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Four Reasons to Implement Account Based Marketing (ABM)

2017-11-15

A couple of weeks ago, I was able to meet up with Andrew Greenwood from DXC Technology over lunch during a visit to New York. After our conversation about the state of their business, I was reflecting on what we learned at Vendemore working with both Hewlett Packard Enterprise, Enterprise Services (HPE ES) now DXC Technology and SiriusDecisions. It made me think about the key learnings from the webinar I hosted with DXC and SiriusDecisions as guest speakers. I reflected on how ABM is driving business at DXC and why SiriusDecisions has a whole practice area built around this.

As I was heading to La Guardia I was thinking about the four reasons why businesses should implement ABM:

1. Maximize the output from your marketing investments

"ABM is something every company should look at, why wouldn't you want to focus your marketing effort and dollars in the area that present the highest return of investment?" - Dorothea Gosling, DXC Technology

Who doesn't want to increase the ROI of their marketing spend? This is really where ABM excels. Vendemore has proven over and over that it is effective at not only winning more deals but also winning bigger deals. In addition to measuring ROI on the big scale - did you win the account or not - you'll also be collecting data along the way to gauge what is working and what needs to be improved.

"In order to do ABM, you need a lot of things: marketing and sales alignment, the ability to customize, you need insights to drive that customization and ABM is fueled by insights". - Matt Senatore, SiriusDecisions

I am a firm believer in the mantra "measurements drive behavior". In today's environment, I feel for marketers as they are pressured from different stakeholders to measure their business contribution, but those metrics are in many aspects, vanity metrics. Furthermore, the proliferation of marketing technology over the last few years has put pressure on marketing executives and practitioners to try all these new tools. As a result, many marketers struggle to stay focused on what is important and prove their effectiveness.

ABM helps the marketing team keep that focus on what's important, it forces marketing to put its resources and efforts on high-priority accounts. Because the ROI is higher in those cases, you'll know whether marketing's strategy was effective or not.

2. Get sales and marketing teams on the same page

"It really woke up sales and made the sales team appreciate how marketing can add strategic value." - Andrew Greenwood, DXC Technology

Our team is currently working with the same Fortune 50 client in two countries. Same business challenge and same business unit. In Country One, we work closely with both our marketing sponsors, but also the sales team. In Country Two, we have never spoken to the sales team. You can only imagine where we are adding most value.

3. Measurable business impact: closing more opportunties

"89% of clients say they are getting an increase in close deals. It also increased their average deal size. 91% of clients said they are getting a larger average deal size with ABM." - Matt Senatore, SiriusDecisions

What we have learned over the last couple of years working in this space is how important account selection is. We see success when there is a mix of:

  1. Intent data
  2. Old fashion segmentation models based upon industry, install-base, geography
  3. Input from the sales people
"The digital ABM program with Vendemore influenced a security pipeline of $25m with three of our core industries." - Andrew Greenwood, DXC Technology

"Wishful thinking" pipeline is not uncommon. Example of this would be trying to sell to an account that just bought from your competitors. Your sales rep probably knows this, but the marketers may not. We recommend being precise in your approach: which are your named accounts you really want, regardless of their current state, and which accounts should we listen to their digital footprints and activate against their increased interest in your solutions.

4. Base your metrics on real data

"We measure everything, we have statistics for everything." - Dorothea Gosling, DXC Technology

As noted in the section about maximizing marketing investments above, ABM provides ample opportunities to collect data and measure your progress throughout a campaign. Accounts leave digital footprints or fingerprints. These can be used to determine two things: is this account in market, and are you being considered.

You can use this data to adjust your strategy to increase the chance of success.

If you're interested in discussing ABM or demand generation in more detail, don't hesitate to send us a mail: info@vendemore.com

Click here to watch our webinar.

Hans Bunes

Global Account Director, Vendemore

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