Make sure to choose the right account
Launching an Account Based Marketing (ABM) program is an exciting opportunity to target your top account and drive growth for your business. However, deciding which account to focus on to get the best effect can be a challenging task since sales representatives think that all their accounts are important. In this blog post, we will discuss the key considerations and steps to ensure that you choose the right account for your ABM program.
Collaboration between Sales & Marketing
ABM needs to be a collaborative effort between Sales and Marketing. The initial step involves bringing the teams together in a meeting to prioritize and create a list of high value accounts. This collaborative approach ensures that both teams have a shared understanding of the goals and objectives of the ABM program – that takes a strategic approach and treats individual accounts as markets in their own right.
Avoid relying on gut feeling & gathering insights
Even though intuition plays a role in decision-making, it is important to avoid relying solely on gut feelings when selecting accounts for your ABM program. Remember, these accounts will receive a significant portion of your time and resources, so it is vital to make decisions from facts, not just wishful thinking.
To make informed decisions, it is crucial to gather insights from your sales team. Engage in discussions with them to understand which accounts they are actively pursuing, the current status of each account in the sales cycle, and pipeline. By leveraging the expertise and knowledge of your sales team, you can gain valuable insights into which account has the most potential for success.
Key questions to narrow down the account selection
To ensure that you choose the right accounts, consider the following key questions:
- Is there an ongoing sales dialogue?
Is the account in your 6-12 months pipeline? Determine if there is already a relationship or dialogue established with the account. Prioritizing accounts that are already engaged can increase the likelihood of success.
- Does the account align with your sales strategy and business goals?
Evaluate whether the account’s needs align with the products or services you offer. Choose accounts that fit well within your overall sales strategy and contribute to your business goals.
- Is the value of the deal significant enough?
Consider the potential revenue, long-term value, and growth impact the account can bring to your business. Prioritize accounts that offer substantial business value and have the potential for a mutually beneficial partnership.
Selecting the right account for your ABM program is a critical step towards achieving success and driving growth. By fostering collaboration between sales and marketing, leveraging insights from your sales team, and asking key questions to narrow down your account selection, you can ensure that your ABM efforts will be more likely to succeed. By focusing on accounts with high growth potential instead of reaching out to as many customers as possible, you can align your resources and efforts with your most valuable customers, ensuring long-term success for your business.