The FlipMyFunnel Virtual Engagement Bootcamp was the virtual conference to help B2B marketers and sellers begin to understand how they should engage the army of decision-makers required to make purchasing decisions in the B2B space. CEO and co-founder here at Triblio, Andre Yee, presented about getting started with ABM, the question we are most frequently asked by marketers.
Marketers recognize their need to market to buying centers and not just individuals since it takes 6.8 stakeholders to sign off on any given B2B purchase. But most marketers’ leads funnel is designed and directed to create individual leads. With ABM, marketers know that they can focus campaigns on target accounts and stakeholders within those accounts, making their efforts more effective and efficient.
But where to start? We have seen three typical patterns for ABM deployment.
1. Account-based tactics for a leads-based funnel
2. ABM program “carve-out”
3. Account-based demand generation
Let’s get into that first one. Using account-based tactics optimizes a leads-based funnel by driving more in-target lead capture. This first deployment pattern tends to be the starting place for a lot of marketers because it is simply applying account-based marketing tactics to the top of an existing funnel. Successful and reliable ABM tactics to start with include account-based advertising and web personalization.
Account-based ads drive traffic from target segments to your website. With display ads deployed to stakeholders from target account organizations, website traffic consistently gets a lift. Additionally, advertising dollars are spent only on identified potential customers. However, even with a lift in website traffic, that advertising spend is wasted if those stakeholders don’t convert once they reach the website. That’s where web personalization is so critical.
With web personalization, stakeholders within the buying centers of your target accounts are far more likely to convert, whether that means filling a form or accessing a piece of gated content. So without web personalization, account-based advertising falls flat. With both, in-target leads will increase quickly and steadily.
As an example, our client Digium wanted to increase the quality of the leads that they were generating. With account-based advertising and web personalization, they saw a 38% increase in leads for targeted accounts within forty-five days of deploying.
This first tactic is quick and efficient, but it is still within the confines of a leads-based funnel, which means marketers are essentially measuring new tactics with old metrics. Take a look at both the benefits and drawbacks of this first ABM tactic.
1. As we’ve said, this still uses a leads-based funnel, so it is a simple and easy step to take without to many big changes.
2. As Digium demonstrated, this tactic has a quick turnaround. Marketers can see an almost immediate boost in leads.
1. Because this is just an ABM tactic, it is subject to all the inefficiencies of a leads-based approach. This tactic is not where marketers should settle, to really get into ABM, you have to move into the more effective and efficient ABM funnel.
2. This tactic is missing out on a lot of the long-term benefits of ABM. ABM can make an impact all the through the funnel, even to the sales opportunity pipeline, but this tactic only affects the top of the funnel.
Stay tuned as we cover the other two most common tactics for marketers getting started with ABM.