It has been 20 years since ITSMA's team coined the term Account Based Marketing (ABM) During my nearly 20 years with SAP Marketing, I had the privilege of working with ITSMA (now Momentum ITSMA) for a large part. ABM has grown alongside key concepts and practices such as Thought Leadership and Marketing Analytics and Data (MarTech), and Marketing Transformation. A convergence has been witnessed that has established a set of competencies that all B2B marketing professionals and organizations looking to become leaders in B2B marketing. This convergence was described in my article "Momentum ITSMA marketing Vision 2022: Next-Generation b2b marketing in an age of convergence". The extremely positive feedback confirmed that others are experiencing and seeing the same.
The sixth annual survey "Elevating ABM" was conducted in partnership with ABM Leadership Alliance. Rob Leavitt (SVP Advisory) and Adam Bennington (Head of Consulting, Momentum ITSMA), presented the ABM Benchmark Study results at a webinar "Building On ABM Success: Six Keys for Long-Term Success: Six Keys". Rob and Adam both stated that ABM has transformed from a niche specialty to an all-encompassing growth driver. ABM is not a "nice to have" anymore. ABM is a key component of many companies' successful go-to market (GTM) strategies.
At the Momentum ITSMA Fall "Marketing Vision 2023" event, I had the opportunity to view a preview of the 2022 ABM Benchmark study. ABM is the most popular B2B marketing tactic. Research shows that ABM is a top B2B marketing tactic. More than one-fourth of organizations with active ABM programs (28%) spends on it. Leaders can see more. A little over three-quarters (71%) will increase their ABM spending in 2023. This is a growth rate of an average 13 percent year-over year. ABM is not just for large organizations. Smaller organizations tend to spend 15 to 20% more on ABM than larger organizations.
ABM's business impact continues to be remarkable: 90% of respondents reported an increase in engagement, 84 per cent growth in pipeline and 77 per cent growth in revenue. ABM had a higher Marketing ROI (ROMI), and 72% of respondents saw an increase in engagement. 66% reported a greater sales and marketing alignment. We have long advocated "modern marketing" as well as "next generation marketing transformation". This is the result of a vision that we have worked on for many years. Nearly one-third of respondents (53%) have implemented ABM account coverage that is one-to one (marketing to a single universe) and almost one-third (29%) that is one-to few ABM. A small percentage (18%) of respondents use all three types of ABM, adding one-to-many and mixing and matching their ABM strategies and executions accordingly.
Momentum ITSMA champions the concept of "embedded ABM", where ABM is central to the marketing and sales approach and embedded within the company and mainstream to sales and marketing. Collaboration is, unsurprisingly, key. Marketing is and will always be a team sport. ABM leaders collaborate across functions and break down silos to invest in tools and assets to help bring this product to market. Embedded ABM is less than 1/5th (17%) of the people surveyed. This is a relatively new area in ABM adoption.
Rob and Adam talked about "six keys to ABM in 2023" and the future. They are spot on. I recommend everyone to read the ABM benchmark research, and watch the webinar. They are:
- ABM should be your company's top priority for growth: 76% of ABM leaders surveyed said that ABM is a business initiative across the entire company and not just a marketing strategy. ABM drives strategic growth for 74% of ABM leaders, which is 3X more than any other group. ABM is a key pillar of your company's strategy to go-to-market. Make ABM central in your organization and integrate ABM throughout your organization.
- ABM account segmentation and prioritization. Market down to the opportunity level in partnership. If there is a "secret sauce", it's working with sales to develop account profiling, prioritization and plan programs that are tailored for sales and accounts. You can leverage "hyper targeting" to target specific accounts with targeted marketing and resources that are based on world-class segmentation.
- Invest in team and skills development: Momentum ITSMA Marketing Vision 2022 featured the theme "The Year of Enablement". This is not just about sales enablement. It also includes cross-functional enablement that is supported by MarTech enablement tools and quality content. Training that enables collaboration, best-in-class campaign planning and execution, sales and marketing alignment and collaboration. This is what ABM leaders do. It pays off, with the added benefit of increased employee retention and the recruitment of new talent.
