“Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations.”
-Steve Jobs
Traditional B2B marketing efforts are a shotgun approach. Marketers try to appeal to as many potential clients as possible. Campaigns are not individualized.
Account based marketing, on the other hand, is like a sniper rifle. It is precise and targets a small set of specified accounts with surgical precision.
The process has its technicalities. Mistakes are not uncommon. Some of these mistakes can be quite detrimental to the success of a business. If you’re to avoid them, you need to understand them, first. We’re here to present the 7 account based marketing mistakes that might be killing your profits right now.
Account Based Marketing Mistakes
These are the most common account based marketing mistakes. If you’re doing any of these, they’re definitely hurting your profits.
Mistake #1: Creating Content for its Own Sake
It is a common B2B mistake to create content for its own sake. Just because account based marketing requires an individualized approach, doesn’t mean you should start from scratch every time. You don’t always need a new piece of content. You can easily make what you already have relevant for the new account. This is especially true if they are in the same or close niches. Don’t always rush with the content creation. Adapt instead.
Mistake #2: Lack of Unification
Even though it’s a marketing strategy, account based marketing is not a solitary effort. It’s the result of multi-departmental endeavour that includes both Marketing and Sales. This means the teams need to be coordinated. In the beginning, managers should discuss terms and metrics to follow so that both departments and the whole organization benefits.
Mistake #3: Ignoring Analog Marketing Channels
Nowadays, it’s a common practice for marketing to focus on digital only. However, ignoring analog marketing channels is a serious mistake. ABM should serve everywhere it’s needed. For some accounts, digital should suffice. For others, offline means should also be implemented. Adaptability is the name of the game, so don’t limit yourself to one or the other.
Mistake #4: Choosing the Wrong Accounts
Clarity in choosing the correct accounts to focus on is paramount to the success of your ABM. If you choose the wrong accounts in the beginning, you will not like the results in the end. The campaign begins and ends with identifying the correct accounts. Learn the challenges they face and offer them solutions. This will significantly improve your results and your ROI. With the wrong accounts, you risk investing more than you get out of it. Plan well before you begin.
Mistake #5: Focusing on the Wrong Metrics
Traditional marketing and account based marketing differ significantly in terms of metrics that should be measured. With traditional marketing, you measure leads, conversions, and MQLs to determine the success of the endeavor. In ABM, that’s just not enough to give you a clear picture. You should measure other metrics instead.
Due to the nature of account based marketing, some of the metrics you should measure are:
- Account score – what’s the client’s overall readiness to buy?
- Online traffic and engagement – do your target accounts engage with your content?
- Ad views and CTR – do your target accounts view and engage with your ads?
- KPI measurements – are you measuring KPI’s? If not, you should start. Here’s a few suggestions how Mo-Data’ sales software can help you.
- Sales feedback – what does your Sales team have to say about the leads?
Those are just some of the channels you should pursue. ABM requires you to be on top of things at all times. Using a system for easy data management and analysis helps with this significantly.
Mistake #6: Shotgun Approach to ABM
As we’ve said in the beginning, ABM should be precise. However, we’ve seen marketers make this mistake many times. They compile a list of emails and then start sending the same, unmodified template to all accounts. This is not ABM.
Account based marketing is a tailored approach. Each and every client should receive a unique email or call, addressing their specific needs. Otherwise, you’re not doing ABM. Rather, it’s traditional marketing with a smaller scope and bigger investment. It’s not worth it.
Mistake #7: Not Combining ABM and Inbound Marketing
Oftentimes marketers don’t combine inbound marketing and ABM. This is a mistake, because both strategies are targeted and precise. Both strategies focus on quality, rather than quantity. This makes them both highly synergistic.
The two strategies can complement each other very well. While inbound is still a little broad, ABM narrows the spectrum. Use these two marketing approaches together for the best results and return of investment.
Conclusion
These are the 7 deadly sins of account based marketing that might be killing your profits right now. Fix them as soon as possible and you’ll definitely see a change in your sales, as well as in your ROI.
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