Woo hoo! Account-based marketing (ABM) is the next DC Marketing Tech Talk next week. At WaveLength Market Analytics, Account-based Marketing is a favorite topic. We’ve been preaching it long before it got its trendy name. Since our founding in 2000, we’ve been telling our clients that markets for new B2B technologies are developed by FIRST choosing our targeted accounts. In a very real sense, we are one of the pioneers of this approach.
More than a decade ago, we pioneered market segmentation and account-based marketing strategies.
At a high-level, we followed the following process for a large networking equipment company:
- Conducted a large primary research survey in the ten largest enterprise technology markets in the world.
- Created a K-Means clustering model to create market segments
- Identified 2 high value segments
- Conducted a second phase of primary research on high value segments to better understand their values and their financial positions.
- Created an account-based marketing target account list of firms that fit our high value segment profiles
- Generated demand with the Account-based marketing list AND the control group of firms randomly selected (as so often happens in demand generation)
- Our ABM list outperformed the random list on every marketing metric – Open rates, Response, Sales deal Size, and speed of sales
In every metric, the “quality over quantity” marketing strategy beat “spray and pray.”
Since then, we’ve been big, big believers.
Account-based Marketing: Most Effective to Develop New B2B Markets
Not everybody needs to do a half-million dollar project to come up with a good account-based marketing target list. There are shortcuts – even if it’s a simply a CHOICE to concentrate marketing efforts on one or two industry verticals.
Of course, Account-based marketing is now more than the list of target accounts. It’s a whole set of technologies to support this approach. Next week, we can’t wait to hear from Triblio and Demandbase about their view of the world.