Join Dayna Rothman for an in-depth discussion in this video Decide between LBM and ABM, part of Advanced Lead Generation.
- [Instructor] So how do you decide how you're going to go about this? Are you going to do a lead-based strategy? Are you going to do an account-based strategy? Will you do a combination of the two? Here are some questions that you might want to ask. Do we sell into large enterprise companies? Does my sales team have a list of target accounts that they go after? Another question to ask yourself is do I have the resources and budget for a full target account strategy? Do I have measurements in place for a target account strategy? And then finally, do I have a good understanding of my total addressable market? So this is something very important here.
Target account marketing in an ABM strategy works very well if you know who you should be selling into, your total addressable market. So you need to know all the various attributes of the companies that you are selling into in order to make this successful. If you're just starting out or a small company or still growing, you might not have a good understanding of your total addressable market. You might not know who you can sell into. So if you do not have a very good understanding of your total addressable market, you might want to start with a purely lead-based approach, and that'll also help you learn over time.
So I want to show an example of how ABM is different from traditional demand gen, and what each of those steps might look like as you think through what your marketing offers are. So let's look at demand gen first. So when you're thinking about traditional demand gen or lead generation, you often start by selecting the offer. So you say to yourself, I want to send out this particular e-book. Once you have your offer you select the channels. You say okay, I want to send this e-book out through email, I want to do some ads, I want to send it out on social.
And then finally is when you create your segments when you're deciding who to send this to. So you have your offer and then your channel, and then you say to yourself I want to send this to, let's say, companies that are 500 and above. I want to send it to these titles. I want to send it to these locations. So the segmentation, the selection of who, is typically the last step when it comes to traditional lead gen. So now let's take a look at ABM and how that differs from traditional lead generation.
It's actually almost completely flipped. So for ABM, you first start with selecting your target accounts, so this is the who. This is the who you're going to be marketing to as you choose the channel and the offer. So, as opposed to, in traditional demand generation, when the who is the last choice you do, this is really the first thing you decide to do. So once you have your account selected, then you think through what content and offer you want to send them, and this is very dependent on who you select for your target accounts.
You should have done a fair amount of research about the accounts that you're sending marketing to, and you should know what type of content resonates and you should make sure that it's personalized. So once you know who, and you know what you're going to send, that's when you determine what channels you're going to send that through. So you might see that this particular target account is very active on social. So you make sure that you serve social ads, specifically to that target account. So basically, the real difference between a traditional demand gen program and an ABM program is the order in which you select things.
So what do you need for ABM? So in order for ABM to be successful, there is a selection of different things that you need. So step one, you need to select your accounts. So I've mentioned this a few times, but again, in order for this to be successful, you need to have a very well-defined account map. So these are who you want to be going after as a business, and it needs to be agreed upon by not just marketing but sales as well. Step number two, contact append. So what I mean here is that even though you've selected your accounts, you need to build out these accounts in your CRM.
You need to determine what the different contacts are for the account that you want to market into. And you need to get as much information as possible so that you can really send them different marketing activities, and make sure that you're sending them to the right person, either via email or address. So as you're doing your account build-out, you want to determine all the different roles that you want to build out, and then you need to add that information into your CRM. This can be done by your sales team.
This can be done by marketing. You can also purchase many different technologies that can help you do this. Step number three is account-based content. So step number three is to build out account-based content, so this is a series of personalized per-account content, and personalized through what topic you choose. It might even be personalized, as in speaking to the account directly, so you might have an account logo on the cover of your e-book. You might have copy throughout the e-book that's very account-based.
Step number four, personalized outbound programs. Once you have your content created, you need to build programs around your ABM strategy. This could be personalized direct mail. These could be field events. This might be email programs. Whatever it is that you're running, you need to determine what type of programs you are going to do, and then how personalized you want these programs to get. And then step number five is strong sales and marketing alignment. ABM is very much a combined sport.
Sales and marketing in lockstep on the same exact page in order to make this successful. In fact, ABM is also a set of sales and marketing plays that you do in tandem. So what do you need for traditional lead generation? So let's say that you're, you know, not going to go with a full account-based marketing program, or you're going to go with both, so what do you need for traditional lead gen to be effective? Step number one, full-funnel content. So content is really, as I've said, the fuel for all of your lead-generation programs, and this is particularly true when it comes to an individual lead-based type of demand gen.
You need to make sure that you have content that speaks to every single step in the buyer journey, and in your sales funnel. This will help you as you take a lead and move him or her through your funnel and you're doing all these additional programs to accelerate that. Step number two, you need to have multiple inbound and outbound programs. So traditional lead generation is really a combination of getting people to your website, being found by other people, and then going out and finding those people.
You need to have a very good mix. Step number three, you need full-funnel, multichannel nurture to move your inbound leads. So this is making sure you have your lead nurture set up. That if you're doing nurture on social channels you have that set up. Whatever you're doing in the middle of your funnel to move leads through, you need to make sure that that is set up in order for your traditional lead gen to be effective. Step number four, you need lead handoff rules. So this again is making sure that you have solid rules between how you're handing off leads from marketing to sales.
And then step number five, sales enablement. You need to make sure that sales has a very good understanding of what your lead generation program looks like. So what type of content is available to them, what programs are you doing and when, and then you have to message those things to your sales team so that they're well-aware of where leads are coming from and what they should be speaking to those leads about. You don't necessarily have to choose one strategy. Both can work together in tandem for ultimate success.
And I have found that combining the two methodologies is really one of the ways to get the most success out of any program.
- Identifying funnel stages
- Defining key goals and metrics
- Deciding on an approach
- Building a lead generation plan and a team
- Aligning with stakeholders
- Choosing a lead generation technology
- Building attractive content
- Generating leads with blogs and social media
- Creating an SEO strategy
- Tracking ad performance
- Increasing visibility through events
- Using paid ads and direct mail
- Qualifying leads
- Measuring campaign effectiveness