A Whole Stack of Reasons to Get Going with Account-Based Marketing in 2022
Account-based marketing is one of the hottest marketing topics in digital today. With the rise of social media, mobile apps, and online advertising, it seems like every marketer wants to find ways to marketing more effectively, and reach out to customers based on where they’re spending their time. Hopefully these account-based marketing statistics can help guide you in the right direction with ABM!
What Is Account Based Marketing?
Account-Based Marketing (ABM) focuses on building long term relationships with customers rather than focusing solely on acquiring new ones. This approach helps businesses develop stronger customer loyalty, increase sales conversion rates and improve overall profitability.
How Does ABM Work?
When you use ABM, you start by identifying your ideal customer profile (ICP), which includes information about the person’s demographics, buying habits and preferences. You then build out detailed profiles of each individual customer, including their interests, behaviors, attitudes and values.
Next, you identify potential prospects within your target market and reach out to those people via email, phone calls or social media posts.
Once you have identified a prospect, you can begin to create a relationship with them through targeted communications. These messages may include education, testimonials, product recommendations or other relevant content.
You can also leverage ABM to help you better understand your existing customers. For example, if you notice that one of your customers is not responding well to your emails, you can send an automated message asking them to complete a survey so you can learn more about their needs.
Why Should Marketers Use ABM?
According to SiriusDecisions, ABM provides several benefits:
• It increases customer satisfaction by helping businesses provide personalized service.
• It improves customer retention by making it easier for businesses to stay top of mind.
• It reduces churn by increasing the likelihood that customers will return when needed.
• It boosts sales conversions by encouraging customers to take action.
• It lowers costs by reducing the amount of effort required to acquire new customers.
• It improves ROI by allowing companies to focus their resources on high value customers.
In today’s world, consumers don’t just buy products; they buy solutions. They want to solve problems.
As a result, we’ve seen a shift toward customer experience over product features and price. People want to know what you’ll do for them, how you’ll help them, and why they should choose you.
Account based marketing is one of the most effective ways to connect prospects to your brand, build trust, and close deals.
But there’s a catch.You must understand the different stages of the buying process to effectively execute account based marketing strategies.
So, if you haven’t already begun implementing ABM into your strategy, now might be a good time to start thinking about it. Here are some stats to consider as you begin planning your next campaign.
1. 17% of Marketers Have Established a Mature ABM Strategy
Even though it’s been in use for at least 20 years, account based marketing (ABM) is a relatively new concept within the marketing industry. In fact, according to the Account Based Marketing Benchmark Report from ITSMA, just over half of the surveyed marketers (51%) had never heard of ABM. Even among those who claimed to be familiar with the term, only one third (33%) stated that they had implemented ABM into their strategy.
2. Only 20% claim to have a full understanding of how to implement an effective ABM program
The lack of awareness around ABM may explain why many marketers don’t fully understand its benefits or know how to effectively implement it. According to the same report, only 20% of marketers said they understood all aspects of ABM. This means that 80% of marketers either didn’t have a clear idea of what ABM was or were unsure of how to implement it.
3. The top three reasons for not adopting ABM include:
• Lack of resources/time
• Not enough data
• No budget
4. The top five challenges to implementing ABM include:
- Data quality – It’s hard to get accurate customer information when most people aren’t willing to share personal details.
- Implementation – It takes time to build up the right processes and systems.
- Budget – Most organizations simply can’t afford to invest in ABM.
- Training – Employees need training on how to properly implement ABM.
5. The top most popular two types of ABM programs are:
- Customer Relationship Management (CRM) – CRMs help businesses manage relationships with existing clients by collecting contact information, tracking interactions, and providing access to relevant content.
- Outbound Content Marketing – Content marketing helps businesses create valuable content that attracts prospects and leads. Outbound content marketing proactively gets your best content in front of your best buyers
6. The top three channels used for ABM are:
- Social Media
8. The top three tools used for ABM are
• Google Analytics
9. The top three industries using ABM are:
• Financial Services
10. Budgeting and Resource Allocation is a Significant Challenge For 37% of Marketers
ABM is not easy: according to Ascend2, it is one of the most difficult marketing approaches to implement. To make matters worse, many of today’s marketing budgets are insufficient to support such initiatives. As a matter of fact, 37% of marketers surveyed found it challenging to gather adequate funding and resources to implement ABM strategies.
The research study has further shown the following:
- More than half of respondents reported that they lack the necessary skills and tools to effectively execute ABM initiatives.
