<div class="gn-article"><div class="gn-hero gn-reveal"> <div class="gn-hero__image"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/68fa125d2946e555b67f4d41_651d3d5fafac41e63f95c605_63491d965669487f69c816af_Event%252520Headers%252520-%252520August%252520and%252520September%252520(16)%252520(1).png" alt=""></div> <div class="gn-hero__head"> <span class="gn-kicker"><span class="dot"></span>Growth</span> <h1 class="gn-title">The 5 W&#39;s of a Strong Account-Based Marketing Strategy</h1> <div class="gn-meta"> <strong>The GO Network</strong> <span class="pip"></span> <span>14 October 2022</span> <span class="pip"></span> <span>7 min read</span> </div> </div> </div> <div class="gn-body"> <p class="gn-lede gn-reveal">According to a recent <a href="https://www.itsma.com/research/moving-abm-maturity-2019-abm-benchmark-study/">ITSMA benchmark study</a>, only 17% of marketers have mature Account-Based Marketing strategies in place.</p> <p class="gn-reveal">So, when <strong>ABM strategies have the potential to uplift marketing revenue by more than 200%,</strong> what's stopping marketers from getting started?</p> <p class="gn-reveal">In the recent workshop, 'When and How to Invest in Account-Based Marketing' we asked 3 ABM experts to share an introduction to ABM, why it matters, and more for your strategy.</p> <p class="gn-reveal"><a href="https://www.thegonetwork.com/events"><strong><em>View our upcoming events calendar</em></strong></a></p> <div class="gn-stats gn-reveal"> <div class="gn-stat"><span class="gn-stat__num">17<em>%</em></span><span class="gn-stat__label">of marketers have mature ABM strategies in place.</span></div> <div class="gn-stat"><span class="gn-stat__num">200<em>%+</em></span><span class="gn-stat__label">potential uplift in marketing revenue from ABM strategies.</span></div> <div class="gn-stat"><span class="gn-stat__num">71<em>%</em></span><span class="gn-stat__label">of consumers expect companies to deliver personalised interactions.</span></div> <div class="gn-stat"><span class="gn-stat__num">78<em>%</em></span><span class="gn-stat__label">said personalised content made them more likely to repurchase.</span></div> </div> <h2 class="gn-reveal"><span class="num">01</span>Account-Based Marketing: An Introduction</h2> <p class="gn-reveal">Account-Based Marketing (ABM) is a <strong>strategic approach to B2B marketing, based on creating personalized buying experiences</strong> for <strong>a mutually identified set of targeted accounts</strong>, namely, those that <strong>represent significantly higher expansion or growth opportunities.</strong></p> <blockquote class="gn-blockquote gn-reveal">"ABM is often regarded as either a marketing <strong>or</strong> a sales framework. In fact, it's neither. <strong>ABM requires an integration and alignment across all the teams.</strong>"<cite>Julia Payne · Co-Founder, Incisive Edge</cite></blockquote> <h3 class="gn-reveal">Account-Based Marketing and Inbound</h3> <p class="gn-reveal">Inbound marketing essentially lays the foundations for a strong ABM strategy. With an 'always-on' approach casting a wider net to your audience, ABM can then drive more efficient resource allocation of high value accounts.</p> <blockquote class="gn-blockquote gn-reveal">"If customers have come in as a result of inbound, whether this is through valuable content or great customer experiences, building an ABM strategy is about <strong>getting to know them</strong>, and bringing them further down that buyer funnel."<cite>Graham Reed · Director, Ice Blue Sky</cite></blockquote> <p class="gn-reveal">In this sense, where inbound drives wider brand interest and engagement, <strong>ABM drives targeted accounts through a dedicated pipeline.</strong></p> <h2 class="gn-reveal"><span class="num">02</span>The 5 W's of Account-Based Marketing</h2> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/68fa125d2946e555b67f4cc1_634926da6fe7a91ccb83108c_Event%2520Round-up%2520-%2520Quotes%2520(3)%2520(1).png" alt="Alex Tucker, Strategy Director at Miramar Agency reiterates the importance of a marketing experience"></div> <figcaption>Alex Tucker, Strategy Director at Miramar Agency, on the importance of the marketing experience.