Today's post is an excerpt from The MFS Guide to B2B Account Based Marketing.
Often it is a combination or one of the CMO or CRO who is tasked with overseeing the ABM strategy. Designing this blueprint for success is no mean feat and the initial planning and strategizing phase can make or break the initiative. Having already examined the tactics and various principles associated with ABM, we move onto the steps you should take when building your ABM strategy.
ABM Strategy - 8 Steps to Success
1 - Identify Target Accounts
This initial step needs widespread agreement in the company - including the executive team. Work with heads of departments and other executives to finalize the list of accounts to target.
2 - Conduct an ROI Analysis
Work out your average closed won deal size or potential average deal size with a target account and weigh it up against the costs involved in your ABM program including personnel time, systems, ad spend etc.
3 - Start Small
Hone in on a small number of accounts initially. For sales and marketing teams, ABM will be a new way of working. It will involve new processes, systems, workflows, and a whole new level of cooperation. Rolling out an ABM program is a considerable and widespread effort. One of the best ways to kickstart an ABM program is to roll it out on a much smaller scale in a pilot capacity. If you can pinpoint the accounts that could lead to quick wins - you will have the proof of concept you need to grow the ABM program.
4 - Get Executive Sponsorship
For ABM to work as a strategy, you need to win support at the highest levels of the company. Communicating upwards is important here. Add ABM as an agenda item at the next executive meeting and even schedule time with key leaders - including the CEO - to communicate your ABM vision. Remember, it is the bottom line that the executive team will be focused on. Using your ROI analysis, you can build a case for ABM at your company.
5 - Build Your ABM Team
Your ABM team will be a cross-functional selection of personnel that can apply their time or some of their time to targeting and winning some new business with select accounts. The initial ABM team should contain the following resources:- Heads of Sales, Marketing, and Business Development - You will need these heads of departments as active participants - if not co-owners - of your ABM initiative.
- Market Research Expert - Who this person is could vary - perhaps it will be a marketing generalist or director, but the task is vital. Learn and relay to the team everything there is to know about your target account. They will also need to identify and map out the key stakeholders involved.
- Content Expert - ABM is powered by tailored content. You will need a highly skilled content expert to produce this content.
- Business Development Rep - You will need someone to relentlessly work whatever channel necessary to open the lines of communication.
- SEO and PPC Expert - This expertise is also vital. Getting in front of key stakeholders organically and in a paid capacity is another important part of the ABM jigsaw.
- Data Analyst - You will need someone to track all ABM activities and provide the level of reporting needed to demonstrate ROI and build momentum for the program.
- Account Executives - Possibly the most important member of your ABM team - the AE. This person has the skills, confidence, expertise, and know-how to close six and seven figure deals.
With these resources in place, you can move onto the next steps involved in rolling out your ABM program.
6 - Design Your ABM Plan
At this stage, you will have your initial target accounts selected, built up executive level support, and put together an ABM squad to drive this program. The next step is laying out your plan. While it may vary, there are some general steps you can follow as a kind of ABM checklist while putting together your plan.- Research Target Accounts - Learn everything there is to know. Who are the key people and what are their priorities? For public companies, check the investor relations section of their website for annual reports and quarterly earnings transcripts. For non-public target companies, trawl news sites, LinkedIn, social media, company websites, and any info you might already have internally on your CRM.
- Map Out Key Decision-Makers - Update your CRM with info on all key decision-makers and communicate it with the broader ABM team.
- Develop Target Account Value Propositions - Starting with your general value proposition, work out how you can tweak it so that it speaks to the needs of the target company. The next step is then working out how your product can benefit the lives of each key decision-maker. Once these value propositions have been developed, share them with the wider ABM team and also incorporate any feedback they might have. A live Google Doc with comments turned on can be a good way to centralize and keep the value propositions up to date. Remember, sales teams are the ones that are hearing feedback directly from customers and prospects. The insights a sales rep can share are vital.
- Build Your ABM Content - Now that you have your value propositions in place, you can use them to inform the tailored content that will resonate with your target account stakeholders. Work with your content resource to roll out all the various pieces of content you need. Everything from slide decks, case studies, web pages, marketing emails, etc. will be needed - and needed in multiple versions and formats.
- Execute - With your supporting ABM content in place, it is time to roll out your ABM program and start building relationships at your target companies. Your business development reps will be important here - working in tandem with the marketing team who will be running paid campaigns and other activities simultaneously to get the attention of the right people and start generating meetings.
- Measure - With your ABM dashboard in place, track the progress of your ABM program and assess for any weaknesses or shortcomings in your ABM pipeline. Are there any commonalities in closed won deals that can be doubled down on. Similarly, if there are common reasons behind deals being lost, investigate and address what needs to be done.
7 - Communicate Small and Big Wins
If you are running a pilot ABM program with a view to expanding it - then you need to communicate all small and big wins at this stage. This communication will help you build up the internal support you need to grow the program. Take any key metrics or stats you have - particularly around ROI - and share them widely.
8 - Grow Your Program
If you have successfully gotten this far, then it is time to grow your ABM program and expand the number of accounts you will target. Some considerations to keep in mind here are whether you want to stick with one-to-one ABM or scale the initiative in a programmatic way, using technology to scale into a one-to-many approach. There may also be additional software tools you will require - or at the very least, extra licenses on existing software tools. Additional budget must be considered and so too must the role of AI in your ABM program as it scales.This post is an excerpt from the MFS Guide to B2B Account Based Marketing. If you would like to read more you can access the guide in full here. If you have a marketing challenge you are looking for support with, you are welcome to set up a no obligation initial strategy consultation with our team.