Every business relies heavily on its marketing strategies, especially in B2B models. Account-based marketing (ABM) has become increasingly popular, with 70% of marketers now using account-based marketing services, up from 15% in 2020. This surge in popularity is not surprising given the high returns ABM can bring if executed correctly. However, there are many common pitfalls that can impede its success. Here, we explore 10 common challenges in account-based marketing services and how to overcome them to maximize your campaign results.
1. Creating and Selecting Account Lists
Challenge:
Building a strong account list is tough because you need accurate data and must identify key decision-makers. The complexity increases with the need to understand each prospective account’s unique needs and pain points. Personalization in ABM demands a deep dive into these attributes. Additionally, balancing the potential value of accounts with your business’s capacity to engage effectively is crucial.
Solution:
Streamline Account Selection:
- Use reliable data sources and analysis tools.
- Research thoroughly to verify information.
- Set clear criteria for account selection.
- Invest in account intelligence platforms to find decision-makers.
- Prioritize accounts based on data-driven insights and company goals.
2. Choosing Which Accounts to Focus On
Challenge:
Picking the right accounts is essential in ABM. It’s not just about identifying high-potential accounts but also ensuring they align with your business goals. Segmenting target accounts based on factors like industry, size, and revenue helps in customizing outreach effectively. Moreover, identifying accounts that are already showing buying intent can significantly boost your chances of success.
Solution:
Better Target Account Selection:
- Use comprehensive data analyses.
- Apply advanced analytics to profile and predict high-value accounts.
- Use predictive analytics and machine learning to refine targeting.
- Focus on accounts with long-term growth and cross-selling opportunities.
3. Allocating Resources and Budgets
Challenge:
Success in ABM depends on properly allocating resources, including budget, personnel, and technology. Balancing investments in high-value account campaigns and general marketing activities is key. Companies often struggle with dedicating sufficient resources to ABM while maintaining other critical marketing functions. Additionally, integrating new technologies and processes can be resource-intensive.
Solution:
Strategic Resource Management:
- Define clear roles within the ABM team.
- Tie spending to predicted ROI.
- Use scalable technologies for account selection and campaign management.
- Invest in ongoing skill development for ABM teams.
4. Aligning Sales and Marketing
Challenge:
Misalignment between sales and marketing teams is a top challenge in ABM. When these teams operate in silos, it can lead to inconsistencies in messaging and strategy. Marketing might target accounts that sales isn’t prioritizing, leading to wasted efforts and resources. This disconnect can also result in a disjointed buyer experience, ultimately affecting the success of ABM campaigns.
Solution:
Better Sales and Marketing Alignment:
- Set shared goals and maintain consistent communication.
- Use integrated technology platforms for a unified view of targets and strategies.
- Hold regular strategy meetings and joint training.
- Use a shared platform for real-time updates on account information.
5. Reaching Decision-Makers
Challenge:
Connecting with the right decision-makers is a common problem in B2B marketing. Decision-makers are often spread across various levels and departments, making it challenging to identify and reach them. Additionally, high-level executives are typically insulated by layers of gatekeepers, further complicating direct contact. This makes it difficult to ensure your message reaches those with purchasing authority.
Solution:
Personalized Outreach:
- Develop messages that address specific concerns and goals of decision-makers.
- Use industry knowledge and shared connections.
- Deploy targeted demand generation tactics, combining content syndication, paid media, and SDR outreach to engage key decision-makers.
6. Managing Excess and Vanity Data
Challenge:
Managing large amounts of data and distinguishing valuable insights from vanity data is challenging. Metrics like website visitors or social media followers often lack a direct impact on business outcomes. The overwhelming volume of data can divert attention from more meaningful analytics, potentially leading to misguided strategies and efforts.
Solution:
Prioritize Relevant Data:
- Focus on data that aligns with business objectives. Use tools and analytical models to emphasize important data.
- Concentrate on metrics that correlate with revenue generation and account engagement.
7. Integrating Technology
Challenge:
Integrating various tools like CRM, marketing automation, and data enrichment services poses significant challenges. Issues like lack of interoperability and standardization can lead to inconsistent data and efficiency problems. Additionally, integrating new technology with existing systems can be complex and costly, requiring significant time and resources to implement effectively.
Solution:
Map ABM Technology Integration:
- Conduct audits to find integration weaknesses and overlaps.
- Invest in technologies with strong integration features and adaptable designs.
- Promote interdepartmental cooperation among marketing, sales, and IT.
8. Avoiding Too Many Tech Tools
Challenge:
Having too many specialized tools can complicate technology stacks, leading to inefficiencies and data fragmentation. This overload can obscure a unified view of accounts, undermine consistent engagement tracking, and drain resources due to extensive management, training, and maintenance needs. It can make your ABM strategy more cumbersome and less effective.
Solution:
Streamline the ABM Tech Stack:
- Regularly audit the tech suite to identify consolidation opportunities.
- Prioritize integrated platforms with multi-functional support.
- Foster alignment and collaboration between marketing and sales.
- Set structured guidelines for technology use and coordination.
9. Addressing Skill Gaps and Resource Constraints
Challenge:
Implementing ABM requires specialized skills and dedicated personnel, which many businesses lack. Skill gaps and resource constraints are major obstacles. Many companies struggle to find or develop the necessary expertise within their teams, impacting their ability to execute effective ABM campaigns.
Solution:
Overcome ABM Skills Gap and Resource Issues:
- Provide training and development for current employees.
- Hire specialists or work with external consultants or agencies.
- Allocate targeted budgets and resources to support ABM efforts.
10. Measuring ABM Performance
Challenge:
Measuring ABM success is complex due to multiple touchpoints and varied channels. Traditional lead-centric metrics often don’t work well for ABM. The longer sales cycles typical of ABM make it hard to attribute marketing efforts directly to revenue, complicating clear performance measurement.
Solution:
Implement a Holistic Measurement Strategy:
- Set relevant metrics tailored to business goals.
- Use multi-touch attribution models to understand the buyer’s journey.
- Develop a reporting framework that tracks engagement by accounts.
Align metrics with broad business objectives for informed decisions. By addressing these challenges with targeted solutions, businesses can improve their ABM strategies, driving higher engagement and more successful outcomes. These insights will help optimize your ABM efforts and achieve greater returns on your marketing investments.
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