</figcaption> </figure> <h3 class="gn-reveal">Why does ABM matter right now?</h3> <p class="gn-reveal">Though relatively new, Account-Based Marketing strategies has seen a significant uptake in recent times, particularly with B2B organisations, and there are a few reasons for this.</p> <h3 class="gn-reveal">Honing focus and resource in a turbulent climate</h3> <p class="gn-reveal"><strong>Graham</strong> argues that most marketing budgets from B2B companies are spent on 'spray and pray' strategies, where companies hope customers self-select and make the journey down the sale funnel after receiving a load of information.</p> <p class="gn-reveal">However, as budgets are reduced for these companies, they look to refocus their strategy on 'spending their money to target high-value customers that want to do business thus ABM is falling into this space perfectly.'</p> <p class="gn-reveal"><strong>"It's not about quantity, at this point, it's about quality".</strong></p> <p class="gn-reveal"><strong>Julia</strong> adds that ABM is "<strong>a more targeted, more effective, more efficient way</strong> for teams to generate more revenue", allowing marketing, sales, and customer service teams to save time, and activity, on marketing to unqualified leads who aren't their best fit customers.</p> <h3 class="gn-reveal">The rise of personalisation and customer expectations</h3> <p class="gn-reveal">Upon the surge of digital behaviours raising the bar, personalisation matters more than ever. Research by McKinsey &amp; Company found that 71% of consumers expect companies to deliver personalised interactions and 78% said that such content made them more likely to repurchase.</p> <aside class="gn-quote gn-reveal"><q>If people have a good marketing and sales experience with your brand, they're not only more likely to buy, but to spend more.</q><cite>Alex Tucker · Strategy Director, Miramar Agency</cite></aside> <p class="gn-reveal">Therefore, companies must ensure they are gathering insights on their ideal customer and utilizing ABM to "focus on your best opportunities, and really deliver that customer centric experience".</p> <h2 class="gn-reveal"><span class="num">03</span>Who is Account-Based Marketing right for?</h2> <p class="gn-reveal"><strong>Julia</strong> states that "ABM is great for <strong>enterprise companies with longer sales cycles</strong>", as it allows you to focus in on the high-value, high-priority accounts that can make all the difference to your pipeline, and bring them down the funnel as quickly as possible.</p> <p class="gn-reveal">Though certain industries may see greater benefits from Account-Based Marketing at first glance, a successful strategy hinges less on your business sector, and more on what you already have in place.</p> <h3 class="gn-reveal">Will ABM work for you? Key considerations</h3> <p class="gn-reveal"><strong>Alex</strong> shares a few key questions to determine if ABM will benefit your brand:</p> <aside class="gn-callout gn-reveal"> <div class="gn-callout__label">What this means for you</div> <h4>Key questions to determine ABM readiness</h4> <ul> <li><strong>Do I have a proper target audience profile?</strong></li> <li><strong>Are my MarTech and Data platforms sophisticated enough to drive in-depth insights?</strong></li> <li><strong>How aligned are my internal teams?</strong></li> <li><strong>Do we have the internal processes in place for seamless communication?</strong></li> <li><strong>Do I have access to subject matter experts and content that I need to resonate with the target profiles?</strong></li> </ul> </aside> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/68fa125d2946e555b67f4cb5_634927485669481bccc8a849_Event%2520Round-up%2520-%2520Quotes%2520(5)%2520(1).png" alt="ABM uses the combined expertise of Marketing and Sales teams to select and target accounts that require tailored marketing."></div> <figcaption>ABM uses the combined expertise of Marketing and Sales teams to select and target accounts that require tailored marketing.</figcaption> </figure> <h2 class="gn-reveal"><span class="num">04</span>What do you need to be 'ABM-ready'?</h2> <p class="gn-reveal">Account-Based Marketing takes time, and to see the benefits, there are a few foundations you'll need before investing.