I'm going to come right out and say it. Your Account-Based Marketing (ABM) program is doomed unless you have strong ABM data. You've got to know everything possible about your ABM accounts. Who do you know? What do you know about them? And what do you need to do next to nurture the account?
So, what happens when your ABM data is less than pristine? You run into a messy program that won't deliver anything accurately, and you'll have invested in a B2B ABM program that doesn't even come close to your campaign objectives, let alone move the needle on profit and ROI.
Let's take a look at what can happen if your ABM data is less than lacklustre and the effects it can have on your ABM initiative.
You'll lack visibility on persona and company profiles.
This may seem a bit like overkill, but your ABM data has to be current, or you simply miss the mark on everything you do. If you don't capture and maintain up-to-date information like account contacts, you won't know who works at the ABM account and if those contacts are still relevant across the enterprise.
You also need to take a quarterly view of employee counts and revenue numbers within each targeted ABM account. Employees come and go, businesses get acquired, and companies change addresses and phone numbers. These are just the fundamentals of your ABM data, but if they're not kept current, you don't really have anything at all when it comes to a strong ABM program.
Capturing the Right ABM Data
Capturing the right ABM data should happen only after you have defined the strategy and tactics for your ABM initiative. What do you need to know about your target ABM accounts? Who are the influencers within the client enterprise? What industry factors are affecting your ABM accounts, both positive and negative? These questions are just good starts. Here are a few more types of ABM data to capture to make your program more effective:
Individual and persona data of account stakeholders and influencers
Engagement data will show how involved a prospect at the target ABM account has been with your company
Firmographics data should give you updates on target account industry, structure, location, performance, and size
Technographic data includes the technology solutions used at the target account
Intent data will provide behavioural data related to those target accounts that are close to the purchasing stage
Predictive modelling will give you an idea of how your target accounts may act in the future
Collecting Clean ABM Data
A lot of the ABM data you'll need to populate your initiative can be gleaned from your team members and any current data in your CRM system. This is a great start, but you'll need to verify and confirm its accuracy on a regular basis. As you're working through your collected data, be sure to note holes where you need more information. Depending on the scope of your ABM program, you may be able to gather the missing data with internal team members. This is no place to cut back on your due diligence, so invest time and money wisely upfront for the best overall campaign results later.
Avoiding Wasted Time and Money in Sales Efforts
ABM requires a close working relationship between marketing and sales as well as other stakeholders in the enterprise. But inaccurate or incomplete ABM data will stop the sales momentum in its tracks. Trust us, you don't need a frustrated sales organisation because you'll lose support, and the ABM initiative can die a pretty quick death.
Buy-in from the sales organisation is critical because they will need to prioritise strong relationships with marketing. Both sides need to be aware of the ABM strategy and vision as well as the fine points of execution.
This is more than just an exercise in keeping sales healthy; there are financial repercussions as well that could negatively affect the campaign and overall profitability.
Studies show that bad leads will waste 27.3% of sales rep time as well as about $20K per sales rep each year. No one wants to see those types of numbers, so it's critical to keep ABM contact data pure to not only generate new sales but to prevent time and money spent on inappropriate leads.
Building a Strong ABM Program
Building an ABM initiative for your company is a smart investment that will produce relevant results as long as you want it to. Just be sure you know what ABM data you need, where to get it, how often to maintain it, and how to share it with sales. ABM data can be a real workhorse for your business if you tend to it, nurture it, and put it to appropriate use.
A strong ABM program relies on accurate and current ABM data, which is essential for making informed decisions and achieving your campaign objectives. Invest in the right ABM data strategies to ensure your B2B ABM program's success.
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