- Only 17% of marketers say they have access to the required technology, while another 14% claim they do not know what technologies are needed.
- Almost 40% of marketers report that they lack the ability to integrate multiple data sources into one cohesive view.
- Less than 25% of marketers believe they have the capacity to manage large amounts of customer data.
- A third of marketers feel overwhelmed with the amount of information they must process daily.
11. Only 10% of Marketers Have Access to Data-Driven Decision Making
According to the same survey, less than 10% of marketers have access to data-driven decision making. This means that 90% of them rely on gut instinct and intuition to make decisions.
12. Less Than Half of Marketers Believe They Can Use Customer Data to Make Better Decisions
When asked whether they could use customer data to make better business decisions, only 47% of marketers said yes. Another 28% answered no, while the remaining 25% were unsure.
13. ABM Can Boost Revenue Your Business’ Revenue By 208%
ABM is one of the most important initiatives for companies looking to grow their revenues. Marketers can use ABM to increase customer lifetime value, reduce churn, and gain market share. In fact, according to MarketingProfs research, companies that have aligned account- based marketing strategies have seen 208 percent growth in their marketing revenue over the last five years.
14. ABM and ROI—87% of Marketers said ABM Outperforms Some Other Channels
In addition to boosting revenues, ABM also helps companies save money by reducing costs. According to the same survey, 87% of marketers said ABM outperformed some other channels. The reason? It’s because ABM allows marketers to target customers who are more likely to convert.
15. Marketers Are Still Using Traditional Marketing Tactics
Despite all the benefits of ABM, many marketers still rely on traditional tactics like email blasts, direct mail, and social media ads.
16. ~80% of Marketers Say Their Sales Teams Lack Experience With ABM
While there are plenty of reasons why marketers should be using ABM, the truth is that few of them actually do. According to the same study, nearly 80% of marketers say their sales teams lack experience with ABM.
17. Only 12% of Marketers Feel Like They Know How to Execute an ABM Campaign
If you want to get started with ABM, you need to know how to execute campaigns effectively. But if you don’t know how to execute campaigns, then you won’t be able to see any results from your efforts. That’s why we recommend starting small with trials and building up your skills as you go along.
18. 19% See +30% Revenue Growth
Account-Based Marketing (ABM) is a long-term strategy. Companies that have been investing in it for at least one year saw 10% revenue increases compared to those that had been doing it for less than 12 months. In addition, 19% of respondents reported seeing over 30% revenue growth since implementing ABM.
19. 78% of marketers say they plan to continue investing in account-based marketing.
The survey also revealed that the most successful ABM strategies are customer-centric. Respondents cited lead scoring and nurturing as key drivers of success.
20. 75% Increase in Engagement
Engagement is what separates the good sales reps from the great ones. And it’s here where ABM excels. In one study, 75% of B2B marketers said using ABM allowed them to find and engage with the right buyers earlier in their buying process.
21.Personalization Matters – Conversion Rate Drops 50% in First 10 Seconds
The first 10 seconds of the visitor’s page view are critical for whether he/she stays or leaves. This is true whether you’re selling products or services online. In fact, a study conducted by Microsoft found that the average conversion success rate drops by almost 50 percent within the first 10 seconds of a page load. So what happens during those first few moments? If you don’t deliver the right information to the right person at the right time, you’ll lose customers—and potentially revenue.
22. Suppliers who personalized their sites were able to increase sales by up to 40%.
So, how do you figure out what content to provide to whom? How do you ensure that the right content is delivered to the right person at exactly the right moment? You start by understanding the unique characteristics of each visitor segment. Then you tailor the content based on that knowledge. Accenture recently surveyed over 7,500 consumers across six countries and found that suppliers who personalized their sites were able to increase sales by up to 40%.
23. 24 percent faster three-year revenue and 27 percent faster three-year profit gains with marketing and sales alignment
According to SiriusDecisions, companies must now align their marketing and sales teams to ensure success. This includes taking advantage of data insights to make smarter decisions about how to market to customers, and ensuring that marketing programs are directly tied to the sales team.
The research firm found that B2B organizations with tight alignment of sales and marketing saw 24 percent faster three-year revenue and 27 percent faster three-year profit gains compared to peers without such alignment. Companies that don’t align their marketing and sales efforts tend to suffer slower revenue growth and lower profitability over time.
