ABM: A Misunderstood Marketing Strategy?
Lewis Fein, a marketing expert who contributes to the newly-branded HuffPost, again turned to True Influence to explore the importance of account-based marketing, an invaluable asset that gives companies real insight into their customer base – and their individual needs.
But sadly, ABM is widely misunderstood, despite its growth spurt afforded by tech advancements.
Fein pointed to True Influence’s Myth Busters blog post from March 21, which addressed three myths many CEOs believe about account-based marketing that just aren’t true.
A key marketing strategy, ABM and its role in the marketing department should be clear to company CEOs, given the importance marketing has on the company’s success as a whole. Still, many are too removed from daily operations to understand the complexities of ABM, especially now that the decades-old approach has gotten a tech boost.
The ABM myths included the belief that ABM is an unnecessary extension of the sales department’s account planning and just redoes the work of sales reps, while in reality, ABM is a tool that helps marketers and salespeople better target their campaigns to specific clients, ensuring more overall success.
Even more problematic, many CEOs also believe that ABM is nothing more than a trend expected to fade as quickly as pet rocks and Rubik’s Cubes, despite a 50-year record of longevity.
CEOs with one foot in what they see as the halcyon days of the past also tend to think that it’s not the marketing department’s job to qualify leads, because they will only be passing on the information to sales teams in the end.
To work successfully, ABM brings sales and marketing teams together, a smart move since both have a stake in the overall growth of the business. Intent signals and other data gathered through ABM platforms help zero in on potential prospects, allowing the sales team to approach prospects at the right time with the right message, put together by a marketing team that knows exactly what to say,
Because it offers vital information, ABM allows marketers to use their creativity intelligently, first determining the best way to market to an interested prospect, then putting together an individualized, compelling message.
“You cannot … appeal to customers without qualifying them first; without doing the research to identify live leads; without knowing what a sales team should know and what you, too, must understand; without acknowledging that ABM is not an ordinary resource,” Fein writes. “Put another way, the right technology can be an invaluable asset – it is a way of acquiring priceless information – but it does not exist in a vacuum: It requires the intelligence of the application itself, on the one hand, and the wisdom of those who use it, on the other.”
Knowing what message is most relevant through platforms such as True Influence’s InsightBASE – which is “able to intelligently link intent signaling data to interested companies and contacts,” according to our CEO Brian Giese in an interview last year with The Street.
The technology forces marketers to get creative with their message, to communicate in a way that speaks to the heart of the targeted audience.
CEOs may not realize it, but because of the benefits, account based marketing is a strategy that’s proven itself to be no flash in the pan, but rather, a steady, successful way to not only win over clients, but also to retain them.
Want to read more? This is Fein’s 4th article in this series based on marketing intelligence. To read the related articles, follow these links:
2nd article: Martech plays big role in customer service
1st article: Technology is elevating marketing voices