According to CIO, there is a renewed interest in the back-to-basics power of ABM: “Targeting key customers and retaining them is the name of the game, and we now couple those principles with technology.” Companies that use ABM know its power – it delivers the highest ROI of any B2B strategy.
The way to target and retain comes from identifying, building and nurturing relationships with the correct people – stakeholders. Azalead, an ABM platform, states that, “40% more stakeholders are involved in the buying decision.” Using ABM to facilitate this practice, tedious “shooting in the dark” is replaced with tailored-made approaches, focused on stakeholders.
ABM builds off of the importance of quality vs. quantity. As stated by TechTarget, “instead of broad reaching marketing campaigns that touches the largest possible number of prospective customers, an ABM strategy focus resources for book of business on defined set of named accounts.” The idea that success is directly linked to a large number of lead-generated targets should ebb; deals are lost here. Put another way, MadTech professionals have summarized ABM as fishing with a spear, rather than a net.
According to Azalead, “ABM significantly changes the way [one] evaluates the performance of B2B marketing. It’s no longer enough to have purely quantitative approach aimed at booking the highest number of – more or less – appropriate leads provided by marketing and sales.” By ripping off the quantitative blinders, the realization that “fishing with spears” is the affective approach that defines ABM. It also enforces the importance of sales and marketing integrations.
As ABM eases pressure between two crucial teams, what’s more important to sales departments will not be the number of leads presented to them, but the differentiation between new and returning leads. This differentiation is important in stimulating and nurturing new clients, ensuring that databases don’t stagnate.
Come back on Tuesday for part 3 of our series, where we dig into to the ABM sales cycle.
Author: Ayla Quinn