24. The average percentage of marketing budget allocated to ABM rose from 21% in 2019 to 29% in 2020.
This represents a 40% increase over the previous year.
Source: Engagio & Pardot: 2019/20 ABM Market Research Report.
25. ABM will Grow at a CAGR of 11.6% in 2022.
26. The US ABM market is projected to reach $202.3 million
27. There is a 7% Decrease in Dedicated ABM Headcount
28. 56% of Marketers Report Personalized Content Helps.
29. 43% of Marketers feel Data Management is Critical to Implementing ABM.
30. 83% of Marketers are Still Perfecting ABM Deployment.
31. 43% of Marketers are Working on Measuring ABM Results.
32. Budgeting and Finding Adequate Resources is a Big Challenge For a Third of Marketing Teams
33. 41% of Marketers Note LCV as Most Vital
ABM relies heavily on using big data to personalize the customer journey. This includes collecting data about customers’ interactions with other businesses, social media activity, web browsing history, purchase history, email behavior, etc.
But which data is most important? A recent survey conducted by Forrester Research found that lifetime customer value (LCV) is the most critical piece of data to track and understand for ABM. In fact, 41% of respondents cited LCV as being the most important piece of data to capture and manage for ABM.
Sources + Other Account-Based Marketing Statistics and Resources
- 38 Account-Based Marketing Stats to Know in 2021 – To show you just how beneficial account-based marketing can be, while also informing you of the challenges it comes with, here are 38 stats you should know. (blog.hubspot.com)
- 17 ABM Stats That Will Make You Rethink Your 2021 Strategy | RollWorks – RollWorks has gathered 17 Account-Based Marketing Statistics (ABM Stats) to help you discover what ABM can do for your company and B2B sales strategy. Learn more. (rollworks.com)
- Account-Based Marketing Stats Every Strategist Should Know – Jul 2, 2020 … LinkedIn surveyed over 800 B2B marketers globally and found that well over half of them (56%) are using account-based marketing in their current … (linkedin.com)
- 19 Galvanizing Account Based Marketing Statistics – Triblio Blog – Although the purchase journey is increasingly digital, people still play an essential role in B2B marketing… (triblio.com)
- Account-Based Marketing: Stats and Trends for 2022 – 87% of account-based marketers say that ABM initiatives outperform other marketing investments. So, like a fine wine, or piece of cheese, or Jeff Goldblum, ABM has gotten better year after year after year. (martechalliance.com)
- 5 Account-Based Marketing Statistics You Need to Know – Here are 5 account-based marketing statistics from new research from Ascend2, plus 10 steps to launching your own ABM program. (convinceandconvert.com)
- 75 Account-Based Marketing (ABM) Statistics Every Marketer Should Know | Spiceworks Marketing – ABM became popular among marketers over the last few years due to its benefits. Here are 75 account-based marketing statistics that show the state of ABM. (spiceworks.com)
- Account-based Marketing: How to Create Better ABM Strategies – Use Account-based Marketing and you will close bigger deals in 2021. Here, we share a step-by-step framework to getting started with ABM. (superoffice.com)
- Get Account-Based Marketing Insights from Forrester – Read Forrester’s insights on account-based marketing (ABM), from trends to best practices. (forrester.com)
- How to Establish an Account-Based Marketing Strategy – Account-based #marketing (ABM) has arrived, and businesses of all sizes must start planning and executing ABM strategies or risk losing clients to savvier competitors. #b2b #abm (gartner.com)
- 5 Resources for Your Account Based Marketing 2021 Strategy – Use this Terminus page for resources, best practices, and examples that can help build your 2021 ABM strategy. (terminus.com)
- 5 ABM Statistics Every Marketer Needs to Know for 2021 | Outgrow – ABM is a crucial part of marketing and it is here to stay. Here are the important ABM Statistics every marketer needs to know in 2021. (outgrow.co)
- Terminus | 17 Account-Based Marketing Statistics for 2017 – In 2017, it’s time to put all the talk about account-based marketing (ABM) into action for your B2B marketing team. Here are 17 statistics explaining why. (terminus.com)
- Account-Based Marketing: B2B Marketing | Marketo Engage – Discover how account-based marketing (ABM) offers a significant ROI, as you are faced with the need to retain and grow high-value accounts. Learn more. (marketo.com)
- 25 ABM statistics you should probably (/definitely) know | Similarweb – Check out these 25 ABM statistics, proving exactly why you should be incorporating account-based marketing into your marketing efforts. (similarweb.com)