Most marketers fail to realize that ABM, unlike demand generation, is a marathon, not a sprint. They expect to see immediate results from their ABM programs, and when they don't, they abandon the approach prematurely. This is a major reason why so many ABM programs fail.
Andrei Zinkevich points out this problem in our podcast, stating that many companies, especially those new to ABM, expect quick results and put pressure on marketers to justify their investment.
Dean McGuinness is of the same opinion, stating that many businesses don't understand how ABM works. And instead of taking steps to establish and build relationships, they jump straight into lead gen tactics, leading to poor results.
PS: This exchange is also from our podcast series - The ABM Voice. This newsletter is based on conversations my CEO Arun had with various ABM leaders .
We’re on our 3rd season now. Let Arun know if you’d like to have an episode to yourself.
Back to the problem at hand. How to tackle the short term expectations for a long term strategy like ABM?
To be successful with ABM, companies need to shift their mindset and understand that it takes time to build trust and relationships with target accounts.
Marketers need to educate their executives on the long-term nature of ABM and secure their buy-in for a sustained effort.
As Daniel Englebretson states, if a company’s sales cycle is a year long, their ABM program shouldn’t be expected to close deals in the first month.
Instead of focusing on immediate ROI, they should focus on building relationships and engaging in meaningful conversations with key decision-makers.
This isn't to say that ABM programs shouldn't be measured. Early success in ABM programs is marked by relationship building, not just pipeline and revenue.
Daniel Englebretson believes that the goal of ABM should be relationship building, with deal opportunities and pipeline being a side effect of strong relationships.
He suggests measuring the quality of relationships being built, looking for engagement between the company and target accounts.
Ultimately, ABM is about building long-term relationships that lead to sustainable revenue growth. By focusing on building relationships and delivering value to target accounts, companies can set themselves up for long-term success with ABM.
Andrei Zinkevich argues that the key to ABM is to build relationships with the buying committee and create awareness inside the buying committee. And I agree with him wholeheartedly.
He recommends building relationships, creating personalized offers, and tracking engagement and buying intent to add accounts to one-on-one and one-to-few ABM programs.
And that’s how you build the right expectations around ABM!
Remember, ABM is a marathon, not a sprint. Companies that are patient and persistent will be rewarded with strong relationships and sustainable revenue growth.
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