In the dynamic world of marketing, staying ahead means adapting to new strategies and approaches. One such strategy that's gaining significant traction is Account-Based Marketing (ABM), especially among B2B companies. In fact, this year has seen 39% of marketers increasing their spend on ABM, and this trend is expected to continue growing into 2024. This shift is a response to the growing need for more targeted and efficient marketing efforts that resonate with high-value accounts.
In this blog, we're going to explore five ABM tactics that are particularly relevant for 2024. These aren't just high-level concepts; they're practical and actionable strategies that can help your marketing efforts be more focused and effective. We'll see how these tactics enable you to zero in on the right accounts, tailor your messaging to meet their specific needs, and ensure that your sales and marketing teams are working in harmony.
Whether you're already implementing ABM or are considering it for your future strategy, these insights will provide a clearer view of how ABM can be a key player in your business's growth and success in the years ahead. Let's dive in and discover how you can leverage ABM to its fullest potential!
4 ABM Tactics for 2024
ABM allows marketers to focus on the high-value accounts that matter most to their business. With this personalized approach, you can help speed up the sales cycle and waste less time on generic outreach efforts.
That’s why ABM is just as important in 2024 as ever before. This is especially true for B2B companies that tend to have more decision-makers involved in the sales process. Let’s look at five ABM tactics you can utilize in 2024.
1. Tier your target 🎯or named account list
A named account list is a common ABM term. This is similar to a target account list but it’s taken one step further. Everyone on your named account list will be assigned to an individual sales rep. For some companies, you may even see named and target account lists as interchangeable.
Ultimately, this list will be the bedrock for your entire account-based strategy and determine how you reach the right accounts. These will be accounts that closely match your ideal customer profile and have a high probability of converting to customers. While making sure both marketing and sales agree on the target accounts is important, more critical is aligning on the detailed criteria that can be used to identify the accounts that present the best opportunities and prioritize (or tier) your accounts. Without this level of alignment and deeper analysis, lack of confidence in the list can spread, and it becomes more challenging to know exactly where to focus limited resources.
This is where tiering comes in. You’ll want to evaluate the attributes of those companies on your target account list and begin categorizing them based on a variety of factors. Each tier represents higher value to the organization, and thus merits greater investment, than does the one below it. Resources, internal and for program execution, must be aligned against each tier. A good rule of thumb is to target a 2x-to-5x difference in resources per account by tier to meaningfully differentiate tiers.
2. Harness the Power of Intent Data 💾
In 2024, one of the most potent tools in ABM is intent data, a transformative element in understanding and engaging with high-value accounts. Only 21% of marketers currently utilize intent data for their account-based initiatives, making it a distinct competitive advantage.
Intent data, like a digital crystal ball, reveals the interests and needs of potential clients by analyzing their digital footprints, such as website visits, content engagement, and online research behaviors. It comes in two types: Explicit Intent Data, where prospects directly express interest, and Implicit Intent Data, which requires interpreting subtle behavioral signals.
By prioritizing accounts that show genuine interest, intent data ensures that marketing and sales efforts are concentrated on the most promising leads. This not only brings greater efficiency and focus to your ABM strategy but also fosters a stronger alignment between sales and marketing teams. It's about crafting personalized, resonant content and building authentic, timely relationships with each prospect. In the world of ABM, where quality trumps quantity, intent data is your guide to targeting the right accounts and forging deeper, more meaningful connections.
3. Hyper-Personalization📑 Across All Touchpoints
In 2024, hyper-personalization isn't just a strategy; it's the cornerstone of successful ABM. This approach involves tailoring every single touchpoint, from personalized ads to email and direct mail, to resonate deeply with each member of your target accounts.
For instance, in digital advertising, moving beyond traditional retargeting to personalized ads aimed at specific roles within a buying team can significantly improve engagement. Utilizing CRM and marketing automation tools to serve ads that feature customized elements like company names and job titles makes your message not just seen but felt.
It's about crafting messages that do more than just sell; they start meaningful conversations and foster lasting relationships. By focusing on the specific needs and preferences of your customers, you're not just reaching out; you're connecting in a way that can drive significant growth for your business.
4. Get AI-Driven 🤖 for ABM
In 2024, the integration of Artificial Intelligence (AI) in Account-Based Marketing (ABM) isn't just an innovative trend; it's a vital shift in the marketing landscape. AI is revolutionizing ABM by optimizing processes, enhancing personalization, and boosting overall efficiency. This strategic fusion involves:
A case in point is RollWorks' collaboration with Okta, which saw a 24x increase in opportunities, a 63% reduction in time from opportunity creation to closed deal, and a 22% increase in influenced revenue, thanks to AI-driven, intent-based ABM campaigns. This approach to ABM in 2024 signifies a new era of precision and effectiveness in marketing, leveraging AI for smarter, more successful marketing strategies.
Hopefully, this blog post has shown you that there are a number of ways to engage with your target accounts and further your ABM practice. None of these tactics will deliver overnight success because ABM is a long-term strategy. But it’s worth it to start building relationships with those high-value prospects now. Of course, data will be a crucial element to any ABM tactic you choose to try.