Marketers use various tools and strategies within their toolbox to find success. One of the most commonly relied-on strategies is account-based marketing (ABM), which has become a valuable weapon throughout the industry. In a 2018 study, 89% of respondents reported a higher return on investment from ABM than traditional marketing initiatives. However, this was dependent on the maturity of the program in place.
In the same study, only 23.9% of companies reported having ABM programs that were well underway or advanced. ABM programs must mature and scale alongside the business as it grows to ensure ongoing success. While you don’t necessarily need technology to run an efficient ABM program, even using the most straightforward systems like email can help an ABM program mature faster.
Mature programs can also take advantage of more advanced technology like first-party data or predictive analytics. However, this maturing process can often leave marketers feeling lost when choosing the best technology for their program. Here are three tips for using tech to achieve ABM maturity:
The simplest tools can be the most effective
While email seems like a simple form of technology, the reality is that this tool is one of the most effective ways to engage prospects. The average professional spends almost six hours every day working in their email. Successful marketing tactics are built on the premise of amplifying messaging where target prospects and potential customers already are, which happens to be their inbox. Deploying email within an ABM communication strategy will quickly create a personal touch and increase the chances of engaging with the proper audience.
Email allows marketers to build a personal message for each account or prospect through channels such as email signature banners that showcase relevant content or guides for each reader. Using email in an ABM program creates a powerful channel for prospects to interact with brand employees, creating a new filter through which they can perceive the brand.
Add a personal touch
To take email one step further, marketers should consider including chat functionality in their ABM program. Chat is the essential next step in maturing a program since it reduces response time with prospects and, in turn, improves lead qualification. For example, the average email response time takes around 12 hours, and lead qualification drops ten times if you wait longer than five minutes to respond to a potential customer. Without chat functionality, marketing and sales teams dramatically downgrade their lead quality. Moving these conversations from email to chat will keep prospects engaged with the conversation for a longer period of time.
Chat functionality also further emphasizes the personal touch within an ABM program. A PwC survey found that eight in 10 respondents prefer interaction with a person, and chat makes this possible. With chat, marketers achieve quicker response times and also provide target audiences with the individual attention that helps answer any questions at their convenience.
Measure performance
Data is the name of the game in nearly every industry, and marketing is no exception. Modern B2B marketers have access to massive amounts of data, but often fail to use this information to measure the impact or effectiveness of campaigns, making the data virtually useless. Fifty-four percent of marketers have rated their data measurement skills as either inadequate or in need of improvement, according to Demand Gen Report’s 2019 Marketing Measurement & Attribution Survey Report. Mature ABM programs thrive on data analysis, and this factor must be at the core of the entire strategy to help evolve messaging and continue effectively targeting prospects.
Moving into 2020, many brands will fall back on the use of third-party data to inform decision-making. Still, the most successful marketers will be mindful of the consumer privacy movement and find alternate means of data collection. For example, marketers can instead turn to first-party data sources such as brand domains or email to continue scaling the analysis process.
As marketers evaluate this internal data for ABM program success, segmentation of this information will be vital in finding the best target prospects. For example, separate target accounts based on factors like industry, annual spending and number of employees. Pair this with predictive analytics models to lay out specific behaviors that represent readiness to buy.
ABM has earned its place as a strategic tactic for B2B marketers and has often led to great success. However, to continue this effectiveness, programs must mature; utilizing technology is one of the best ways to make it happen. Whether it’s the use of simple email banners or predictive analytics through clean data collection, ABM maturity must be established to maximize campaign effectiveness.
About the Author: Justin Keller is VP of Marketing at Sigstr, where he leads all aspects of the Sigstr marketing team with an intense focus on building an award-winning account-based marketing (ABM) program, developing co-marketing and strategic integrations, overseeing event strategy and brand initiatives.