In Part 1 we covered how Account-Based Marketing (ABM) requires planning for success. Marketers need to think like their sales colleagues when building the ABM plan and target accounts. When the ABM strategy is created it’s time for you to identify the marketing technologies that will enable the strategy.
There is no single ABM technology solution
Selecting the right technologies to help your ABM initiatives is like determining whether you need to redo your kitchen. You have the core framework of a functional kitchen—so do you really need to invest in new cabinets, sink, countertop, etc. or do you just need one or two new appliances? Beware of the “shiny object syndrome.” Also, don’t go down a rabbit hole of thinking that there is one appliance that can meet all your kitchen’s needs. Several marketing technology vendors have produced fantastic content to help define ABM and best practices tactics. One problem with this effort is how many marketers think a couple of vendors’ views are the standard process for ABM technologies. Marketers are learning a specific vendor process through webinars, conference presentations, white papers, ABM certifications, and ABM online training—without doing their homework or due diligence.
The truth is many marketing technologies can fuel ABM success, including systems you may already be using. It is alright to challenge, question, and ask for proof. Unfortunately, many marketers buy “all-in-one solutions as if an individual platform “does ABM” for their stack. The bottom line: There is no single ABM solution that does it all–yet. The technologies and usage are still maturing. Look at ABM as a sales and marketing business process which can be enabled in part by some technologies.
Marketing Tech Planning for ABM
During the planning process highlighted in Part 1, the core accounts are selected. (Objectives, revenue goals, and content are also part of the planning but not covered here.) Many of those accounts may be aspirational wins for new business. Other accounts may already be customers but only in limited groups. There are many criteria for selecting accounts for an ABM initiative. These accounts are the leading indicator for the technologies to use. The main changes may revolve around how the technology is used to support ABM processes and customer engagement. Too many marketers do not invest enough time into this planning stage for ABM. We would recommend that you carefully consider your investments in infrastructure, content, data, and programs and make sure that they all work together and support each other.
Marketing Automation and CRM
Marketing automation and CRM are the core hub for any sales and marketing program. These platforms provide the foundation for an ABM initiative. The challenge is following account-based demand generation versus lead-based workflows. In a Salesforce environment, many organizations have moved from “Lead-based” to “Account and Contact-based” workflows. This helps the sales teams focus on the context of accounts and not just individuals.
From this foundation, you can integrate other technologies as necessary. Don’t sign up for any marketing technology tools that don’t integrate. Disjointed solutions create static islands of data and risk significant workflow breakdown. The marketing automation and CRM hubs should have separate ABM tools and technologies integrated to coordinate and maximize multi-channel ABM campaigns.
“In a Salesforce environment, many organizations have moved from Lead-based to Account and Contact-based workflows. This helps the sales teams focus on the context of accounts and not just individuals.”
Here are some marketing technology categories that enable ABM.
Predictive Data Intelligence
Predictive services and technologies are valuable to identify target accounts that are likely to buy based on hundred—and even thousands—of data points. Predictive solutions can automate many of the account selection steps I highlighted in Part 1. Predictive tools may be best suited for engaging new accounts that aren’t already customers. Predictive can also help identify new opportunities within large accounts that are new opportunities. It’s critical that Sales is closely aligned with the use of predictive tools so they understand the criteria. If you don’t feel comfortable crunching and analyzing a lot of account data to determine you target account list, then a predictive solution may be for you.
Targeted Display Advertising and Retargeting
Display advertising platforms are powerful in targeting people who work for the target companies in the ABM plan. Some ABM display platforms can target people on job function, job titles, job level, and even personas. Accounts and contacts can be engaged based on IP- or cookie-based targeting data. Be sure to learn the difference. Cookie-based targeting is better at going deeper in North American programs. IP-based targeting may allow you more reach globally. These platforms are fantastic at engaging new contacts and accounts to build awareness and support other channels in a multi-dimensional ABM campaigns. Many marketers find that ABM display advertising and retargeting enable them to build awareness, engagement, and reach faster and show success as the overall ABM program is rolling out. It’s important to understand these platforms aren’t ABM solutions by themselves, but a powerful and effective component—especially when email and site retargeting can be integrated with display advertising and email campaigns.
“Many marketers find that ABM display advertising and retargeting enable them to build awareness, engagement, and reach faster and show success as the overall ABM program is rolling out.”
Marketing Performance Management and Attribution Analytics
New opportunities and sales rarely result from a single email, display ad or webinar. B2B purchase decisions are made over a long period of time and the decisions makers and influencers will have multiple touch points throughout the process. Marketing Performance Management solutions identify the best performing channels for each stage of a purchase journey. The performance is based on a number of criteria from opportunity creation, winning the sale, the cost per sale, the best performing channels, and budget spend per channel. MPM is incredibly powerful for measuring ABM effectiveness.
“B2B purchase decisions are made over a long period of time and the decisions makers and influencers will have multiple touch points throughout the process.”
Sales Enablement
Coordinated and consistent sales communications are critical for ABM success. Sales enablement solutions help sales teams deliver messages that are focused on companies, personas, and solution interest. These solutions help sales reps efficiently engage with the right messages, without having to make each new message from scratch. Messages can be personalized and sent with CRM integrations.
“These solutions help sales reps efficiently engage with the right messages, without having to make each new message from scratch.”
ABM success requires significant planning and alignment with sales. There aren’t any silver bullet technology solutions and marketing managers can’t unilaterally select accounts. The marketers who approach ABM strategically and collaboratively will succeed. Marketers who randomly buy technologies will increase operating complexity while driving up sales costs. Proactive planning with account selection and technology fit will lead to ABM success. Do you really need a kitchen makeover or just a new specialized appliance?
About Brian Hansford
Brian Hansford is vice president of client services with Heinz Marketing in Redmond, WA. He is a passionate B2B marketer and marketing tech enthusiast who frequently writes and speaks on data, content, workflow, and revenue performance. You can follow Brian on Twitter @RemarkMarketing or on LinkedIn at www.linkedin.com/in/brianhansford/
About Kelly Waffle
As Vice President of Marketing at Kwanzoo, Kelly brings more than 20 years of demand generation, marketing automation, and account-based marketing (ABM) experience. He has been a trusted advisor as a practitioner, consultant, and vendor and has won Marketo’s Revvie Award as well as Eloqua’s Markie Award. He was named to Onalytica’s 2017 Top 50 Martech Influencer List.