Did you hear the news? Earlier this week, we launched “Ask an ABM Expert” a series of bite-sized videos created to answer the most pressing questions in ABM and modern B2B marketing. Hosted by Triblio’s Chief Customer Officer, Andrew Mahr, “Ask an ABM Expert” touches on the daily account-based challenges marketers face and provides practical advice to help combat them.
In the first episode, Andrew highlights why you should drop the old, outdated lead gen model and instead invest in ABM. Today’s blog post dives into that issue and addresses why making the switch can help guide your account-based strategy to success.
The Problem with Traditional Lead Generation
If you haven’t noticed, the traditional lead gen model isn’t working anymore. Marketing teams are spending a lot of time working marketing-qualified leads (MQLs) that the sales team will likely reject. That means that approximately 33% of MQLs never convert to sales accepted leads (SALs). I’m sure we can all agree as marketers that that’s a load of bologna!
Another major challenge that marketers face is how lead generation has little influence over the most valuable deals. Data from the Bridge Group shows that marketing sources 49% of smaller deals (< $5k) but only 28% of larger deals ($100k+). While the goal is to source the largest deals, unfortunately, lead gen garners low-value deals in the pipeline.
Lastly, prospects aren’t filling out contact registration forms. Today, buyers are avoiding form fill altogether. Triblio’s own study shows that of the prospects that visit your site, 45% of them take 90 days or more to fill out a form. While it may seem like contact registration forms show buyer interest, in actuality forms indicate that prospects are often secretly checking out vendor solutions for at least a quarter, i.e. you can’t rely on form submissions.
Making the Shift to ABM
Unfortunately, when it comes to leads, more is not always better, and by following the traditional lead generation model marketing efforts end up not making an impact on pipeline. Instead of trying to optimize lead gen, we suggest making the shift to an account-based marketing strategy. Doing so will allow you to counteract the major challenges outlined above. By adopting an ABM strategy, marketing and sales work together to guide the same set of target accounts towards making a purchase decision, influence valuable deals that’ll directly impact revenue, and get in front of key buyers early in the purchase journey.
So you see, investing in ABM is not only key to revenue growth, but it’s also critical to the way business is being run and the way marketers are executing successful programs. This way of looking at your marketing program is the next step to further enhance your existing strategy, and shifting your focus from a leads-based approach to an account-based one is the way to go.
You can tune into the first episode of Ask an ABM Expert here.