Implementation of ABM in MSME

  As we saw in the last episode, ABM or the personalized and targeted marketing efforts to all or particular set of already existing customers is called ABM. MSME particularly with shoe string marketing budget, can utilize this for better conversion and shorter sales cycle by implementing the following

Align ABM goals with  Business Objectives

• Break down the business objectives into specific, actionable goals for ABM strategy. Understanding and prioritizing the objectives like if
• 
  
• It is increase in revenue or profitability
• Expansion in new markets or new industries
• Upsell or cross selling
• Brand awareness or market positioning
• Value proposition can be through operational efficiency or innovation.

Create a cross functional collaborative team

• with sales, marketing, customer success team and if needed operations exec who can validate the client list.
• Creating personalized campaigns, building relationship and tweaking product bundling and ensuring that the client is retained and open to further business, all  of which play crucial role.

Identify the clientele who align with the goals

• Find closest match to your ICP amongst your own customer base
• Use the Pareto Principle (80/20 rule): Identify the top 20% of customers who bring 80% of revenue.
• Segment based on industry, company size, revenue potential, and buying behavior.
  • Strategic Accounts: High-value, long-term partnerships.
  • Growth Accounts: Mid-tier accounts with growth potential.
  • Quick Win Accounts: Smaller but easy-to-convert prospects.
• Use all forms of data collected eg CRM etc

Measure and Optimize ABM Campaigns

• Track key metrics:
  • Account Engagement: Open rates, response rates, website visits.
  • Sales Impact: Lead conversion rate, deal size, sales cycle length.
  • Customer Retention: Repeat business and upsell opportunities.
  • Revenue growth: Lead conversion, order worth, pipe line
• Track key metrics:
  • Account Engagement: Open rates, response rates, website visits.
  • Sales Impact: Lead conversion rate, deal size, sales cycle length.
  • Customer Retention: Repeat business and upsell opportunities.

Iterate and Optimize

• Set measurable KPIs such as engagement rate, sales cycle reduction, and revenue growth.
• Consistent reporting and tracking of metrics based on the objectives like

• Revenue generated from the ICP
• Pipe line business
• Market penetration and net promotor score etc
• Constant cross functional communication is a must all through ABM implementation

 Use analytics tools to monitor success and refine strategies. Continuously adjust campaigns based on feedback and data. 

Picture curtsey- Techfunnel, fastercapital, dealhub