“Today, because noise is everywhere, we’re all surrounded by a screaming horde, an open-outcry marketplace of ideas where the race to be heard appears to be the only race that matters. And so subtlety flies out the window, along with a desire to engage for the long haul. Just a troop of gorillas, all arguing over the last remaining banana.”
— Seth Godin
ABM comes in different shapes and sizes. It sure is a great way to connect with prospects and build stronger customer relationships. According to a study by The ABM Leadership Alliance (formed by ABM vendors), only a small fraction of companies (8 percent) are all-in on ABM. The rest are doing what they think is ABM but isn’t the real thing. Here are 7 steps for developing a foolproof ABM strategy:
Map out your market
First and foremost, one needs to map the accounts that need to be targeted. Create a list of those 20/ 30/ 100 companies that you want to go after. This becomes your prospect database.
Understand your target segments
Open the master database you created in Step 1 and segregate your target market based on their demographics, cultures, behaviors et al. These become your seperate TSs.
Map out the decision makers and influencers in the accounts that you have selected. These would range anywhere from 4-10 individuals at different levels- c-suite, mid-level marketing managers, technology experts, sales guys etc.
Once you understand your audience, you are now well-equipped to create personas based information such as on their level in the organization as well as the type of Industry etc.
Create personalized content based on the different personas you worked on in Step 4. Read more about this in <<blog on personalisation>>
This is a tricky aspect. The scoring is not simple maths in ABM.
You need to take the entire account as 1 individual. So- if your content in Account A gets read by 1 person two times and in Account B it gets read by 2 people, at the same level, once each- the leadscore of will be same for both. This is not practised by most.
Once everything else in place, you need to sit and decide the actual strategy. This needs to be devised keeping in mind that your aim is to reach the right persona at the right platform at the right receptive moment. Hence, you need an omni-channel integrated strategy.
One also needs to create a workflow of what should happen if a prospect engages with your communication vis-a-vis what happens if they do not engage. At each step, how should the drip change depending on the interaction is how minutely you need to plan. For e.g. if the prospect has engaged with your content on a blog, the drip should automatically stop serving his content on FB or any other channel. Repetitive content kills the desire in otherwise warming prospects.
An ABM strategy, with right level of customization as well as with the correct technology support, can do wonders for any organization.
“What actually works in a noisy environment isn’t more noise — it’s the challenging work of earning the benefit of people telling people.” — Seth Godin
Simply put, difficult marketing calls for innovative solutions. So, invest in one today!