Over the past few weeks, we’ve talked about the steps you should take to get started with ABM, covered why multi-touch attribution is necessary for building and iterating on your ABM strategy, and shared SevOne’s ABM measurement success story.
Now, we pose another — and perhaps even more essential — question for your consideration: Why should you even care about implementing ABM in the first place?
Based on extensive research by our in-house Data Scientist Kevin Yip, Nadim Hossain — BrightFunnel’s founder and CEO — recently published an ABM benchmark insights report and illuminated the current state of affairs in the world of B2B account-based marketing. One of the most significant findings in this report was that organizations that adopt ABM have a 10% higher win rate than those that don’t (BrightFunnel, 2016).
What does this mean for you and your business? For starters, it means that it’s probably about time to get going on your ABM strategy (if you haven’t already, that is). Just by splitting your prospects into target and non-target segments and then prioritizing the targets, you can start to see long-term benefits that trickle all the way through to the business’ bottom line. That means your marketing team will get more cred for its hard work in the end — and who’s not into delivering more wins and getting more pats on the back for helping the company achieve its larger, revenue-winning goals?
Digging deeper into the finding, Hossain writes that “this…could also indicate that the act of organizing an ABM effort, which requires investing time and resources to align Sales and Marketing, itself results in higher performance.”
Essentially — beyond what you can see from target segmentation and prioritization — adopting ABM as part of your marketing strategy also helps to strengthen your organization in other ways. For example, implementing ABM into your overall strategy gives Sales and Marketing a solid reason to finally put their differences (ie. how they measure for success) aside and start finding ways to see eye-to-eye on planning and execution.
Now, don’t panic if you haven’t built — or even really started thinking about — your account-based strategy yet. Hossain recommends beginning with a hybrid strategy, as “throwing out your marketing automation platform and years of historical data probably isn’t a good idea.” But this should be the benchmark metric that helps light a fire under your team and at least gets the ball rolling in the right direction when it comes to how you’re thinking about account-based marketing.
Be sure to check out all of BrightFunnel’s benchmark findings to gain more insights into the state of account-based marketing today.