Traditional marketing models often begin with demand generation and lead to broad-based campaigns, striving to touch the complete market and focusing on selling solutions. It is an inside-out way of thinking.
On the other hand, account-based marketing (ABM) focuses deeply on a comparatively small set of accounts that matter most, using insights and personalized content to ensure a customer-centric approach. ABM can offer higher revenues, deeper relationships, and enhanced brand reputation.
It is also a serious commitment for an organization, who have to invest money, resources, and time without seeing immediate results. It works best when you are selling large, complex solutions to that help a customer transform part or all of their enterprise.
Once organizations have had success with an ABM program, they often want to implement it companywide. However, it’s quite a leap to go from a successful ABM program to a full-blown account-based growth strategy.
Scaling account-centric growth is about tapping into an ABM mindset and approach and deploying that across a much broader range of accounts. Scaling growth leads to creating demand and co-innovating across the organization, based on insights and the buyer experience. It aims for an ideal “to be” state for any organization – knowing the customer almost better than the customer knows themselves.
But it’s not always the right approach. Before committing to account-based growth as a business strategy, you should answer these questions:
- Are we ready to scale?
Scale account-based growth makes the most sense if you have an established and successful 1:1 program, even if it’s a modest one. That experience means you’ve developed your organizational account-centric muscle – you know what works and you understand critical processes and workflows.
- What are the risks?
A significant risk with scale account-based growth is that you blur the distinction between ABM and demand generation. You end up executing what are essentially demand generation programs but now under a new name, and, in the process, diluting the value and purpose of an account-based growth approach.
- When is it not right?
It might be worth holding back if your organizational account-centric muscle is under-developed. For example, you may have been buying technology before developing a program strategy. You need to design and implement a program strategy first before you can move on.
If, after answering these questions honestly, you still want to prioritize account-centric growth, you will need to understand the difference between 1:1 ABM programs and an account-based growth strategy, organize for scale, and determine which scale account-based growth model is right for you. That takes time, executive buy-in, training, experience, methodologies, and more.
Find more information in How to Scale an Account-Based Growth Approach. The full document with all the details is available at no cost to members on Growth Hub. If you’d like to learn more about membership, contact firstname.lastname@example.org.
Marnie Giuranna Zaccaria, Global ABM Lead at Finastra recently featured on our ABM Podcast. She outlined her recent experience in navigating challenges when she set up the global ABM program at one of the world’s leading fintech organisations.
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