Is the marketing strategy you’re using today the same one you were using five years ago? Likely not. That’s because marketing is ever-evolving. It requires you to regularly optimize your methods so you can continue getting the best results.
If you’re not doing this for your ABM strategy, then you’re setting yourself up for mediocre outcomes. Let’s look at why it’s essential to reassess your account-based marketing and whether it’s time to do so.
Why Continuously Assess Your ABM Strategy?
It’s simple: what works for your ABM campaigns today may not work next year or even next week. There are shifts in industries that can introduce new players (competitors) or open the door to untapped markets. There’s a constant carousel of companies recognizing they have a problem or opportunity to address, going in and out of the market for solutions like yours. There are leadership transitions, mergers, acquisitions, funding, growth, and more changes that require rethinking the mix of products and services a company purchases.
Now, there are signs when things like this happen. For instance, you may notice you’re getting more traffic from an audience you’re not targeting, or you’re losing accounts due to offerings of a new competitor.
When you start to see your metrics noticeably change, then it’s time to investigate. Determine what’s causing the numbers to dip or rise so you can make quick business decisions.
How to Tell it’s Time to Reassess Your ABM Strategy
Closely monitor KPIs, such as:
- Reach: Are you successfully connecting with target accounts — and the right buyer personas in those accounts — or wasting efforts?
- Engagement Rate: Are target accounts opening emails, clicking ads, etc.?
- Marketing-Qualified Accounts: Are you able to flag (to Sales/Sales Dev) when the same account shows engagement signals, across channels above a baseline?
- Pipeline Velocity: Is it flowing nicely, or are there bottlenecks?
- Influence: Which of your activities are generating the best results?
This is not an all-conclusive list but should give you an idea of areas that require special attention. What are some of the tell-tale signs there are issues with your ABM strategy?
Here are several red flags:
- Sales keeps complaining about the target account list.
- The focus is on quantity-based metrics instead of quality.
- Your website isn’t seeing increasing numbers of target accounts.
- The majority of your leads are coming from outside your target account list.
These are the types of issues you can only improve by diving into your ABM strategy and making improvements.
How to Improve Your ABM Strategy
Account-based marketing is a lot easier when you have the right tools to track and analyze your campaigns. For instance, by using a customer data platform (CDP) with AI capabilities, you can get reports and insights into what’s really happening.
With Leadspace, you can quickly identify new lead and target account opportunities based on profile fit, intent signals, and engagement (or PIE). The platform can also assist with fine-tuning your ideal customer profiles. Not to mention, it can highlight problems in your ABM strategy by flagging concerning metric shifts.
Taking the Next Steps
There’s always an opportunity to make positive changes to your ABM campaign. Account-based marketing isn’t a set-it-and-forget-it strategy. You need to monitor and optimize it continuously, just as you do with your other marketing tactics.
If you’re looking for the right tools to make this easier to do, then it’s time to check out Leadspace and revolutionize the way you use data.