As the world of marketing changes, so too must the strategies employed by marketing teams. One such strategy that has been gaining in popularity in recent years is account-based marketing (ABM).
ABM is a targeted approach to marketing that focuses on specific accounts rather than individual leads. This approach allows companies to tailor their marketing messages and strategies to the specific needs of their target accounts.
While ABM is not a new concept, it is one that is being increasingly adopted by B2B companies as a way to better focus their marketing efforts. And with good reason: account-based marketing can be an extremely effective way to drive results.
But what exactly is ABM, and how can you make it work for your business? In this blog post, we'll take a look at some account-based marketing statistics that will give you a better understanding of this approach to marketing.
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Account-Based Marketing Account-based marketing (ABM) is a focused growth strategy in which Marketing and Sales collaborate to create personalized buying experiences for a mutually-identified set of high-value accounts. |
Account-based marketing (ABM) may be a marketing concept that is been around for twenty years., but it is not used by a lot of marketers, and that is unfortunate.
That is why we selected the most important statistics about account-based marketing that should be known, to help B2B marketers adopt proper marketing strategies for this year.
If you're thinking about incorporating ABM into your marketing mix, here are some important statistics you should know:
The most surprising stat about account-based marketing is that the global market for ABM is flourishing. Despite the pandemic, the ABM market was estimated to reach $749.4M in 2020. Overall, the ABM is expected to increase between now and 2027.
Here are some other ABM growth projections:
Account-based marketing is growing at a blistering pace right now. Many marketers are adding ABM into their routines in order to get the most results.
According to Forrester Research, statistics on account-based marketing, there has been a 7% decrease in ABM team size recently. This shows how ABM is moving to the mainstream, as more marketing teams are embracing it.
In the same Forrester report, personalization and data governance are said to be cornerstones of ABM.
According to 56% of marketers, personalization of content helps to target warm accounts better.
Additionally, 43% of marketers consider data management a critical element in implementing an ABM strategy. Without effective data management, it is not possible to implement precision marketing.
That means 83% of marketers are still struggling to find the perfect way to deploy ABM. However, 43% of marketers are working on refining and measuring their ABM campaigns.
So, you can expect some innovative account-based marketing campaigns in the coming years.
Source: unboundb2b.com
Despite the large community of B2B marketers investing in ABM, most marketers don't have a mature ABM plan, according to accounting-based marketing data.
Research shows that only 17% of marketers have mature ABM marketing strategies.
This means 83% of marketers are still struggling to figure out a great way to implement ABM. It seems that many marketers are still trying to find the best way to use account-based marketing, but 43% are working on making their campaigns more effective.
This suggests that we can expect to see some innovative account-based marketing campaigns soon.
ABM is no simple approach to marketing. It involves heavy data management and reporting. It is not easy for a small marketing team to gather, organize, and interpret data in real time.
According to the Ascend2 study, 37% of marketers found that putting together proper funds and resources was challenging.
They lack sufficient budgets to collect extensive databases for the implementation of an ABM strategy.
Furthermore, the research study has further shown that:
According to recent research, companies that align their account-based marketing strategies see an increase of 208% in their marketing revenues. However, it is key to align your ABM strategy. An aligned ABM strategy means that both the marketing and sales teams are coordinating their efforts to target the same accounts.
Therefore, marketers must deploy aligned accounts-based marketing campaigns to get the most results. Make sure you bring the sales and marketing teams on the same page to incorporate ABM into the next major marketing campaigns.
Do you want to build a mature marketing strategy for ABM? Then, lead generation is where you should put the primary emphasis.
According to a report from the State of ABM by Terminus, 42% of marketers believe that lead generation is a top three performance metric for their programs.
Additionally, it was revealed in the report that 9% of marketers found that new business acquisition, customer retention, and pipeline acceleration were their main highlights for a well-practiced ABM marketing strategy.
So, from this ABM stat, these three indicators may guide the creation of your mature ABM strategy for 2022.
A joint study between Marketo and Reachforce showed businesses could increase their closing rates on deals by up to 67% when they streamlined their sales and marketing teams.
This helps businesses generate more leads, reduce the buyer's journey, and close higher-impact deals.
So, to adopt a mature ABM strategy at your company, you need to hold regular meetings and open up the channels of communication between marketing and sales teams.
That way, both teams can target the same accounts using real-time, precise data.
According to the collaborative study conducted by HubSpot, Litmus, and Wistia, 53% of companies are using revenue wins to define success in their ABM strategies.
To complete this research, over 15,000 marketing executives were surveyed across the globe. Therefore, the precision of this report is fairly high.
In addition to the number of wins in terms of revenue, 43% of marketers said that they used the number of accounts won, as well as 40% of revenue per account, as a measure of success in ABM.
However, you should use a methodology that is aligned with your primary objectives to measure your ABM marketing campaign's success.
For instance, if you launched an ABM campaign to get more high-value accounts, then the winning account is a perfect metric for measuring success within this context.
Have you implemented an account-based marketing campaign at your organization. . But, sadly, have you failed to get the results that you expected?
In this case, your approach to ABM is at fault. If your ABM is not in line with your goals for demand generation, then it is not going to produce the right results.
According to the, 40% of respondents said they had increased balance between ABM and DGR 2019 ABM Benchmark Survey
So, if you are not getting sufficient results with your ABM strategy, optimize the process of your ABM and your demand generation so that it can produce higher results.
Additionally, this research also highlights the benefits of combining sales and marketing operations.
Only 22% of companies reported having a quantifiable ABM strategy. Another 14% are rolling out an ABM pilot, and 34% are planning for ABM in the future.
While there has been tremendous growth in ABM, much more is to come. If you think it is too late to get started with an ABM program, you might have gotten it right, because more tools are out there, there are case studies and templates that can be followed, and experts who can help guide the process.
About two-thirds (65%) of marketing professionals describe their ABM strategies as being moderately successful in meeting their main goals for them. Marketers representing companies that have developed strategies complex enough to be considered "best-in-class" make up roughly a quarter (22%) of these respondents. The main finding here is that ABM works.
37% of marketers find it difficult to secure an adequate budget and resources for account-based initiatives. Marketing and sales alignment is also the number one issue for 32% of marketers, who acknowledge that having both functions working in harmony is critical for the success of ABM programs.
The importance of marketing and sales alignment cannot be underestimated. Both groups must work together to choose target accounts, determine which content should be produced, and improve data quality.
Keeping track of customer lifetime value and account financials is critical to successful account-based marketing. This data allows you to tailor your experience to high-value, targeted accounts and provide the best possible customer experience.
Targeted accounts generated revenue is the top metric of ABM success according to 41% of marketers.
Sources: HubSpot, Mordor Intelligence, unboundb2b.com, Forrester, Momentum ITSMA, Terminus, Convince and Convert