- ABM Project management Offices (PMOs) and ABM Centers of Expertise are great investments to align with sales and the extended ecosystem. They provide governance and roll-out programs that include the enablement mentioned above. And, they don't work in isolated stovepipes. Participate in the communities you are involved with and invest in them.
- Use data and insights to improve strategy and performance. ABM is a key part of this new era of data-driven marketing that enables better decision-making. Momentum ITSMA's ABM Three Rs are Reputation and Relationships and Revenue. We need top-quality reporting and dashboards that can be supported by Business Intelligence, Data, Analytics, Data Literacy and MarTech-savvy marketing professionals at the helm. These investments are made by ABM leaders – 75 percent in account insights, and 56 percent with engagement-level insight. Scott Brinker has a separate category for ABM in Scott Brinker’s MarTech Landscape. ABM leaders are investing in ABM platforms that integrate with their MarTech stacks and data. ABM leaders are still leaders in campaign planning, execution, sales and marketing collaboration, and integration. However, they recognize the need for greater data and analytics expertise, as well as tailored value propositions and ABM-specific MarTech.
- You can tailor messaging and thought leadership to be relevant and provide value. Decision makers don't want just to hear what we have to say as Thought Leader (inside out); they want to know that we deliver value, are trusted advisors, and tell them what they want (outside in). Thought Leadership marketing excellence is a key component of the journey to becoming an ABM leader. It requires understanding and targeting specific accounts. This is especially important as we begin our journey to one-on-one ABM.
Rob and Adam shared great tips to close the webinar. This is very practical advice for all marketers who need to address ABM in some capacity.
- ABM should be financed with sufficient resources and budget. Don't "partly-in", with an ineffective, watered down program that is only ABM. Plan and budget properly, assign resources and keep the course with an efficient cross-functional program with "execution in an art form". (To quote another Bill McDermott, ServiceNow CEO is one of the top leaders in ABM/Thinking Leadership as cited in this research).
- ABM leadership is possible by implementing an integrated strategy and execution that results in strategic growth. This was clearly demonstrated by the Momentum ITSMA ITSMA ABM Benchmark study. It also highlighted the immense value it brings to businesses and the business success it can bring.
- Invest in Thought Leadership and research to create value and provide information that accounts need. Stay on track with a program supported with a PMO/CoE, with a healthy dose governance and collaboration.
- You can create personalized content and Thought Leader for specific accounts or personas with customized value propositions. Michael Brenner, my friend and longtime colleague, is the CEO of Marketing Insider Group. He says that successful ABM campaigns are a company's best friend. Michael Brenner is a world-renowned authority on great content marketing. His suggestions for best practices mirror the wisdom of Momentum ITSMA.
Adam and Rob also pointed out that ABM is still in a period where it is growing and maturing. It's a great time to be involved in B2B marketing. There will be more, just like everything else. Read the Elevating ABM Building Blocks for Long-Term Success benchmark Report, download the webcast and get ready to invest in ABM to reap the incredible benefits.
Marketing Insider Group's first post, Account-Based Marketing at Twenty: A Benchmark to Success in 2023 and Beyond appeared on Marketing Insider Group.
Frequently Asked Questions
What is the difference in marketing and advertising?
Advertising is a form or communication that promotes products, brands, and services. Advertising has a clear call of action. For example, “Buy now!” Click here or “Buy Now!”
Marketing is another way to communicate the mission, vision and values of your company to potential customers. Marketing helps to build relationships with prospects and customers.
If you sell shoes online, for example, marketing can be used to tell the story of who you are and what your offer. Talk about your values, philosophy, and dedication to quality. You could share testimonials from satisfied customers. For people to come to your website, you could offer them a free pair of shoes.
Marketing, or telling stories, is in essence about telling stories. Advertising is all about selling products.
What are the 4 types?
