At the 2018 Marketo Summit (#MKTGnation), we covered five common mistakes for MarTech and Account Based Marketing (ABM) deployments.
If you don’t have time to watch the embedded video, this is a ‘tweetable’ summary of each bullet point of our findings.
We began with some background. Not every company uses the words ‘ABM’ but many companies are on a journey of account based selling and marketing. Then we jumped into each of the five points below.
- FOMO, Technology, and ABM Starting Point
- Most companies have a ‘fear of missing out’, react, buy technology, realize that none of integrates.
- Like a gym membership, people think having a gym membership (ABM technology) gets you in revenue shape (ABM strategy). In reality, you need personal trainers to accelerate your progress with your gym membership. Technology is not a strategy.
- There are common elements of ABM deployments: assessments, strategy, targeting, measurement, and XDR cadences.
- Selecting the right targets (ICP, Accounts, Contacts)
- Define your ideal customer profile based on qualitative and quantitative data.
- Bounce it up against total addressable market and technologies to derive TAM.
- Assess your data completeness at the account and lead level.
- Lack of the right ABM Intent Data strategy
- Account intent can be valuable when used for a personalized outreach.
- Intent requires careful keyword selection and integration into business process.
- Missing system and process requirements for ABM
- Defining the customer experience on ABM is key.
- Account disposition treatment is a critical arrangement across sales & marketing.
- Not hiring the right internal and external talent
- Internal talent needs to be well rounded across sales, inside sales, marketing, XDRs.
- External talent needs to be a virtual extension of your team, agile, knowledgeable.
At the conclusion of the presentation, the sharpest audience issue that was felt was surprisingly the talent side of things – finding the right partners to augment the skills internally. Initially, I would have thought Data as the #1 issue.
What trends are you seeing in Account Based Marketing?