Account-based marketing plays a critical role in the growth of many businesses across a variety of industries. However, many marketers often rely on ABM when it may not be the best fit. In addition, what worked for account-based marketing even just a few months ago, may not be the most optimal strategy for marketing today.
In this article, we’ll explore how account-based marketing has changed over the years and whether or not it should be your focus. We’ll also explore in detail the many factors you need to consider to do ABM right.
Account-Based Marketing (ABM) isn’t new
While reading a book called “No Forms, No Cold Calls & No Spam” by Latané Conant, I came to the realization that many vendors try to position ABM as a $40,000 technology stack problem.
The book dedicates quite a few pages to the ‘customer-centric stack’ and argues that because you’re now able to know when someone is in the market for a solution like yours [via IP lookup or 1st or 3rd party intent data], you don’t need to “spam” them.
Here’s the irony though— even though potential customers may be in the market for a solution like yours, you still need to deploy the traditional sales/marketing strategies to convince them to make a purchase.
While it is true that technology has enabled us to create more personalized & relevant experiences for prospects & allowed us to target people in very specific ways, it can also quickly approach the point of diminishing returns.
The marketing industry, like most industries, like to invent new terms to recycle old concepts. And in the case ABM, that’s exactly what has happened. Account-Based Marketing has in fact been around since the 1940s. When sales made a list of logos they wanted to sell, or the list of ‘dream customers’ to close. In those days we just called it sales.