Marketing is broken down into four main categories: Direct Mail Marketing and Traditional Advertising. Public Relations is also included. Digital Marketing falls under the umbrella of digital marketing. Each of these categories has different goals and should only be used for specific purposes. These can be combined to help you reach your goals.
These are 3 examples internet marketing.
Internet Marketing is an umbrella term for online activities designed to promote products and services. Internet marketing includes email marketing, social media marketing, search engine optimization (SEO), pay-per-click advertising (PPC), and website design.
It's important to note that these terms do not necessarily mean you'll have to spend money to make money. There are many ways to make income without spending money. The return on each investment will be greater if you make more.
Email marketing is the most widely used form of internet advertising. This involves sending out emails containing information about your business to potential customers.
Another popular way to market is via social media. Social media sites such as Facebook, Twitter, and LinkedIn enable users to share information and interact with friends and family. These sites offer businesses a great opportunity to interact with clients and increase awareness about their products or services.
Search Engine Optimization is a technique for increasing the visibility and popularity of websites on major search engines. Webmasters can increase traffic to their websites by increasing the quantity and quality of relevant backlinks.
Website design refers to the art of creating websites that look good and function well. Website designers determine the style and layout of a website. Website designers also ensure that the website meets accessibility standards and complies with technical specifications.
Advertising called Pay Per Click (PPC) allows advertisers to bid on keywords relevant their products and/or services. Advertisers earn a commission when someone clicks their ad. PPC ads appear on search results pages at the top or bottom.
- This allows us to deliver CPCs that are 80% less than average and CTRs 4-5 times higher than average. (marketinginsidergroup.com)
- Meanwhile, a PartnerPath poll found that co-marketed ads help 68% of consumers arrive at a buying decision before even speaking to a salesperson. (influencermarketinghub.com)
- Companies that use personalization are seeing revenue increases ranging from 6-10%. (blog.hubspot.com)
- A poll earlier this year found that 14% of older Gen Z's had bought an item in the previous six months based on an influencer's recommendation. (influencermarketinghub.com)
- According to statistics, 60% of online shoppers worldwide actively search for coupons before purchasing from a virtual shop. (influencermarketinghub.com)
Top 10 Affiliate Marketing Strategies for 2022
Affiliate marketing has become a very popular way for marketers to advertise online.
This allows companies to promote products without having to spend any upfront costs. Instead, affiliates pay a commission whenever users purchase the advertised items.
There are two types principally of affiliate programs. They are performance-based and cost per sale. Performance-based means an affiliate will be paid once a certain number have been sold. An affiliate earns a fixed amount per sale regardless of whether or not he sells any product.
We'll be discussing the top 10 best affiliate marketing strategies in 2022. Each strategy will be discussed and examples of successful campaigns provided.
#1. Build a Brand Loyalty Program
eCommerce websites are increasingly adopting brand loyalty programs. Customers can earn points each time they visit a website or shop online.
These points can be used to redeem for special offers, discounts, rewards, and other perks.
Amazon Prime, for example, gives members exclusive deals and perks.
Amazon also has a referral program called Associates. Merchants can refer customers to Amazon through this program and earn a portion of the revenue.
#2. Use Social Media to Promote Products
Advertising products is easy on social media platforms such Instagram, Twitter, Pinterest, Instagram and Instagram.
Targeting potential buyers can be done by companies via ad networks. Facebook, for instance, allows advertisers the ability to target specific groups based on their demographics and interests.
Targeting people within a particular distance of a store is also possible.
Twitter is another platform that allows companies reach targeted audiences quickly. Companies can send tweets to followers, ask questions, and share content.
Instagram is similar with Twitter in that it allows brands interact with consumers. Instagram does not allow businesses to send direct messages like Twitter.
Instead, followers see the posts in their feeds automatically.
Pinterest is another social network that allows businesses and customers to connect. These connections can include asking questions or sharing images.
