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Hey <<First Name>>

2020 marks the year when marketing and sales folks really got into Account-Based Marketing. Despite so much effort, investment and good vibes flowing into it, very few marketers are getting it right.

Are you one of them?
 

Account-based markering & the ONE thing you need to know if you want to get it right

Account-based marketing (ABM) is the most in vogue B2B marketing tactic for the near future.

Earlier this year an industry survey found that:
  • 60% of B2B marketers use ABM in lead generation,
  • 52% use it to manage target accounts and
  • 44% use it in programmatic and display advertising.
And marketers shared the benefits they're seeing with ABM initiatives:
  • More efficient use of marketing resources.
  • Better alignment between sales and marketing.
  • A clearer path to ROI.
  • Faster sales cycles.
Marketers are definitely feeling confident that ABM is the right strategy for their business.

But, at the same time, they're struggling to execute ABM at scale.

Forget building the perfect program.

You're better off creating an ABM strategy that makes the most of your existing tools and capabilities.

You need three basic ingredients to get your ABM strategy right:
  1. A list of named contacts, prospects or accounts.
  2. The ability to assign a monetary value that you could gain by pursuing these prospects.
  3. The ability to develop tailored marketing and sales support for each prospect.
Got that? Good.

Now let's agree on how we're going to put it all together.

I got my recipe from here:
  1. Client centricity and insight
  2. A partnership between sales and marketing
  3. Focus on reputation, relationships and, ultimately, revenue
  4. Tailored programs and campaigns
Getting ABM right requires a commitment of time and capital from both marketing and sales.

That means making tradeoffs.

And that means the effort must be worth the reward.

There are no 'one-size-fits-all' ABM strategies.

Undoubtedly ABM is a powerful marketing tactic.

But it's not strategic unless you leverage your resources.

And tweak your approach to reach your unique customers.

There are several ways you can go about it.

Choose yours based on your needs.

This ITSMA Marketing tool will help you.

The level of personalisation you're able to deliver will make or break your ABM campaign.

An ABM campaign from GumGum is a Hall of Famer, for sure.

GumGum, a computer vision company based in Los Angeles, wanted to get John Legere’s attention.

The GumGum team knew that if they could capture attention at the top of the organization, everyone else below would naturally follow.

As the tale goes, GumGum followed John Legere on social media to learn more about his likes and dislikes.

They discovered that he's a huge Batman fan.

So they created a comic book that would engage T-Mobile’s leadership, explain computer vision capabilities, and express GumGum’s industry points of view.

They came up with T-Man, a Batman-inspired superhero.

And his trusty sidekick Gums, who uses image-recognising technology to help T-Man save the city from bad cell-phone service:

I know this one's a bit out there.

But it's the level of personalisation that really makes this campaign so cool.

GumGum made the effort to learn about their prospect and came up with a uniquely personalised way to approach him.

The lesson here is that you have to make the effort equal to the reward you're after.

And you may just win a big client like T-Mobile.

As well as become a legend in ABM. Not too bad for a comic book.

Check out more examples of kick-ass ABM here and here.

Here's another impressive example of ABM from RollWorks.

They designed a campaign based on pain points they had identified through customer feedback.

  • Step 1: The campaign started with personalised display ads that went live as soon as an SDR approached the prospect.
     
  • Step 2: The ads were accompanied by personalised emails by the SDR.
     
  • Step 3: The email drove the prospect to a personalised landing page to introduce them to the SDR.
     
  • Step 4: After the prospect visited the landing page, they would start getting targeted with personalised ads once again.
     
  • Step 5: Clicking on an ad would take them to another personalised landing page where they could schedule a meeting with the SDR.

Image source: RollWorks

You'd think they'd stop there, right?

Instead, they followed up with the prospect with a post-meeting direct mail.

The mail included a note from RollWorks and a poster explaining how their services can benefit the prospect's business.

For prospects that went cold, they sent a custom Over-the-Line Kit.

The kit included a notebook that outlined a checklist for getting their first campaign up and running.

And it had quotes from happy customers every few pages.

That was for the prospects who didn't convert.

For those that did, RollWorks went one step further.

Leveraging the insight that new customers only used limited features of their product, they took out personalised display ads to educate the new customer of all the other features of the product.

