Wondering how to ensure your marketing activities become revenue generators? How to work in tandem with sales to secure your most important deals? Account-Based Marketing (ABM) is a powerful strategy for targeting high-value accounts and driving revenue.
Now’s the perfect moment to get the ball rolling. Let’s make sure you’re all on the same page, focusing on those top-priority accounts and opportunities for the coming year.
In this blog post, we’ll guide you through the process of planning an effective ABM budget that aligns with your goals and ensures success in the upcoming year.
1. Identify your target accounts
Identify and prioritise your target accounts. These are the accounts that align with your objectives and have the highest revenue potential. The number of target accounts and the complexity of deals within them will influence your budgetary needs. You might not have all the details on which accounts to target just yet, but that’s okay. What’s crucial right now is laying the groundwork for a collective effort in 2024.
2. Define Your Objectives
Begin by clarifying your objectives for 2024. Are you aiming to increase revenue, or enhance customer retention? Your budget should be directly tied to these objectives, so make sure they are well-defined and measurable.
3. Calculate the costs based on account priority
Since not all target accounts are equal, allocate your budget based on account priority and potential deal value. Often, the potential deal value correlates with the number of decision-makers involved, This means you’ll need to position yourself effectively towards a larger group of individuals in such cases.
4. Prepare yourself for changes
Allocate a portion of your budget for unforeseen expenses or opportunities that may arise during the year. Having some flexibility in your budget ensures that you can adapt to changes in the market or your objectives.
5. Collaborate with Sales
Work closely with your sales team to align on budget priorities. Ensure that both teams have a clear understanding of how the budget will be used to support target accounts and shared goals. Perhaps most crucially, ensure everyone is on the same page, concentrating on those top-priority accounts and seizing opportunities for the upcoming year. Let’s support each other, share information, and tackle the accounts that matter most as a joined force.
6. Monitor and Adjust
Regularly monitor your budget and your performance throughout the year. Be prepared to adjust your budget allocation based on the performance data and any evolving business objectives.
Planning your ABM budget for 2024 requires a strategic approach that aligns with your objectives and target accounts. By defining clear objectives, calculating costs, prioritising accounts, and collaborating with sales, you can create a budget that maximizes your ABM efforts’ impact.
Stay agile, measure results, and be prepared to make adjustments as needed to ensure that you position yourself for success in 2024. It’s time to get started.