How to decide if you’re ready for an ABM solution

Most B2B businesses have some kind of account-based marketing (ABM) strategy. At the very least, they know who their most valuable accounts are and they try to give them some extra care and attention. But how are they tracking that? In a CRM? Maybe just in shared spreadsheets.

At some stage the question arises: “Do we need some dedicated technology to automate these processes?” Because of the cost of ABM solutions, it’s a question to be considered carefully.

The benefits of ABM

Automating ABM data, analytics, campaigns and workflow processes can provide numerous benefits, including the following:

• Improved sales and marketing alignment. A successful ABM strategy requires marketing and sales organizations to work together to identify key accounts to target. This includes agreeing on the definition of a key account, as well as coordinating campaigns and outreach.
• Shortened sales cycles. B2B sales cycles are notoriously long. ABM helps solve this problem by putting the right messages in front of key decision-makers at target accounts. As a result, ABM opportunities move through the pipeline more quickly.
• Increased marketing ROI. Seventy-two percent of marketers say ABM gives them “somewhat higher return than other marketing initiatives, according to ITSMA. That’s because ABM efforts focus on growing pipeline and revenue from companies with a high propensity to buy more and more often.
• Expanded account value and revenue. Companies that implement ABM experience a nearly two-fold increase in annual contract value (ACV) according to research conducted for the ABM Leadership Alliance. And the gains are not limited to enterprise-level companies.
• Enhanced customer experiences. ABM isn’t just about acquiring new target accounts, it’s about retaining and growing target accounts through cross-sell, upsell and advocacy programs. As a result, ABM is more personalized and delivers more consistent customer experiences across channels.

Sounds good? Yes, but is your business ready for it?

Do we need an ABM solution?

Deciding whether or not your company needs an ABM solution calls for the same evaluative steps involved in any software adoption, including a comprehensive self-assessment of your organization’s business needs, staff capabilities, management support and financial resources.

How many of the following questions would you answer in the affirmative?

1. Have we identified our ABM goals?
2. Can sales and marketing work together to identify our target accounts?
3. Do we have C-suite buy-in?
4. Can we invest in organizational training?
5. Have we established KPIs and put a system in place for tracking, measuring and reporting results?

It also needs to be clear which team (or combinations of teams) will own the solution.

Once you have satisfactory answers to the above questions, you can start drawing up a list of vendors to contact with RFPs. For a deeper dive into what those questions mean, and profiles of leading ABM vendors, download our new ABM MarTech Intelligence Report (registration required).