Influencer marketing is a powerful tool for growing brand awareness. Brands can offer incentives to influencers for sharing promotional material about their products.
In many cases, this partnership involves giving influencers products to try out or review.
These partnerships do not only include product reviews. Brand ambassadors can also be made of influencers.
Brands can employ influencers for giveaways, opinions, answering questions, or to simply showcase their products.
#4. Make video ads
Video ads are growing in popularity. Video ads are increasingly popular online. This is especially true since smartphones and tablets have become more mainstream.
Advertisers can use video ads to capture attention and persuade viewers to click on links or buy products.
YouTube is one the most popular websites where advertisers place video ads. YouTube allows advertisers upload 60 second clips.
Google AdWords offers another way to place video advertisements. Google uses keywords to match ads to relevant searches.
#5. Run Mobile Campaigns
Mobile apps are becoming more popular. Mobile apps are becoming increasingly popular as they allow users to download games, view movies, read books, and listen or play music.
People spend hours on their phones, reading books, listening and playing video games.
To drive more traffic to your website, businesses should look into mobile apps.
Apps can be downloaded onto smart devices, such as iPhones, iPads, Android phones, and tablets.
App stores can be found for Apple iOS, Google Play Windows Phones, Blackberry OS, Kindle Fire, and Windows Phones.
The best way to sell physical goods is through shopping carts.
Customers can add items to their cart, then checkout to complete purchases.
Online shopping carts are gaining popularity. Many online retailers, such as eBay, allow customers to create accounts and browse product lists.
Amazon and other online retailers like it integrate shopping carts in their websites. Customers can order the items they desire and make payment right away.
It is a great way of attracting new customers.
It is common for companies to send out press releases informing the public about the new products they have launched.
This release could include information about the new line's pricing and availability.
The company can market the new products once the launch has been completed.
#8. Develop Cross-Channel Marketing Programs
Cross-channel marketing is the term used to describe marketing efforts that span multiple channels.
For example, cross-channel marketing could involve sending emails to subscribers via email lists, promoting products on social networks, and running banner advertisements on search engines.
Some companies combine multiple channels to increase exposure.
Some companies also sell products in brick and mortar stores. They also sell products online.
Sometimes, companies use both channels simultaneously to increase their sales.
Companies can use data analytics to enhance their business operations and maximize their profits. It involves analysing data collected from diverse sources to identify patterns or trends.
Analytics can identify problems, evaluate current practices, predict future needs, and suggest improvements.
Analytics tools are able to gather data from many sources, such as web servers and databases.
These tools allow companies to gain insight into their customers and their behaviour.
#10. #10. Increase customer satisfaction
Every business needs to be satisfied with their customers. Customers will return to your business if they are satisfied.
Satisfied customers are more likely to refer your products to others.
Satisfied customers are less likely to complain of poor service.
Therefore, increasing customer satisfaction is critical for all businesses.
This is possible by offering outstanding customer support.
Employees should respond promptly to customer inquiries and solve problems effectively.
Customers don't need to wait long for their order.
You should also ensure that your website is easy for users to navigate.
Your site should load quickly, and give clear instructions.
Bear in mind, not all customers can be treated equally
Customers might require extra help, while others will not need it.
You should therefore tailor your customer service policies to meet individual needs.
This ensures everyone receives exceptional service.
Our guide is available here if your interest lies in starting an affiliate marketing campaign.
This article will cover everything you need to know when starting an affiliate marketing program.
Now that you are familiar with how to launch an effective affiliate campaign, it is time to build relationships and establish trust with other bloggers.
You'll gain valuable experience and credibility by doing so.
This knowledge can be then used to your advantage and earn
By: Fred Isbell
Title: Account-Based Marketing (ABM) at Twenty: A Benchmark for Success in 2023 and Beyond
Sourced From: marketinginsidergroup.com/content-marketing/account-based-marketing-abm-at-twenty-a-benchmark-for-success-in-2023-and-beyond/
Published Date: Mon, 13 Feb 2023 10:00:49 +0000