Account-based marketing (ABM), the buzzword du jour, has gained immense popularity in recent years due to its potential to revolutionize how businesses approach marketing and sales. Though it's the trendy topic of the moment, ABM is by no means a new concept, with its early adopters leveraging it in the early 00s.
Despite ABM being around for some time now, there's a common challenge that many organizations face — they're simply not adopting ABM correctly.
In this blog, we will explore three inspiring examples of account-based marketing done right. These examples will not only showcase the power of ABM but hopefully also guide you on the path to successful implementation. First, let's dive into why ABM is a game changer if implemented correctly.
Why ABM (when done right) is a game changer
When done right, ABM is one of the most effective strategies for driving account revenue, improving customer retention, enhancing lead generation, and shortening sales cycles.
ABM, at its core, is a strategic approach that focuses on targeting specific high-value accounts rather than casting a wide net. It involves personalized communication and engagement with key decision-makers within those accounts. This hyper-targeted approach allows you to tailor your marketing and sales efforts precisely to the needs and interests of each account.
Here are some of the critical reasons why ABM, when executed correctly, can be a game changer:
- Precision targeting: ABM allows you to identify and target the most valuable accounts for your business. This precise targeting means you're not wasting resources on leads that are unlikely to convert.
- Improved customer retention: By customizing your approach for each account, you can nurture existing relationships and provide ongoing value, which is essential for retaining and growing your customer base.
- Enhanced lead generation: ABM focuses on quality over quantity. When you engage with high-value accounts, you are more likely to generate leads that have a genuine interest in your offerings.
- Shortened sales cycles: Since ABM focuses on key decision-makers within target accounts, you can navigate the sales process more efficiently, leading to shorter sales cycles.
The rising popularity of ABM has led to many companies taking a run at it without a clear understanding of how to do it right. Unsurprisingly, they often fall short of reaping the full benefits of account-based marketing, with 37% of marketers finding it challenging to get adequate resources to dedicate toward ABM efforts.
According to this report, the top three challenges of ABM are:
- Delivering a personalized experience.
- Knowing how to choose target accounts.
- Knowing what content to use.
Let’s explore real-world examples of organizations that have embraced ABM and seen tremendous success. Whether new to ABM or seeking to refine your approach, these account-based marketing examples will inspire you to adopt a more effective and impactful ABM strategy.
Discover: 7 Best Practices to Create Effective Content for Your ABM Strategy.
Mixpanel
The challenge:
Mixpanel, a leader in product analytics, initially thrived as a product-led growth (PLG) company, capitalizing on market trends and exceptional customer support. However, influenced by conventional wisdom and enterprise sales requirements, they shifted toward a sales-led approach. This changed in 2020 when they embraced a freemium model. With this shift, they faced challenges in adapting their marketing strategy to cater to high-growth startups and small businesses while still engaging large enterprises effectively.
The solution:
Recognizing the need to align with their new go-to-market model, Mixpanel harnessed the power of ABM, using it to introduce their new pricing plans and promotions to startups and small businesses. ABM allowed Mixpanel to retarget free account users and reach other buyers within the duplicate accounts with targeted ads for paid plans. Furthermore, they employed Account Scoring to prioritize high-value accounts, significantly increasing the number of targeted accounts compared to their pre-freemium approach.
The result:
The integration of ABM into Mixpanel's marketing strategy led to remarkable outcomes. They witnessed a whopping 200% surge in signup volume from 2020 to 2021, a 98% increase in Lifetime Value (LTV) derived from paid channels, and a 13% rise in click-through rates for new ads. By efficiently identifying and engaging its most promising accounts, Mixpanel consistently exceeded its marketing goals each quarter, even in the face of pandemic-related challenges.
Adopting ABM empowered their transition to a freemium model and fueled substantial growth in user acquisition and revenue. This journey underscored the significance of refocusing on user-centric approaches and the pivotal role user satisfaction plays in achieving long-term business success.
Key learnings:
Stay agile and adapt: Be ready to adapt your marketing strategy in response to changing market conditions, business models, and customer needs. Mixpanel shifted its model multiple times; don’t be afraid to do the same (if it makes sense).
Prioritize user experience: Recognize that a superior user experience is critical, and invest in usability, UX, and user delight. A positive user experience can set your product or service apart in a competitive market.
