Renegade Marketers Unite

A CMO’s Guide to Adopting Account-Based Marketing

Fri Jul 07 2023

Account-Based MarketingMarketing StrategyB2B Sales

Description

ABM (account-based marketing) is a strategy where marketers target a specific subset of prospects that fit certain criteria. The goal is to engage and track these prospects throughout their buying journey. CMO Huddles has a live show featuring CMOs discussing ABM. The episode features Charles Groom of Biz to Credit, Chip Rogers of Workspan, and Grant Johnson of Bill Trust. Charles Groom explains how ABM fits into the marketing mix at Biz to Credit's SaaS product, Biz2X. Biz2X targets banks and financial institutions for enterprise sales with long sales cycles. They are in the early stages of implementing ABM technology for tracking and engaging their target accounts.

Insights

ABM (Account-Based Marketing)

ABM is a strategy where marketers target a specific subset of prospects that fit certain criteria. The goal is to engage and track these prospects throughout their buying journey.

Evolution of ABM and Approaches

ABM has evolved and grown tremendously with advancements in technology. ABM can be approached in different ways, such as working with specific accounts to build presence and drive desired outcomes.

Implementing ABM Technology

Workspan has two sides: sales and marketing. They run paid campaigns into target accounts with specific messages.

Measuring ABM Success and Insights

CMOs report on various KPIs, including marketing source pipeline and revenue. The focus is on driving more pipeline that sales can close faster for higher value and exceeding bookings targets.

Investing in ABM Solutions

CMOs share insights on investing in Account-Based Marketing (ABM) solutions. Recommendations for ABM platforms like 6 cents and demand base.

Implementing ABM and Measuring Success

Implementing an ABM tool requires time and effort, with about two months needed for coding, defining activities, building and testing the model.

Getting Started with ABM

ABM strategy can be easily translated into tools without waiting for a large upfront investment. Marketers don't have to wait for sophisticated tools to get started with ABM.

Summary

Transcript

ABM (Account-Based Marketing)

00:00 - 07:47

ABM is a strategy where marketers target a specific subset of prospects that fit certain criteria.
The goal is to engage and track these prospects throughout their buying journey.
CMO Huddles has a live show featuring CMOs discussing ABM.
The episode features Charles Groom of Biz to Credit, Chip Rogers of Workspan, and Grant Johnson of Bill Trust.
Charles Groom explains how ABM fits into the marketing mix at Biz to Credit's SaaS product, Biz2X.
Biz2X targets banks and financial institutions for enterprise sales with long sales cycles.
They are in the early stages of implementing ABM technology for tracking and engaging their target accounts.
The company has been implementing an Account-Based Marketing (ABM) strategy for over three years.
They have a total universe of about 5,000 to 6,000 lending institutions in the United States that they consider their realistic addressable market for their platform.
The company segments the market based on specific dimensions to narrow down the audience and focus marketing efforts on companies worth spending money against.
They deploy ABM tactics through channels like LinkedIn and trade shows to reach their target accounts.
The sales team has quarterly top 25 accounts that they target and prospect, which is aligned with the marketing team's efforts.
The company started with a manageable number of around 150 accounts for intensive ABM activities, but it fluctuates throughout the year.
They recently acquired technology to support their ABM strategy more comprehensively than using spreadsheets and shared documents.
It is important to have a well-defined strategy and agreement with the sales team before adopting ABM technology.
Third-party experiences from other marketers, such as CMO Huddles, are valuable in finding suitable vendors and technologies for ABM implementation.

Evolution of ABM and Approaches

14:20 - 21:14

ABM has evolved and grown tremendously with advancements in technology.
ABM can be approached in different ways, such as working with specific accounts to build presence and drive desired outcomes.
Expanding partner programs within existing customers is another ABM approach.
Predictive analytics, like Sixth Sense, help identify accounts that resemble past successful customers and prioritize activities towards them.
Sales involvement is crucial from the beginning when using intent data to engage potential customers.
BDRs are focused on accounts identified by Sixth Sense, while AEs receive reminders and training sessions on ABM strategies.
With more data available, marketers can analyze interactions and behaviors to determine intent and target multiple individuals within an account.
ABM captures demand by identifying active buying committees and running paid campaigns with specific messages for target accounts.
Differentiating between captured demand and potential future interest is important in ABM strategies.

Implementing ABM Technology

20:46 - 27:18

Workspan has two sides: sales and marketing
They run paid campaigns into target accounts with specific messages
Targeted campaigns were created for VPs and directors in buying groups to expand awareness of Workspan
ABM journey started 10 years ago at Pegasystems
Alignment with BDR sales was crucial for successful implementation of ABM platform
Results improved once the tool was adopted by the regional VPs and their teams
Demandbase is used for intent data, integration with Salesforce, SalesLoft, and Marketo
Marketing qualified accounts are auto-scored based on certain actions
Coordination between marketing and BDRs is facilitated by shared data
CMO focuses on delivering pipeline that translates into bookings

Measuring ABM Success and Insights

26:53 - 33:26

CMOs report on various KPIs, including marketing source pipeline and revenue.
The focus is on driving more pipeline that sales can close faster for higher value and exceeding bookings targets.
Marketing sourced revenue is important because it demonstrates the effectiveness of marketing to CEOs, CFOs, boards of directors, and investors.
Multi-source attribution is used to determine marketing sources, although there may be some mistagged leads.
Precise attribution is not as important as contributing to meeting targets.
Monthly pipeline reviews help identify gaps and drive the right behavior.
Insights from journey maps and tools like demand-based help fine-tune focus by segment and buyer persona.
There's no one silver bullet for sourcing and closing deals, but having more insight allows for better decision-making.
CMO Huddles is an exclusive community of B2B CMOs that helps them make faster, better decisions through shared experiences.

Investing in ABM Solutions

33:10 - 39:39

CMOs share insights on investing in Account-Based Marketing (ABM) solutions
Recommendations for ABM platforms like 6 cents and demand base
Advice to focus on nurturing accounts already in the middle of the funnel
Introduction to a cutting-edge tool called In Flu 2 for reaching decision committees
Value of attending CMO huddles and learning from peers' experiences
Importance of sales alignment and having the head of sales champion the ABM strategy
Integration and careful implementation are key for successful ABM adoption
Regular checkpoints needed to ensure maximum value from ABM tool

Implementing ABM and Measuring Success

39:15 - 46:20

Implementing an ABM tool requires time and effort, with about two months needed for coding, defining activities, building and testing the model.
The number of people required to manage an ABM program can be relatively lean, with three individuals in this case.
Adopting technology like ABM does not replace jobs but requires people to help maximize its potential.
Acting quickly and decisively is crucial in seizing opportunities presented by ABM.
Success in an ABM program starts with sales feedback and then focuses on metrics like engagement rates with target accounts.
The ideal scenario involves generating crossover pipeline between inbound and outbound activities.
Success in ABM is measured by pipeline growth and achieving targets.
Having one person responsible for the success or failure of the ABM program is essential.
Implementing ABM within a tight timeframe requires cross-functional collaboration and involvement from various teams.
Adopting an ABM strategy, along with technologies like Demandbase, is worth it for enterprise-level B2B sales.
Building a strong partnership with sales from the beginning is crucial for successful implementation of ABM.

Getting Started with ABM

46:00 - 47:37

ABM strategy can be easily translated into tools without waiting for a large upfront investment.
Marketers don't have to wait for sophisticated tools to get started with ABM.
ABM is a strategy first approach.