Account-based Marketing (ABM) all started just over 20 years ago. And where did it start?
With your most important customers.
Not with new logo acquisition.
Not with winning new business from prospective customers.
But with growing and retaining your existing customers.
What we like to call 'Customer ABM'.
In short, Customer ABM is delivering a highly personalized experience for each of your key customers.
Our latest episode of Let's talk ABM looks into this very subject!
In it, we spoke to Sloan Newman, Manager ABM Programs, Americas at NTT DATA about crafting personalized marketing strategies for key accounts, driving revenue growth and customer satisfaction.
As an award-winning ABM leader with over 20 years of experience under his belt, Sloan has gathered some valuable insights on all things ABM.
The interview (full recording here) explores key elements of Customer ABM and how it can shape the way businesses engage with their most valuable accounts:
So, let’s take a look at some of Sloan’s top tips:
Ensure your ABM strategy is deeply personalized for each account.
Tailor your messaging and campaigns to address the specific needs and pain points of your target accounts.
"We create a nurturing program that can be a little bit more generic, but also will help to ideally feed that One-to-one vein. When we talked about it, we wanted to create something personalized to each account's campaigns on the One-to-one side, and then a little bit more verticalized for the One-to-few side." – Sloan Newman, Manager ABM Programs, Americas, NTT DATA
By understanding their unique challenges and goals, you can create more impactful and relevant marketing efforts that resonate with each account on a deeper level, ultimately fostering stronger relationships and better engagement.
Successful ABM requires close collaboration between Marketing and Sales teams. Any ABMer knows that!
But, that collaboration must go across the board – and all teams involved in the program – for best creativity, alignment, and results.
So, from Account teams to Marketing, to Sales, Design and Content; all departments must work together, whether they need to identify target accounts, develop personalized strategies, or execute campaigns.
"What’s my greatest learning? It's the eagerness to get up in the morning and connect with your peers and Account teams to move forward. And to move forward in creative ways that often don’t make sense." – Sloan Newman, Manager ABM Programs, Americas, NTT DATA
It’s so important to establish a real connection. Regular communication and joint planning sessions can help ensure that everyone is aligned and working towards the same goals, maximizing the effectiveness of your ABM initiatives.
When selecting accounts for your ABM program, prioritize quality over quantity. It's better to focus on a smaller number of high-value accounts that have the greatest potential for long-term growth and profitability.
And how do you grow those high-value accounts? By creating a true ‘white glove’ experience for them uniquely. And to do that; sit down with your Account team informally. Hear what the account wants and needs, then work to create collateral that speaks to them – and feels like it comes from the Client Manager.
"How do we create a ‘white glove’ experience with that account, or that client, or that customer? Understanding who that audience is and saying, ‘OK, we have this audience and we really want to work with this audience,’ and what do we do to do that?" – Sloan Newman, Manager ABM Programs, Americas, NTT DATA
This allows you to allocate the right resources and unique attention to each account, leading to more meaningful interactions and better results.
How should you measure ABM? And how does it differ from more ‘traditional’ marketing, based on leads? In short; ABM focuses on the Three Rs – Reputation, Relationships and Revenue.
Defining those can be tricky. But at NTT Data, Sloan has a process to monitor indicators such as influence within the account, and the outcomes of relationships with accounts.
And of course, ABM impacts metrics such as engagement rates, pipeline influence, and revenue impact – which are all indicators of the effectiveness of your program efforts.
"We primarily look at influence, because if we try to do it as sourced with the accounts, it's always going to be a battle to defend that number." – Sloan Newman, Manager ABM Programs, Americas, NTT DATA
Regularly reviewing these metrics will not only keep your efforts on track, but help you to identify areas for improvement, to ensure that your ABM program remains agile and effective.
Let your imagination go wild, and get creative with your ABM tactics!
Unique and innovative approaches, such as personalized collateral or unconventional event strategies, can capture the attention of your target accounts and differentiate your brand from the competition. As Sloan says – don’t be afraid to think outside the box!
"I have at least one horribly ridiculous idea a month... But you have to be willing to try different things that nobody else does." – Sloan Newman, Manager ABM Programs, Americas, NTT DATA
Encourage your team to brainstorm and experiment with new ideas, to keep your campaigns fresh and engaging.
Being willing to take risks, and fail fast, is a core part of the anatomy of an ABMer!
And, hand-in-hand with the wins, one of the toughest aspects of ABM is dealing with the losses. It's disheartening when a highly anticipated account doesn't convert, despite your best efforts.
When this happens, conduct a thorough post-mortem to understand what went wrong, why, and how you can improve for the next program. Every loss is a lesson!
"You lose, it crushes you every time... You don't get down-selected. You get told that you miss the mark and then you have to move off of that account." – Sloan Newman, Manager ABM Programs, Americas, NTT DATA
Use these insights to refine your approach and ensure better outcomes in future campaigns.
Accept that failure is a natural part of the ABM process. Each setback provides valuable lessons that can help you refine your strategy and improve your chances of success in the future.
"You have to understand that failure is a real thing here... I can count on two hands the failures I've seen, and some of those failures are better learning lessons than the wins." – Sloan Newman, Manager ABM Programs, Americas, NTT DATA
Maintain a clear vision and stay focused on long-term goals, understanding that building strong, lasting relationships with key accounts often involves navigating challenges, and learning from them. That's what Customer ABM is all about.
Do you want to discover more about breaking through the noise and implementing a successful ABM campaign?
Then dive into our monthly dose of Account-based Everything DashDot, where we unpack ABM's inner mechanics and manifestations, delivered conveniently to your inbox.