The New State of Account-Based Marketing
Technology is completely reshaping the relationship between sales and marketing
There always has been a complicated relationship between sales and marketing departments. And the explosion of marketing technologies over the past decade in many ways
has only added to the strain. Today, marketing is able to deliver vast numbers of leads -- but often too many. Sales departments can become overwhelmed and end up
wasting valuable time sifting through that geyser of leads just trying to determine which ones have the greatest revenue potential. More and more companies have come
to the realization that the traditional method of Lead Funnel Waterfall has become inefficient at best, broken at worst.
Account-Based Marketing (ABM) is a more strategic approach. It uses data collected by new technologies in a thoughtful, productive way -- helping companies navigate
the complex B2B sales cycle. Instead of focusing on individual leads, ABM integrates sales and marketing resources by targeting a smaller number of high-value
Analyst firm SiriusDecisions has found that 92 percent of B2B marketers recognize the value of ABM and see it as a “must have” business strategy.
Increasingly, ABM is seen as the future of B2B marketing. But there is a lot to consider when deciding if it is the correct strategy for your company. LeanData’s
latest eBook, The New State of Account-Based Marketing, provides an overview of ABM, explores why it can matter to your business and explains how aligning your sales
and marketing departments might not be as challenging as you think.
First 3 Pages
The New State of Account-Based Marketing
How technology is reshaping the relationship between sales and marketing
Shouldn't There be a Smarter way?
In a perfect world, the sales and marketing team at any company would work with an efficient synchronizing. Much like competitive rower, both departments would pull
the boat in the same direction. The oars would touch the water in unison, seamlessly, with barely a ripple. Marketing would deliver leads. Sales would convert them
into closed deals. The process of generating revenue would be a smooth one, skimming across the calm surface.
The emphasis of course, is on "would." But the real world can be much different. Sales and marketing team always have shared a complicated relationship. There 's a
natural, creative tension between the two. Sure, the ultimate goal will be the same. But often the efforts are not aligned. Their oars, in effect, are out of synch. It
can be a choppy journey. And the sudden explosion of marketing technologies over the past decade has put an even greater strain on what already could be a frayed
relationship inside a company.
Today, thanks to advances in technology, marketing departments are able to deliver vast number of leads. But there's not always a good thing when that gushing spigot
includes both qualified and unqualified leads like. When used without clear-cut goals, technology can be up creating more problems than it solves. Sales department want
to chase the leads that have the best chance of being closed quickly and with then greatest amount of revenue - easy wins. So wading though the overwhelming amount of
information just to find few gems becomes frustrating. Even worse, it's inefficient. Time is spent searching not selling. Meanwhile, leads the marketing dutifully
chunks into MQLs can end up being ignored. Reams of content being generated by marketing also can fall on deaf ears. Potential revenue is lost. Nobody is happy.
Fingers are pointed.
It all begs a question: if we know more than ever about our potential customers, why is so much time and effort wasted on unfocused strategies that aren't actually driving results? In your gut, you know there must be a better method to successfully guide those most promising leads through the pipeline in a more corporative fashion.
Well, There's a name for different way of thinking about how sales and marketing can emerging technologies to better synchronize their efforts and work more closely together: Account-Based Marketing(ABM).
The evaluation of Account-Based Marketing
THE POPULARITY OF ABM RELATIVELY NEW. BUT THE CONCEPT IS NOT.
Account-Based Marketing evolved in the 1990's as an alternative to traditional mass marketing before the widespread adoption of the internet iconic companies such as Hawlett-Packard and Xerox set the early standard with targeted marketing strategies in the IT and Saas business spaces. But ABM has began to pick up more momentum in the broader business community thanks to the development of new technologies. Today, Companies have access to more information than ever about possible costumers. Also, integrated sales and marketing technologies have emerged to help companies deal with increasingly long revenue cycles.
So, what exactly are we describing? The analyst from SiriusDecisions defined Account-Based Marketing as ' the strategic approach marketers use to support a defined universe of accounts, including strategic account and named accounts. “ In other words, ABM is about a lesser focus on penetrating targeted accounts that have the best chance of ultimately producing revenue. It's a complete shift away from marketing departments just talking about generating lead volume. It's quality over quantity.
There also is no hand-off process where marketing simply deliver leads to sales and essentially says : “Good luck, and let us know how it goes.” Instead, marketing and sales departments are work in tandem throughout the traditional pipeline. ABM is designed to blend marketing efforts with sales in a more thoughtful way that supports a faster, more cost effective process while also reducing churn and increasing upsell opportunities. Marketing works closely to better define sales goals and, in turn, sales provides the feedback that identifies new potential markets. Simply puts: implementing ABS facilities a better view of the entire customer lifecycle for groups of targeted decision-makers.
LeanData research has quantified the growing treand among B2B companies towards adopting ABM strategies. According to a survey of 200 companies released in October 2014, LeanData found that 86 percent of B2B firm already are utilizing Account-Based Marketing or target-account selling strategy. Those companies indicated that they are benefiting from higher conversion and lead response rates as they have turned toward ABM. They also reported seeing increases in customer upsell, better aligned sales and marketing teams, and also more effectively managed and budgeted marketing programs.