Last week I attended 'Shining a Torch on Account-Based Marketing' - a great event from the team at SiriusDecisions.
I've put together a few of my key takeaways from their research, presented at the event by Research Director Nicky Briggs:
- 93% of respondents reported an increase in average deal size from targeted ABM accounts. 1 in 4 reported an increase of 50% or more.
- In 2016, 40% of B2B marketers spent less than 10% of their marketing budget on ABM; today more than half spend over 30%.
- Over 90% of companies reported improvement in conversion to closed won from qualified opportunities. Almost 1 in 4 saw this improve by over 50%
Why aren't marketers using ABM?
Unsurprisingly the 3 biggest barriers CMO's found they had to ABM were:
- Limited budget for programmes/infrastructure
- Lack of alignment/relationship with sales
- Lack of people/skills for ABM
Overcoming these challenges
At Kingpin we've been running successful ABM campaigns for our clients for years, before it became the buzzword it is today.
When done correctly, ABM can have a massively positive effective on the relationship between Sales and Marketing. Marketers are able to gain respect from Sales through greater precision, coordination, and velocity in their target accounts - resulting in a much more collaborative work culture.
I may be slightly bias, but using an agency for your ABM strategy has multiple benefits;
- Our long-standing relationships and high volumes of business with international & local suppliers means we have access to the best rates and preferential service levels.
- Expertise saves time and resources, allowing more time to be spent on educating your sales team
- Our views are independent, based on data quality, conversion results, audience relevance and recent performance.
- We provide a central buying, communication and reporting point, reducing your admin, saving time and money!
Thank you to Nicky Briggs, SiriusDecisions and DnB for an informative and enjoyable event!
93 percent of respondents reported an increase in average deal size for ABM accounts. 1 in 4 reported an increase of 50% or more.