Revenue teams struggle to optimize their Account-based Marketing (ABM) strategy as a component of a strategic account planning initiative. They must apply ABM not as a separate disconnected program, but as a strategically tailored program in their revenue optimization engines, writes Nigel Cullington, head of marketing, Upland Software.
The principle of integrating sales and marketing in an omnichannel way to serve the customer is not new. Most successful revenue teams can agree that revenue optimization requires a combination of strategy, methodology, and technology to have a recipe for success. This is why account planning and management have been around for decades – particularly among the winning sales organizations that repeatedly outpace their competitors. However, revenue teams often struggle to optimize their Account-based Marketing (ABM) strategy as a component of strategic account planning and management initiatives to position and deliver unique business value. Revenue teams must apply ABM, not as a separate disconnected program, but as a strategically tailored, integrated program in their revenue optimization engine.
A tailored ABM strategy that increases the success for revenue teams in sales can be improved with two steps: successfully aligning the sales and marketing teams, and shifting the focus on the customer.
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1. Sales and Marketing Alignment is a Must
Success with ABM is highly dependent on the alignment between sales and marketing. Without alignment, account workflow and messaging can often become inconsistent. For example, if marketing runs an ABM play to a key account without the knowledge or insight of the account manager, messaging from sales and marketing becomes disjointed. Similarly, if marketing invests in a set of ABM plays to an account in a seller’s portfolio but the seller is not involved or engaged in the exercise, the investment is wasted and the company will appear unprofessional to the target account.
When adopted throughout, the alignment between sales and marketing will ultimately lead to increased revenue and a streamlined selling process. According to a 2019 Benchmark StudyOpens a new window , when it comes to improving win rate and revenue capture, the alignment of sales and marketing positively impacts the win rate by 21%.
If there is only one takeaway from this section, it should be that ABM can be truly valuable, but only as part of an orchestrated strategic account planning program. ABM is a wonderful opportunity to align sales and marketing and other customer-facing functions around the customer. In a world where the customer is increasingly connected through varying channels, and empowered with information at their fingertips, the need for this alignment couldn’t be more apparent. Customers want and need a single consistent message from their business partners: from the time they receive their first marketing communication to the signing of the first deal, and onward into a mutually beneficial relationship.
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2. Make it Customer-Centric
In today’s landscape, successful customer engagement that results in long term customer relationships and revenue growth encompasses the best of strategic marketing, but at the individual customer level. This is where sales and marketing need to focus — not just on aligning with each other but on aligning around the customer. An ABM strategy must be all about the customer. It must be authentic, informed, and grounded in the customer’s success.
Customers are more than just “black and white†sets of data, and the relationship developed with them is deeper than a series of touch-points or emails designed to get their attention. Where ABM is adopted most effectively is when it’s part of an integrated account-focused program, allowing customer-centric activity to be built into an employee’s daily workflow. In turn, the value that is delivered to the customer increases, and a sustainable relationship that drives revenue growth is built.
Relationships are based on a trust equation that starts with the first promise you make and ends with the first promise you break. Trust does not form overnight, which is why revenue teams need to cultivate it in their ABM strategy over time. Building long-standing, trust-based relationships with valued customers provide the foundation sales professionals need to maintain customer confidence and optimize revenue streams.
When most people comment on ABM today, they usually position it as the evolution of demand generation, without realizing it needs to be much more than that. Successful companies deploying ABM programs to drive revenue should continue to focus on providing tailored programs that start with the alignment of sales and marketing and around a focused set of accounts to deepen relationships and build trust.