest and perhaps increased awareness, but don’t follow through to actual sales and change in perception.

It is great to demonstrate industry-beating clicks, but what’s even better is an increase in sales, retention and loyalty.

Stand your ground

Leadership teams are often impatient to see results. The temptation is to provide them with ‘results’ at the expense of sticking to the plan.

Don’t be one of those that give in, stay strong, single-minded and focussed on the ultimate end goal. Remember that ABM is a long-term strategy that will create benefits internally and externally.

Internally there will be closer alignment between Marketing and Sales and externally, greater and deeper engagement with the most profitable customers you have chosen, the ones you really want that will maximise your ROI.

Your leadership team will thank you for it.