The fact that the whole campaign is built around a unique customer insight makes it impressive.

And each step is designed to add value to the prospect, make them feel special and uses marketing channels that are available to everyone.

There is no single way to do ABM right.

But there is a way to get it wrong.

7/10 marketers define their ideal prospects to be C-Level executives or decision-makers.

Then they go about building a campaign to target these titles.

That's a mistake.

A good marketing prospect is anyone who is looking for information.

In fact, that's the first stage of any B2B path to purchase.

Often the best prospects are the influencers.

These are the employees who are constantly looking for information that:
  • benefits them personally,
  • helps them solve a specific problem,
  • gets them a promotion or
  • elevates their company as a whole.
If you're getting started with ABM, define your prospect as someone who is going to:
  • introduce your solution to their organisation,
  • initiate the buying process and
  • be a brand advocate for your solution.
No matter where you are in your journey with ABM.

This is the ONE thing you need to get right.

In case you missed

He says that the huge growth in digital advertising has helped deliver scale, but not necessarily the right kind. There’s too much focus on identifying someone without thinking about how we connect with them more meaningfully based on the context. Affleck says an “obsession” with targeting, precision and accuracy has replaced established marketing theory and norms.

“Because we can identify someone, we have forgotten about the context in which we are talking to them, the mood they are in, and their mindset. Are they sitting forward, are they entertained? We’ve almost just forgotten all of that and are just hitting people with endless comms.”

“It is utter, utter nonsense,” he says. And so, plugging the strategic context into these hugely expensive media buys is the group’s selling point. At a time when budgets are tighter, clients must get more bang for their buck.

The Drum: The pandemic could awaken marketers from ‘dumb period’, says Havas Media’s Patrick Affleck
 

Facebook’s acquisition of Kustomer comes at a time when the company is trying to get people to buy more through its various apps. The social media giant launched Instagram Checkout last year, for example, as well as introduced customizable online storefronts, called Shops, earlier this year. But getting people to buy more on Facebook’s apps doesn’t just depend on making it easier for people to enter their credit card number. It also depends upon convincing e-commerce companies to turn to Facebook for more of the necessary services to facilitate a transaction, including customer service.

Modern Retail: Why Facebook is investing in customer service as its commerce ambitions grow

“The idea is really to find ways to establish – through tools and process – what are the ideas, services, or future, that are going to survive through ‘selection’ and survive to fit with specific performance criteria. We are trying to compare and score everything we do and we use a very simple process for that.”

Aldo uses the ‘RICE priority score’ – reach x impact x confidence / effort – where reach is how many people you are possibly impacting; impact is about how much it is moving conversion; confidence is to what extent you know it is going to work; and effort is the technical and operational challenge and how complex it is going to be.

This creates a simple calculation to prioritise design changes.

Econsultancy: Aldo’s experience chief on testing & improving the omnichannel retail service model

To be more agile and adaptive in the year ahead, marketing leaders must prioritize four core competencies with a renewed focus that accounts for the unprecedented changes of 2020, according to Gartner, Inc. These core competencies that will help marketing to survive and thrive in 2021 include customer understanding, adaptive planning, data-driven decision making and strategic cost optimization.

Gartner: Gartner says marketing leaders must prioritize four core competencies to survive and thrive in 2021

Bud Light is arguably further along than others in that regard. Over the last five years the brewer has pitched itself as the main beer of esports, funding everything from teams to players, channels to competitions. Now, it wants to do the same for games, starting with a branded character next month for as yet unannounced title.

“In the month of December we’re going to be launching an in-game video character which we think is going to transcend anything we’ve been able to do with the brand through our partnerships,” said Joe Barnes, director of sports marketing at Bud Light. “The thing we love about gaming [as a marketing medium] is that it’s not so established that there are predetermined rules of engagement. That means we’re able to innovate and do things that have never been done before.” 

Digiday: ‘We want our brands to be where people are’: As gaming becomes a culture touchstone, advertisers toggle in

“I just want to be right—I don’t care if the right answer comes from me.” - Ray Dalio


Until next week,
Aliyar

PS. Are we connected on LinkedIn? No? Let's remedy that, shall we?
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Thanks for reading and sharing! BR, Aliyar.
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