For B2B companies, account based marketing (ABM) has become the preferred marketing tactic. It targets potential clients in a more relevant and tailored way than with pointless and invasive methods. ABM increases a company’s marketing effectiveness, reputation, and trustworthiness in addition to enhancing the purchasing experience.
ABM was used by 70% of marketers in 2021, up 15% from 2020, according to statistics. Since then, the numbers have undoubtedly increased given the wide range of advantages this marketing tactic offers. Nevertheless, despite their best efforts, some marketers become upset when they don’t receive the anticipated outcomes from ABM. The worst thing is that they don’t recognise their mistakes.
Gaining an advantage over others can be achieved by being aware of the possible drawbacks associated with account based marketing. The following are indications that your approach isn’t working:
1. Your Marketing and Sales Objectives Aren’t Matching
According to a HubSpot survey, 22.1% of salespeople believe that in 2022, their ability to close more deals was aided by the synchronisation of marketing and sales. It implies that their misalignment has the opposite effect. If the objectives of the two teams are not the same, your ABM strategy may not succeed. While marketers lack the means to assess the effectiveness of their efforts, sales leaders believe that marketers aren’t doing enough.
Close coordination between marketing and sales is essential for the success of account based marketing. If they are not in line with one another, a company can target the wrong accounts or convey conflicting information to prospective customers.
RevOptica emphasises that when sales teams concentrate on accounts and buying centres and marketers focus on leads at the top of the funnel, a gap between the teams is inevitable. When both are in line, the buyer journey is seamless and a company’s sales increase.
2. You’re Aiming for the Wrong Accounts
The biggest mistake marketers make when putting account based marketing strategies into practice is choosing the incorrect target accounts. Consider pitching your product to a business executive who isn’t even in need of it. No matter how hard you try, you cannot expect people to fall for your tricks. These are not the typical B2C clients that are willing to make impulsive purchases.
Spending money and effort on the incorrect accounts can be costly. It’s important to undertake extensive research on your target audience before spending money on an ABM campaign. Make sure they are a perfect fit for the solutions you offer. Additionally, go deeply to create a client persona by learning about their expectations, pain spots, and demographics.
3. Your Attention Is on the Volume
Remaining focused on numbers is another indication that your ABM campaign is not working as it should. Account based marketers frequently botch their efforts by locating a large number of contacts in the business and sending out the same message to each one of them.
Are you hoping to impress decision-makers in the business world with pre-written messages? Of course, no matter how hard you try, the plan will fail terribly. 56% of marketers believe that content personalisation is essential to successful account based marketing (ABM).
You require a deeper level of personalisation and more specificity. The quality of your relationship with potential consumers should come first, not the quantity of accounts. This method is more likely to produce results when it is targeted.
4. Your response and engagement rates are low
It’s well known that account based marketing raises B2B response and engagement rates. If, in spite of your greatest efforts, you are not experiencing one of these, your plan may be incorrect. You should reconsider your ABM strategy if the accounts you have targeted are not reacting to your emails, content, or approach.
Your strategy may be failing to connect with the target accounts for a number of reasons. For instance, it’s possible that you’re aiming for the incorrect demographic or that your message does not suit their demands. You can put your plan back on track with a few small adjustments.
5. You’re Seeing A Decline Or Stalling ROI
Account based marketing is thought to have a higher return on investment than other tactics by marketers. Statistics show that businesses who align their marketing and sales teams with an ABM programme increase revenue by 208%.
But if your return on investment appears to be stagnating or declining, there is undoubtedly a problem with your approach. If you don’t achieve the anticipated return on investment, your resources could not be being used effectively, or your strategy probably has to be adjusted.
Bottom Line:
If B2B companies want to communicate with executives and decision-makers in the industry, account based marketing is an effective strategy. Targeting these high-value clients necessitates a well-thought-out strategic mentality since they differ from typical B2C buyers.
