The Account Based Marketing is especially suitable to sell complex value propositions to big and complex accounts. Normally, industry marketing aims to investigate the customer needs of a specific industry to identify challenges, needs and solutions, grouping content per industry to deliver replicable solutions. The Account Based Marketing goes further, identifying the needs of a single account, the current positioning of the company in that customer, the existing sale coverage, and maping all the actions the team must perform for each decision makers both for tactical sales and strategic long-term developments. Compared to Industry marketing, it pushes alignment of sales and marketing tio the enxt level: both must agree sales targets, sold propositions and long-term objectives for the account, not just the segment.
Obviously, there must be an economic return of deploying dedicated resources for each account, thsu ABM is applied when both the target and the transactions have a significant value, and where the go-to-market belongs to any of these cases:
- Large strategic accounts for the company
- Complex customer buying journey with multiple decision makers involved
- Few single transactions with high budget each (and high risk for the buyer)
- Sale out of complex solutions, whose value proposition is highly personalized for the account
- High propotion in the sales mix of professional services an / or added value products
But when do, finally, companies decide to go for an Account-Based Marketing approch ? In my experience, there are a number of reasons depending on the stage of maturity of the company, the covered market and its business processes.The main drivers for introduction are:
- need to increase efficiency for the account planning process
- better leverage of sophisticated marketing skills (value proposition, ROI / NPV quantification, market intelligence) within sales process to secure deal closure
- need to better match available resources (people, programs, budget, and skills) to the account tiering and to the most win opportunities for the GTM strategy
- help to develope more intimate relatships and to differetiated objectives with each of the many account stakeholders
- achieve “performance” leapfrongs in sales for complex account with too little penetration
- increase the sales of new complex solutions (products/services) to existing accounts.
In the post A framework for B2B Account Based Marketing – part I we will show how to structure an ABM framework defining what are the components needed for its planning, execution and program governance.
Published by Carlo Arioli