If you’re like me, you’ll probably want to go back to the meeting rooms to strategize and work with your team on the next campaign or a product feature and on the next sales steps or “blank space” exercises and many other ways to overcome your goals.
This is because the phenomenon of “corporate liberation” long before the pandemic led to poor collaboration between teams, divisions, and product lines. Business indifference creates chaos and ultimately affects your customers’ journey and also makes them feel indifferent.
And, therefore, also Account-Based Marketing (ABM).
ABM in the company
Solving corporate launch challenges is much easier for smaller companies than for larger companies. That said, it adds much more value to the business to reduce the distance within the business while implementing an ABM strategy.
Many people see ABM as a technology rather than a strategy that generally uses different types of technology. The “right” approach, therefore, differs by the environment, and large organizations create an environment with more diverse possibilities.
When an organization has multiple sales and marketing teams based on business units, sectors, or regions, you can scale the results. However, as more teams focus on the same accounts, ABM strategies become increasingly difficult to coordinate and can become counterproductive.
ABM must be part of what you’re already doing, consisting of millions of emails, thousands of BDR calls, and hundreds of thousands of visits to the site. In such a business environment, the sheer number of accounts, buyers, and channels of execution, data sources, divisions, languages, regional differences, and incompatible systems add to the complexity of the required ABM approach.
In short, ABM is not a solution for everyone.
Here are some of the most common pitfalls that companies face when implementing ABM programs, along with workable solutions to avoid them.
- Inadequate system management
If you are a marketer in a B2B business organization, you can easily be blinded by ABM’s promises without thinking about the challenges and specific needs of your type of organization.
Business organizations are complex by definition, serving multiple business units and geographic locations in a connected environment, as well as a common hierarchical reporting structure. In the business environment, marketers need to work without restricting each other. They should coordinate their activities for similar target accounts, report together or in groups and share best practices.
Without this synchronization, enterprise-class sales and marketing organizations struggle to succeed. They can be placed in a “box” that does not meet your needs or they can be locked in silos not connected by competing platforms. Account-level activities and results can be hidden on multiple platforms or even in multiple cases on the same platform. Overlapping target accounts and aggregate platform costs become the main problems.
- Failure to analyze the speed of buyer involvement
Salespeople often talk about AI and data in the context of customer engagement information, but they do not mention the time it takes to absorb, normalize and understand the vast amount of data that modern customer engagement cannot create.
A platform usually takes a month to go from data to insights. When the IT departments of large companies create large customer data, I see that the process takes even longer.
Today, shoppers go through their marketing channels every moment. They have no idea that different teams are looking for their image ads, website content, email campaigns, and sales development. Can you adapt to success and respond when a buyer contacts you and takes the buyer and his team to the next stage of engagement? On all channels?
Speed and accuracy are required when linking information to promotions – a new email, a phone call, or a whole new flow of campaign content. If your target data or predictive analytics provider just updates your data periodically and your ABM platform is unable to process the data in real-time, you will lose “real-time”. You will always be out of the message.
Your ability to monetize and impact revenue is 100% based on your ability to learn and adapt to the needs of each target account, in real-time, milliseconds between clicks and page views.
- Multi-channel vs. Omni channel
I often say that the wrong and irrelevant messages delivered to a channel are spam; poorly coordinated messages, although relevant, transmitted on different channels are intimidating.
Although many ABM platforms have the channel, the entrepreneur needs more sophisticated control to avoid excessive marketing or conflicting messages between marketing teams. Without this control, the Omni channel ABM promises will become impossible, as the audience segmentation will persist in the platform silos or, worse, it will mess up the main tactics and communication channels.
This is a very important criterion to keep in mind when evaluating ad providers based on accounts, which inevitably evaluate one form of ad targeting instead of another, combining its features with ABM targeting. It is not: it is a single-channel method. By following this practice, you run the risk of leaving the vast majority of contact points in your destination account out of your order with the ABM program.
If you are in such a situation, ask the provider how they would like to help you coordinate all emails sent from your marketing automation platform.
- Insufficient data management skills
According to Sirius Decisions, an average of 25% of B2B marketing data is inaccurate and 60% of organizations identify the overall integrity of their data as unreliable. You can expect to develop truly actionable insights when you understand the essential integrity of your data and the trends inherent in numbers.
The problem with data management is that the collection of marketing technologies and the number of people and teams that use them increases as the organization grows. You face the difficult task of understanding structured account information and system operations.
Using the company’s Master Technical Data Management (MDM) technologies, you can organize, clean, map, and attach data to gather better insights and provide better, more accurate reports and assignments. Successful ABM data is the currency that drives sales and marketing collaboration. The data should provide a clear direction for your business and should not overwhelm you.
- Vanity measurements vs. current results
Ask yourself: Can your ABM merchant identify and measure target account activity and response outside your primary platform, including sources from other campaigns and CRM systems?
- Many ABM platforms designed for early or intermediate stage customers can only measure and analyze these activities within their technology, and this creates a silo. Flashing images, graphs, and data points are interesting, but what’s the use, unless there is an accurate representation of a critical representation at the account level?
- Many ABM platforms for smaller organizations show only impressions and clicks based on channels (for example, image ads) (and sometimes visit websites because assistive technology is easy to develop and requires much simpler management).
They argue that any combination of media impressions or clicks, along with any source of website traffic to a destination account, should allow you to identify an account as a Qualified Marketing Account so that you can have the opportunity pipeline in your CRM.
Sales and their CEO will think they’re wrong because that’s the way it is. These non-commercial solutions simply bypass the technical skills needed to deliver and report higher, measurable response rates, pipeline conversion, and pipeline value.