Read more: 5 Steps to Integrate Your Content Marketing with Your ABM Strategy
Gumgum
The challenge:
GumGum, a contextual intelligence company, set out to land T-Mobile as a client. However, reaching out through traditional channels or sending standard outbound emails wasn't the most effective approach to engage with the company's CEO, John Legere.
Known for his active presence on social media, the challenge was to capture his attention in a more personalized and creative way to initiate a meaningful conversation about a potential collaboration.
The solution:
The marketing team took a unique and personalized approach. They assembled a creative team of editors, writers, illustrators, and letterers to create a custom comic book called "T-Man and Gums." This comic book served as a creative and personalized way to showcase the capabilities of their computer vision technology and the potential collaboration with T-Mobile. The team sent 100 copies of the comic book to T-Mobile and its agencies of record.
The result:
The personalized and creative comic book approach paid off within hours when John Legere, the CEO of T-Mobile, noticed the unique gesture and praised the work on Twitter (now X). This interaction led to a conversation, and within a few days, a meeting was scheduled. Ultimately, this unconventional account-based marketing (ABM) tactic led to T-Mobile becoming a client, demonstrating the power of personalized and creative approaches in engaging high-profile brands.
Key learnings:
Creative content stands out: Creative and engaging content, such as a custom comic book, can set you apart from the competition and leave a lasting impression. It's essential to think outside the box when engaging with potential clients or partners.
Utilize social media: Engaging with targets on social media platforms can be a valuable strategy. Leveraging a CEO's online presence, as demonstrated by John Legere, can lead to unexpected opportunities and connections.
BlueYonder
The challenge:
Blue Yonder, a digital fulfillment platform and supply chain solutions provider, initially adopted an account-based marketing (ABM) approach in 2017. They aimed to align their targeted account marketing efforts with their sales and Business Development Representatives (BDRs) effectively. However, they faced the challenge of adapting to the rapidly changing landscape caused by the COVID-19 pandemic. This disrupted their traditional event-based engagement strategies and necessitated a shift toward digital marketing.
The solution:
Blue Yonder embraced a "crawl, walk, run" approach to ABM, gradually expanding its ABM programs. The brand focused on aligning sales and marketing for highly targeted ABM efforts and shifted its marketing strategy toward creative content, AI-driven data, A/B testing, and automation. They leveraged digital ads, direct mailers, in-person events, custom designs, and content to engage target accounts, expand existing business, and target net-new accounts.
The result:
The pandemic forced Blue Yonder to pivot toward digital strategies quickly. They adapted their messaging to focus on empathy, resiliency, and the "power of now" to support customers and their supply chain needs. They transformed their annual customer conference into a free, virtual event, engaging more than 5,000 attendees globally. Their ABM efforts led to the attribution of approximately $10 million in pipeline from online ads in the first year, and they continued to refine their approach by testing buying intent signals, personalization, and multichannel orchestration.
Key learnings:
ABM's gradual expansion: Start your ABM journey with a "crawl, walk, run" approach, gradually expanding your ABM programs. This approach lets you fine-tune your strategies and scale up as you gain more experience and success.
Multichannel engagement: Utilizing a mix of channels, including digital ads, direct mail, and virtual events, can enhance the effectiveness of ABM efforts and increase brand awareness, allowing you to engage your target accounts more comprehensively.
Read: 5 Tips for Creating an Account-Based Marketing Content Strategy.
TL;DR
Account-based marketing (ABM) transforms how businesses approach marketing, but only when done right. The examples in this blog highlight how there is no one-size-fits-all solution to ABM.
Mixpanel demonstrated how ABM could effectively engage diverse accounts, even in the face of evolving business models and customer needs. Blue Yonder emphasized the importance of gradual ABM expansion and multichannel engagement, particularly in the dynamic environment of the COVID-19 pandemic. Lastly, GumGum illustrated how creative and personalized approaches, combined with leveraging social media, can lead to groundbreaking opportunities.
We hope these examples serve as a guiding light, whether you’re new to ABM or looking to refine your strategies. By understanding and applying the principles of personalized targeting, creative content, and innovative outreach, you can harness the full potential of account-based marketing. Good luck!
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