July 19, 2018

Account Based Marketing Tools: Fact or Fiction?

Jeff Marcoux | VP of Product Marketing Strategy, TTEC
Written by:

Jeff Marcoux | VP of Product Marketing Strategy, TTEC

There seems to be a misconception in the marketplace today around what Account Based Marketing (ABM) is. Many people believe you need a big fancy piece of software to execute it when the reality is that you can start your ABM strategy with the most highly available and adopted piece of marketing technology today, Microsoft Excel.  This belief comes from the surge of ABM as a core business strategy created by the MarTech vendors offering predictive marketing, intent monitoring, and account-based engagement tools that needed to create a market for their solutions.  While ABM is a great strategy that can be enhanced with software, it does not require it.  I have spent the past two years developing four different types of ABM approaches requiring different technologies to execute, of which many brands have available to them today.

1. Planned ABM

Developing a target list of accounts, that you would like to get inside of, and building a targeted strategy, across sales and marketing, to achieve that. (Tools Required to start: Excel and a LinkedIn account.)

2. Existing Account Expansion

Working with your sales team to set goals for existing accounts which marketing supports by identifying decision makers and providing content to support the sales cycle. (Tools Required to start: Excel, CRM, and a LinkedIn account.)

3. Predictive Lead Gen

Using machine learning and data enrichment to create a lookalike model and monitor purchasing intent and signals to identify when a business is indicating they are in the market for what you have to sell. When doing this strategy sales has to understand what the value model you are using provides and be willing to engage with those accounts instead of letting them sit in a marketing nurture stream, waiting for the traditional “lead score” threshold to be reached. (Tools Required to start: Predictive tool, intent data, and CRM.)

4. Opportunistic

These are the accounts still hitting your website, identified by reverse IP lookup or form conversion. If an account is deemed enough value, you can pull it from the traditional nurture stream and begin an ABM program directed at them to scale. (Tools Required to start: Reverse IP tool.)

Thus, the reality for the majority of these strategies is free or low-cost tools which are more than sufficient to get you started on your ABM journey.

I think ABM has some incredible promise and can help companies become much more focused on creating amazing customer experiences across the entire company.

However, it is not a silver bullet. It still requires you to have a holistic marketing strategy. Additionally, I think a common trap is over-investing in ABM technology when Excel may be good enough for your business to start.

If you want to dive deeper into ABM strategies you can reach out.

By Jeff Marcoux

Click below to watch Jeff’s quick videos on:

  1. The New ROI for Marketing
  2. Why I get Excited About Digital Marketing
  3. The Marketing Reality Check
  4. Customer Experience and Why It Matters


Related Posts.

CMOs: Striving For Competitive Differentiation? Don’t Overlook Your Number One Marketing Asset

By and large, the strategies of growing a relevant business are the same. Brand growth and awareness, market penetration, product expansion and acquisition. The marketing tactics employed to achieve those goals is what sets the front-runners apart from those playing catch-up. So how do you achieve competitive differentiation? Your people: the individuals responsible for designing and implementing those marketing tactics must rank high on your business-critical scale. Because if you don’t hire and retain top digital marketing talent, your ability to plan, execute, measure, and improve a digital campaign will be limited and impact revenue, the customer experience and brand perception. In other words, you may have the right tools, but you won’t be able to leverage their usefulness as business drivers without skilled marketers running the show. Marketing executives and industry insiders across the country are singing this tune: Better talent = Better business performance. “Talent will drive competitive advantage. Companies that invest in building digital skills in their marketing teams have a huge opportunity to accelerate ahead of their peers.” The Talent Revolution in Digital Marketing, Think with Google, 2015. What does it mean to be a skilled digital marketer in the 21st century? From a global understanding of how to align business, brand and messaging strategies to pay-per-click, SEO, and social analytics and targeting, to name a few, the breadth of skills required to be an effective digital marketer today are innumerous. Combine those skills with hands-on experience -- not just theoretical knowledge -- and the expertise to design, create, implement and analyze a digital campaign, and you’ve got a capable 21st century digital marketer. After all, the ability to harness data-driven insights is how companies gain a competitive advantage. The challenge CMOs everywhere are facing, however, is a pervasive shortage of skilled and experienced digital marketers. Companies that turn to recent college graduates are frustrated by this group’s lack of experience and outdated knowledge (not surprising, slow-to-change university curriculum can’t keep pace marketing’s fast-moving digital evolution). Meanwhile, seasoned marketers don’t possess the technical skills required to execute an effective digital campaign. “Tools and strategies that were cutting-edge just a few years ago are fast becoming obsolete, and new approaches are appearing every day.” The Ultimate Marketing Machine, Harvard Business Review. To solve the problem, marketing departments need to look inward by shoring up the expertise, technical skills and hands-on experience of their existing teams. The benefits of upskilling your staff are many, including:

Thursday, July 19, 2018

Contact us

Need a quote.