MythBusters: ABM Edition (Part 1)Rachel Miller / July 24, 2018 / 0 Comments
Reader beware: This article will not support your decision to buy any shiny new software. It won’t make you feel good about the way you are “running” ABM. It may even damage your self-esteem, just a little bit.
Why bother reading this at all?
Simple! This is the first edition in a three-part series breaking down ten very common misconceptions about ABM. It might hurt to hear, but it will save you time, energy, and heartache in the long run. Ready to dive in and bust through some myths?
Myth #1: We are Already Running ABM
Contrary to popular belief, personalization is not equivalent to “running ABM”. Often the concepts of targeted demand generation and ABM get confused due to their similar customization aspects.
Demand generation consists of acquiring as many leads as possible and releasing generic content relatable to everyone. ABM has limited targets that hold a higher value and receive custom content. Somewhere in between these two strategies are targeted demand generation, which utilizes the customization tools of ABM and applies them to narrow down leads.
With that in mind, analyze what your organization is doing currently. Are you positive it’s ABM in its entirety? Or is more of a targeted demand generation? More than likely you have implemented a hybrid strategy that needs a little TLC before it grows into ABM.
Myth #2: I Need a Pilot Program
Pilot programs are a suggestion, not a requirement When starting ABM, extensive planning is done to prepare, a process many organizations find to be interminably slow. Pilot programs have a reputation for getting ideas to market at a quicker pace. Unfortunately, that is not always true.
These programs offer process development, strategy refinement, education, and training. They build bulk yes, but not always speed. The precise structure is not a necessity because you can dive right in and learn as you go. The adaptive learning route gets ABM running at a quicker pace without the intensive building beforehand.
Generally, with a high-level skill and organization, all of the preparation can be done without assistance from a pilot program. It truly goes case by case though—some people can benefit pilot program while others can succeed just as quickly without.
Myth #3: I Need a Tech Stack
When we say tech stack, we’re assuming you have the two components imperative to running successful marketing: an automation and Customer Relationship Management (CRM) systems.
With the emergence of a new technology, many marketers get caught up in “Shiny Object Syndrome” or the irresistible urge to buy first and evaluate later. Regardless of what the labels tell you, these fancy tools are captivating but not required for implementing ABM.
Although not mandatory, technology can help enhance the strategies and programs when applied appropriately. After learning how to use the systems and seeing how beneficial they can be, then make the purchase. Many people do this backwards, which is unhelpful and costly. So, be sure to evaluate before spending.