Generating leads in SaaS now is different from what it was in 2010. These days, setting up a landing page and pop-up and driving some traffic to your website is no longer enough to get the best quality leads. But what is a substitute for the old-good (yet no longer effective) marketing tactics? Some have probably whispered account-based marketing (ABM) in your ear, and you want to dig this topic deeper.
More engaged leads, higher LTV, and lower churn are a few reasons that make ABM such an attractive strategy. With so many benefits, there are also disadvantages — it takes time to implement and see results from ABM.
That’s why you should thoroughly examine the topic before getting to implementation. This article will help you understand ABM better, so you don’t have to suffer from costly mistakes and will see results faster. Ready? Let’s start with the reasons for introducing ABM first.
Why Account-Based Marketing is Becoming More Popular in SaaS
The SaaS market is proliferating, and competition is increasing. According to Gartner, the global SaaS market is expected to reach $195,208 million by the end of 2023. With the rise in competition, SaaS companies must find ways to stand out and win more customers.
By implementing ABM, you can reach a much more targeted list of potential customers and deliver personalized messaging that resonates with them. This process has become even more straightforward with the appearance of intent data. Using it, you can contact prospects actively looking for a solution similar to yours.
Benefits of ABM for SaaS companies
Still not convinced? Here are some reasons why ABM should become your priority now.
- Focus on high-potential account
ABM lets you identify and focus on high-value accounts, resulting in better conversion rates and increased revenue.
- Get a grasp of your ideal prospects
ABM also helps you understand your prospects better, resulting in more personalized marketing messages and a stronger connection with potential customers.
- Boost retention
ABM can help you improve customer retention rates by delivering targeted and relevant content throughout the customer journey.
Now — how can you be sure if this is going to work? Let’s see some statistics proving ABM is a powerful strategy that helps your SaaS business grow.
Statistics on the success of ABM in SaaS
According to research by SiriusDecisions, 92% of B2B marketers believe that ABM is extremely or essential to their overall marketing efforts.
A study by Alterra Group found that 97% of marketers said ABM had a higher ROI than other marketing strategies.
In another study by ITSMA, 85% of marketers said ABM provided significant benefits to their organization.
You get it now — ABM is worth it. So let’s review available strategies that will work for your SaaS.
Strategies for Implementing Account-Based Marketing in SaaS
Here are a few strategies that you can use to drive growth of your SaaS.
1. Identifying target accounts
The first step in implementing ABM is to identify your target accounts. It involves identifying each account’s key decision-makers and influencers and understanding their needs and pain points. You can use data and analytics to spot your target accounts and personalize your marketing messages.
2. Creating personalized content for each account
Effective ABM involves delivering personalized and relevant messages to target accounts. Influencers, especially those with a large and engaged following, have a unique ability to create personalized content that resonates with their audience. Collaborating with influencers who align with the business’s values and target audience allows for tailored content creation that speaks directly to the interests and preferences of your potential customers.
3. Leveraging data and analytics
Data and analytics play a crucial role in ABM. Companies can use data to identify high-value accounts, personalize marketing messages, and track the success of their marketing efforts. It works similarly to analyzing account quality for influencer campaigns — you usually look at specific metrics such as engagement rate, follower count, latest paid sponsorship campaigns etc.
When targeting specific accounts with ABM, you should look at the parameters such as team growth, new funding rounds, or open positions. These are growth signals that can help spot an account that is looking for your solution now.
4. Building a cross-functional team
ABM requires a cross-functional team that includes sales, marketing, and customer success. The team should work together to identify target accounts, create personalized content, and track the success of marketing efforts. The team should also work closely with customers to understand their needs and pain points.
5. Use social media to engage with target accounts
SaaS companies can use social media platforms to engage with their target accounts, share relevant content, and build relationships with decision-makers. By creating a well-thought-out social media strategy and engaging with your target accounts on social media platforms, you can increase your visibility and build brand awareness fast.
6. Create targeted landing pages
You can create targeted landing pages for your target accounts, including personalized messaging, relevant content, and a clear call-to-action. Creating targeted landing pages can increase conversion rates and provide a more customized experience for your target accounts.
7. Leverage chatbots for personalized conversations
Chatbots can engage with your target accounts and provide customized experiences. They can be programmed to answer common questions, provide relevant content, and even schedule meetings with sales reps. By leveraging chatbots, you can give a more personalized experience and improve engagement with your target accounts.
Tools like Clearbit can help you route leads to the right sales manager.
