A few years ago, we began to hear a curious cacophony around ABM. ABM stands for “account-based marketing,” a marketing concept that’s been around for decades. Now, it is being used in reams of promotional copy distributed by marketing consultancies, data service providers, and software automation vendors alike.
Marketing-led prophesies can sometimes be self-fulfilling. So now, B2B marketers everywhere are busy researching, launching, and conducting ABM initiatives — ostensibly to engage prospects at target accounts with personalized messaging, content, and offers. And as a growing number of product vendors, service providers, and event organizers enter this gold rush, B2B marketers are in danger of falling for the “fool’s gold” of unrealistic revenue windfalls and investment returns.
‘Tis time to take stock and sieve this topic more effectively. The musicians among us would prefer to hear more harmony than discord. But the truth is that ABM means different things to different people; a recent survey of 120 B2B marketers on their strategies and tactics shows:
“73% agreed that ABM is a term that lacks specific meaning and is used inconsistently today.”
The same survey showed that four out of five found ABM effectiveness falls short of their expectations. So much for years of marketing spend by all those vendors!
My research, in comparison, can be somewhat boring: I talk about the age of the customer and the need for customer obsession, and, of course, I tell my B2B marketing clients that customer obsession should be account-based if that aligns with their business strategy. This summer, I did some extensive research into the experience of B2B marketers with their ABM projects, and their ABM vendors, for my latest Vendor Selection Matrix report.
The Cacophony Continues! ABM continues to be the most-used promotional acronym by marketing software vendors with well over 90 software vendors claiming to provide ABM-specific functionality. And there are probably several dozen more with no ABM claims but also being used by B2B companies to market to specific accounts with target-market segmentation and content personalization. The software market is estimated at around $750 million in 2019 with a current annual growth rate of some 12%.
ABM is just B2B marketing done properly. I was presenting a webinar on this topic yesterday together with Jon Miller of Engagio and we both agreed that the current mire of confusingly-positioned vendors will converge to a couple of dozen platform providers supporting all, or most, of the ABM-related processes such as account and contacts selection; analytics and insights, content personalization, customer engagement orchestration, and performance assessment. Many survey respondents reported deploying two, three or even four ABM vendors, with integration an issue. 30% plan to migrate to a more suitable system, unusually large compared to other vendor selection matrix surveys.
And the Top 20 ABM Vendors are….. The top five vendors rated by the users are (all listed alphabetically) 6sense, Engagio, InsideView, Jabmo, and MRP. The vendors Demandbase, Kwanzoo, Madison Logic, Marketo, and Zoominfo complete the top ten. In positions 11 thru 20 are vendors Agent3, D&B Datavision, Lattice Engine, LinkedIn, Radius, RollWorks, TechTarget, Terminus, Triblio, and True Influence. Here is the report in its public version.
Always keeping you informed! Peter