</p> <h3 class="gn-reveal">Brand Awareness in the Market</h3> <blockquote class="gn-blockquote gn-reveal">"To implement ABM effectively, you've got to have a good foundation out there. <strong>Your brand needs to be known</strong>, it needs to be out in the marketplace, because it's very difficult to put a market in an ABM strategy from a cold base."<cite>Graham Reed · Director, Ice Blue Sky</cite></blockquote> <h3 class="gn-reveal">Clear Audience Profiles (Seriously)</h3> <p class="gn-reveal">The core of ABM sits in targeting the most important accounts for your business, so it's no surprise that appropriate audience profiles are crucial. However, it's more than just the company name, or the audience filters, that you need to think about.</p> <blockquote class="gn-blockquote gn-reveal">"<strong>It's not just demographic data that's important.</strong> Nobody buys from your business just because they're living in Luton, for example, they buy <strong>because they're looking to solve their pain points, needs and challenges</strong>, they've got motivators."<cite>Julia Payne · Co-Founder, Incisive Edge</cite></blockquote> <p class="gn-reveal"><strong>Alex</strong> also highlights the importance of building <strong>personas</strong> and <strong>Ideal Customer Profiles</strong> (ICPs) that incorporate the ever-growing 'decision-making units' within your target accounts.</p> <p class="gn-reveal">"It wasn't that long ago that we were talking about seven or eight people being involved in the decision-making process, but that's growing by the year, so that kind of account mapping piece is really important."</p> <p class="gn-reveal">Beyond this, <strong>Graham</strong> flags that you don't just need your audience, you also need the collateral to support them.</p> <p class="gn-reveal">"Ask yourself, '<strong>Do your case studies align to the expectations and requirements of that target audience?</strong>'."</p> <h3 class="gn-reveal">Building your ideal audience profiles</h3> <p class="gn-reveal">Beyond the standard targeting, here's what an ABM-ready audience profile actually entails:</p> <aside class="gn-callout gn-reveal"> <div class="gn-callout__label">What this means for you</div> <h4>Building your ideal audience profiles</h4> <ul> <li><strong>Mutually agreed target profiles, validated by your sales teams.</strong></li> <li><strong>Detailed audience personas based on core challenges, motivators, and behaviours.</strong></li> <li><strong>Profiles of the average 'decision-making unit' within your target accounts.</strong></li> <li><strong>Robust data to reflect the segmentation and personalization required for an effective ABM campaign.</strong></li> </ul> </aside> <h3 class="gn-reveal">Internal Alignment and Buy-In</h3> <p class="gn-reveal">Furthermore, ABM uses the combined expertise of Marketing and Sales teams to select and target accounts that require tailored marketing.</p> <blockquote class="gn-blockquote gn-reveal">"With ABM, you're looking at <strong>revenue performance across multiple teams.</strong> You need that alignment and integration across marketing, sales, your account teams, customer success, so everyone needs to be set to one common goal."<cite>Julia Payne · Co-Founder, Incisive Edge</cite></blockquote> <div class="gn-divider gn-reveal" aria-hidden="true"></div> <figure class="gn-fig gn-reveal"> <div class="gn-fig__media"><img src="https://cdn.prod.website-files.com/687a235da6861294eec73166/68fa125d2946e555b67f4cbc_6349270b0126a883d8e95a8b_Event%2520Round-up%2520-%2520Quotes%2520(4)%2520(1).png" alt="However, as Graham shares, when done right, almost any channel can work with ABM."></div> <figcaption>Graham Reed on how almost any channel can work with ABM when done right.</figcaption> </figure> <h2 class="gn-reveal"><span class="num">05</span>Where should you activate Account-Based Marketing campaigns?</h2> <p class="gn-reveal">Account-Based Marketing is, for the most part, more about the audience than the actual execution.