8. Invest in account-based advertising
SaaS companies can use account-based advertising to target their ads to specific accounts and decision-makers. You can increase your visibility among you target accounts and improve conversion rates using account-based advertising.
9. Measure and optimize
SaaS companies should continuously measure and optimize their ABM efforts to ensure they generate the desired results. You can use analytics tools to track engagement, conversion rates, and revenue generated from target accounts. You can improve their ROI and drive growth by measuring and optimizing your ABM efforts.
Examples of Successful Account-Based Marketing Campaigns in SaaS
There are various examples of successful ABM implementation. So before you roll up your sleeves and get down to designing your ABM strategy, it’s worth reviewing a few ABM case studies to get a few good ideas on where to start.
Case study 1
One example of a successful ABM campaign in SaaS is Salesforce’s “Account-Based Everything” campaign. The campaign involved creating personalized content for each account, leveraging data and analytics to identify high-value accounts, and building a cross-functional team to execute the campaign. The campaign resulted in a 27% increase in deal size and a 30% increase in the pipeline.
Case study 2
Another example of a successful ABM campaign in SaaS is HubSpot’s “ABM 2.0” campaign. The campaign involved creating personalized content for each account, leveraging data and analytics to identify high-value accounts, and building a cross-functional team to execute the campaign. The campaign resulted in a 225% increase in pipeline and a 400% increase in revenue from target accounts.
Case study 3
Marketo’s “ABM Playbook” campaign is another example of a successful ABM strategy. The campaign involved creating personalized content for each account, leveraging data and analytics to identify high-value accounts, and building a cross-functional team to execute the campaign. The campaign resulted in a 20% increase in marketing-generated pipeline and a 25% increase in revenue.
Challenges and pitfalls to avoid in account-based marketing
While the implementation can be quite straightforward, there are a few issues you can stumble upon in the process. What are they, and how can you avoid them? Let’s review.
Challenges to the Implementation of ABM
- Identifying the right target accounts: Identifying the right target accounts is critical for the success of an ABM strategy. It involves researching potential accounts and evaluating them based on factors such as revenue potential, industry, and product/service fit. This can be time-consuming and require a significant amount of data analysis to ensure that the accounts identified are likely to convert into paying customers.
- Developing personalized messaging and content: Creating customized messaging and content for each account is a key element of ABM. This involves developing messaging and content that resonates with each target account and decision-maker, which can be challenging as each account may have unique pain points and goals. It is essential to invest time and resources into creating content that is relevant and valuable to each account to ensure engagement and conversion.
- Building a cross-functional team: Implementing ABM involves coordinating efforts across multiple teams, including sales, marketing, and customer success. Ensuring that each team is aligned and working towards a common goal is essential for success. This may involve breaking down silos and implementing new processes to ensure smooth communication and coordination.
Pitfalls to Avoid:
- Focusing too narrowly on a few target accounts: While it is important to identify the right target accounts, it is equally important not to focus too narrowly on just a few accounts. Doing so can limit growth potential and increase the risk of losing business if those accounts are lost.
- Failing to personalize content for each account: Personalization is a critical component of ABM. Failing to personalize content can lead to low engagement and poor conversion rates. It is important to invest time and resources into developing messaging and content that is tailored to each account.
- Not involving the sales team in the ABM process: Sales teams play a critical role. They are responsible for closing deals and building relationships with customers. Not involving the sales team in the ABM process can result in a lack of alignment between sales and marketing and poor execution of the strategy.
- Invest in data and analytics: Investing in data and analytics can help SaaS companies identify the right target accounts and personalize content. Data analysis can provide insights into customer behavior and preferences, helping you develop messaging and content that resonates with each account.
- Involve the sales team in the ABM process: Involving the sales team in the ABM process ensures alignment and coordination across the organization. Sales teams can provide valuable insights into customer needs and preferences, which can be used to develop personalized content and messaging.
- Set realistic goals and continuously measure and optimize ABM efforts: Setting realistic goals and continuously measuring and optimizing ABM efforts is critical for success. This involves tracking metrics such as conversion and engagement rates and adjusting as needed to improve performance.
ABM is becoming more popular in SaaS due to its effectiveness in generating higher-quality leads and improving customer retention. Implementing ABM involves identifying target accounts, creating personalized content, leveraging data and analytics, and building a cross-functional team. Companies that successfully implement ABM can improve conversion rates, increase revenue, and improve customer retention rates. Following the strategies outlined in this article, you can personalize your customer experiences and drive growth for your SaaS. What’s next? It’s time to get down to work and create your ABM strategy.