My last post discussed what Account-Based Marketing (ABM) is and ideas to consider, if you decide to implement ABM programs.
ABM, the practice for mainly B2B firms to target a specific list of leads for an advertiser with personalized messages, can be lucrative for firms. You can—and should– charge advertisers more for these more qualified leads.
As with any new program, there are both benefits and risks to implementing ABM campaigns:
Benefits that ABM campaigns can offer:
–Scalable, depending on ad program size
–Increased cooperation with sales & marketing departments while creating programs and targets
–Provide more qualified prospects
–Can work in conjunction with current marketing and programmatic efforts
–Shorten sales pipeline for clients
–Increased collaboration with customers can lead to development of new products to go to market (per ITSMA study)
Downsides or risks to ABM campaigns:
–Having manpower to create and execute efforts
–Data quality hindrance for setting up campaigns
–Depending on goals, can sometimes be difficult to measure results, though it should be easier!
–Cooperation among departments to agree on list and tactics
–Getting additional client budget to create ABM programs
Data quality is key to success with ABM program! The #1 challenge for ABM programs, based on respondents to the ITSMA survey, is getting the data and reports to track ABM program results.
Be sure your marketing and technology partners can help you with this goal. I have written plenty of recent posts about the importance of data quality that you can use. A few can be found here and here.
The journey continues. Cindy