</p> <p class="gn-reveal"><strong>Certain channels are often considered the most beneficial, for example:</strong></p> <aside class="gn-callout gn-reveal"> <div class="gn-callout__label">What this means for you</div> <h4>Channels often considered most beneficial for ABM</h4> <ul> <li><strong>Social Platforms</strong></li> <li><strong>Events and Webinars</strong></li> <li><strong>Email Campaigns</strong></li> <li><strong>Paid Advertising</strong></li> </ul> </aside> <p class="gn-reveal">However, as <strong>Graham</strong> shares, when done right, <strong>almost any channel can work with ABM.</strong></p> <blockquote class="gn-blockquote gn-reveal">"<strong>Direct Mail is starting to have a massive impact.</strong> Even yesterday we got any inbound lead from a DM piece. It worked because it was very creatively put together, and very targeted. What I would say is to <strong>explore every single channel.</strong> <strong>Find the best possible way of telling a story that's human</strong>, and you'll bring them down that funnel."<cite>Graham Reed · Director, Ice Blue Sky</cite></blockquote> <h2 class="gn-reveal"><span class="num">06</span>When should you review your ABM strategy?</h2> <p class="gn-reveal">Though ABM isn't a 'quick fix' by any means, <strong>Graham</strong> argues that you should be looking out for the performance of your campaign <strong>almost immediately</strong>.</p> <blockquote class="gn-blockquote gn-reveal">"<strong>From day one, minute one</strong>, as soon as you start putting things out there, and you've got your measurement metrics in place, <strong>you should be reviewing the performance</strong>."<cite>Graham Reed · Director, Ice Blue Sky</cite></blockquote> <p class="gn-reveal">If you're looking for specific timelines to review your work, <strong>Alex</strong> suggests breaking your strategy into core phases to define what you want to be measuring, for example:</p> <aside class="gn-callout gn-reveal"> <div class="gn-callout__label">What this means for you</div> <h4>Core phases for measuring your ABM strategy</h4> <ul> <li><strong>Initial Research.</strong> Building insight into your target accounts.</li> <li><strong>Data Integrity.</strong> Populating your database with useful information.</li> <li><strong>Data Acquisition.</strong> Gaining new contacts within the accounts you're targeting.</li> <li><strong>Engagement.</strong> The level of account contact activity.</li> <li><strong>Awareness.</strong> Email and website metrics.</li> <li><strong>Conversions.</strong> Generating new pipelines.</li> <li><strong>Revenue Growth.</strong> The long-term value of your ABM strategy.</li> </ul> </aside> <h2 class="gn-reveal"><span class="num">07</span>Next steps: Investing in Account-Based Marketing</h2> <blockquote class="gn-blockquote gn-reveal">"<strong>It takes a while to set up an effective ABM strategy, never mind executing one.</strong>"<cite>Julia Payne · Co-Founder, Incisive Edge</cite></blockquote> <p class="gn-reveal">ABM takes time, and for many businesses, getting the foundations you need in place will require starting from scratch.</p> <p class="gn-reveal">So, it can help to seek external specialists to provide <strong>guidance on developing this strategy, and start mapping out accounts</strong>. A strong agency partner can help lift the load, allowing you to comfortably <strong>begin extracting experience and expertise, and ultimately build a more meaningful campaign.</strong></p> <p class="gn-reveal"><em>If you're investing in Account-Based Marketing this year, make sure you're getting the most from your time. GO! offer cost-free agency recommendations, pitch management, and more.</em> <a href="https://www.thegonetwork.com/get-in-touch"><strong><em>get in touch</em></strong></a> <em>to get started.</em></p> </div></div> <aside class="gn-related gn-reveal" data-auto="related-reading"> <div class="gn-related__label">Related reading</div> <ul class="gn-related__list"> <li class="gn-related__item"> <a href="/articles/abm-101-building-account-based-marketing-into-your-strategy" class="gn-related__link"> <span class="gn-related__category">Expression</span> <span class="gn-related__title">ABM 101 - Building Account-Based Marketing into your Strategy</span> <span class="gn-related__excerpt">ABM can uplift marketing revenue by 200%-plus. 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