Entering a new decade almost feels like we’re stepping into the future. Although we’re not travelling in flying cars and a robot still doesn’t do my ironing, I do believe that we’re entering a new era when it comes to marketing.
Although ABM has been around as a concept for a while and has been used by large IT companies for a long time, it really feels like the approach is rising to relevance in the wider B2B marketplace. Over the past 12 months I’ve had countless conversations with marketing professionals about ABM and it appears to be high up on the agenda, but overall the application of the process is still limited.
Mainly, I believe this is down to a lack of understanding of the practice, but as it continues to rise to prominence over the coming years and more practitioners appear in the UK market, this will change, and ABM will be common in the majority of B2B marketing teams.
Here’s why ABM could drive your business to success in 2020:
You’re still leaving money on the table
A key aspect of ABM is to help organisations focus on and grow their existing accounts. I’m sure if you audited your key clients you’d find opportunities for upselling and cross-selling are plentiful. Marketers have been banging this drum for a while, but still, many businesses appear to be focusing mainly on new business and lead generation to drive business growth.
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Not only is an ABM approach going to help you to retain your key clients, it also gets sales and marketing working together, to deliver more value from your existing accounts and make them more lucrative overall for your business.
It can be your competitive advantage
As previously mentioned, ABM is still in its infancy when it comes to business implementation. I’m convinced that if we were to fast-forward 1-2 years, we’d find many more of your competitors using it to land opportunities and requests for proposals.
By implementing an ABM methodology in 2020 you will be ahead of the inevitable wave and it can be your competitive advantage next year.
It’s more effective than traditional marketing for B2B businesses
Over 80% of businesses who measure ROI say that ABM performs better than other marketing investments (ITSMA), and companies using ABM generate 208% more revenue for their marketing efforts (FlipMyFunnel).
A benefit of ABM is that it’s easier to track ROI and whether what you have done has worked or not. Those using ABM have seen better returns from their marketing activity, which is another indicator for the predicted growth in usage over the coming years.
Finally get your sales and marketing teams working together
Sales and marketing are often working towards the same overall business objectives but all too often they’re not aligned and working in unison. Sales gets frustrated with marketing for not providing enough or well-qualified enough leads, and marketing gets annoyed with sales for not following up or converting opportunities that they present.
ABM gets sales and marketing to work together to select target accounts, set goals and share information on the key decision-makers and the best solutions to present to them. By using ABM, you’ll get more from both your sales and marketing personnel.
Focus your resources
Increasingly all spend in a business needs to be justified and accounted for. Budgeting is getting tighter (rightly or wrongly) and this means that sales and marketing spend needs to be focussed. By using ABM, you’ll have clear goals and direction for your investment, again helping you to identify what’s working and what’s not so you can refine and scale your activities for increased business success.
These are just some reasons why ABM can drive your business growth in 2020. It’s important to emphasise at this point that you shouldn’t focus all of your spend on ABM: more traditional brand marketing is still vital for the long-term success of your business. Our recommendation is to run both strategies in unison, to build your brand and awareness, grow existing accounts and land more of the opportunities that you’re presented with.