If you look at the market trend of the past 3–4 years, you will witness that most of the businesses are making a paradigm shift in their marketing strategy and adopting Account-Based Marketing(ABM). The main reason behind this paradigm shift is Account-Based Marketing, which is currently performing better than all other forms of marketing, and more than 80% of marketers believe the same.
One of the most significant advantages of ABM is it offers a tailored approach to companies that are dealing with different types of accounts. You need to come up with enticing content, and then no one will be able to stop you from getting desirable results through ABM marketing.
In the current market landscape, ABM is undoubtedly coming out as a panacea for businesses, but it is not being adopted on a very high level due to some misconceptions.
It’s good to be always concerned about the type of marketing strategy you adopt, but it doesn’t mean that you should trim out an effective marketing strategy from your plan just because of a couple of myths. So let’s debunk the top 4 myths related to ABM marketing through this blog post.
- Drains advertising money
Trying to save money without affecting the quality of your marketing efforts is undoubtedly the right approach, but completely ignoring a marketing marvel like ABM marketing because of myths related to its price is undoubtedly a suicidal attempt.
Account-Based Marketing tactics are flexible and versatile, and this is why the expenses related to ABM depend on both the size and scale of your marketing campaign. You can adjust your Account-Based Marketing tactics according to your budget because one-size-fits-all become meaningless in the world of Account-Based Marketing tactics.
It is also necessary to note here that ABM’s ROI is much higher than all other marketing strategies, which makes it more beneficial.
- Cannot measure ABM output
It would help if you never used any marketing strategy in which measuring the ROI is impossible, but thinking that it is challenging to measure ABM output is entirely wrong. Most of the people find it difficult to measure the ABM output because they don’t begin on the right foot and choose incorrect parameters for output measurement.
If you measure ABM’s success through a click-through and impressions, then the actual result will be a far cry from your measurement. If you want to measure the ABM outcome, you need to focus on essential and broader parameters like pipeline and actual business outcomes.
- Cannot work with inbound marketing
ABM is an outbound marketing strategy, but people use this fact to think that ABM will never work with different types of inbound marketing strategies like SEO, personal branding, email newsletter, and much more. But this is one of the biggest misconceptions regarding ABM as if you will use inbound marketing strategies like SEO with Account-Based Marketing Strategy; then, you will get better results.
The main target of ABM is vital decision-makers, but it is also true that the final decision is taken only by consulting experts, employees, and many other important people. All these individuals go through detailed research before suggesting any product or service. If you use a mix of SEO and ABM, you will be able to include these important people in your target list as well.
- Only meant for marketing
This is one of the most common misconceptions regarding ABM, and it’s still prevalent because the decision to use ABM starts from a marketing point of view only. But you should know that without input and coordination from sales, you will never get expected results from your Account-Based Marketing strategy.
The sales team’s role is crucial in the Account-Based Marketing Strategy because they will identify the target accounts and then engage target contacts to all these accounts. On the other hand, the marketing team will contribute through conceptualization, outreach efforts, tracking, and success. So, an impeccable ABM strategy will include efforts from both the marketing and sales team on an equal level.
- The only goal of ABM is engagement
Engagement is one of the goals of ABM, but it is never the only goal. Many think that ABM is only used for better engagement, but the truth is a far cry. The main reason behind this common misconception is the high level of engagement achieved through ABM because of personalized content, but the main goal of ABM is purely conversion.
When your engagement level is high, only you will be able to enhance your conversion rate, but this doesn’t mean you should stop at engagement only because giving a pause to effort before the purchase is like leaving the hope just before reaching the shore.
ABM is a goldmine of marketing that is waiting to be tapped by your business. Get rid of the misconceptions regarding ABM, do a detailed analysis, and make ABM a star of your overall marketing plans.