The idea of account-based marketing (ABM), treating B2B customers as individual marketing targets, has been around for a while. Technology has made it more practical approach in recent years, but a new survey reveals there are still factors holding back its use.
Business insights firm Avention has carried out a survey of 100 B2B sales and marketing practitioners about their use of ABM techniques and strategies. While more than 90 per cent of those surveyed believe ABM is relevant to their businesses, respondents say that their number one roadblock to starting an ABM program is lack of access to the right data and the ability to use it.
The results show ABM is in productive use by only 38 per cent of businesses surveyed, 15 per cent are piloting it, with a further 21 per cent planning to implement a program within six to 12 months.
When asked about the challenges of ABM, 70 per cent say they're not able to identify companies that meet their target segment, and when they can find the right companies, 75 per cent say they can't find the right contacts to make their marketing effective. More than half say they lack the ability to gather real-time intelligence on target accounts.
"Almost two-thirds of the marketers responding to our survey report not having access to a single source of truth for customer data. This obviously impedes starting an ABM program and running it to successful conclusion, as such programs demand access to accurate and continually updated market and account data. ABM offers enterprises the opportunity to quickly fuel their customer acquisition, growth and retention strategies," says Steve Pogorzelski, CEO of Avention.
"To make data a strategic revenue and growth enabler within the enterprise, Avention’s OneSource ABM solution combines three key elements: consolidation and visualisation of in-house customer data for sophisticated segmentation; deep account and contact insights, including predictive indicators; and CRM and MAP ecosystem connectivity".
Avention will be hosting a webinar to discuss the results on May 3. You can find out more and register to take part on the company's website.