Here are five of the most common  ones you need to watch out for and how to avoid it.

1. Not identifying your target audience correctly

Building a Target Account List (TAL) is fundamental to ABM. If there are anomalies in your TAL selection process, your ABM could be heading towards failure. Collaborate with sales to build an Ideal Customer Profile (ICP). Arrive at a lead scoring methodology to identify BANT, HQL, or SQL leads.

2. Failing to prioritize targets

The shortlisted target can be further narrowed down or listed according to Intent. Use Intent derived from sources such as first-party data signals like page views, especially of your pricing pages, free trial signups, and downloads of key assets to identify intent levels. Layer these into your TAL to build razor-sharp-focused ABM.

3. Inadequate personalization

ABM means three things: personalization, personalization, and personalization. A failure to personalize content destroys the construct of ABM. Know your customers like the back of your hand. Know them better than they do themselves . Understand the environment within which they operate, as well as their challenges, opportunities, and threats. It's only then that you can offer support through relevant content, making you a valuable and trustworthy partner. Remember that 71 % of people get disinterested with content that is not personalized. Each one that does, implies a missed opportunity.

4. Lacking consistent engagement

ABM is for the long haul. Treating it as a short-term or sporadic activity is a costly mistake. It is crucial to be consistent and be by the buyer’s side through the funnel. Initiating, engaging and nurturing a long relationship is a slow and steady process. Being available and providing timely support builds a reputation, which eventually leads to prospects converting into buyers, and then into returning customers.

5. Inadequate performance tracking

The absence of a performance tracking mechanism or a system that is inadequate can lead to a waste of ABM efforts. Use KPIs such as click-through rates, conversion rates, churn rates, average deal size, and sales cycle length to map and measure ABM progress. Create a scorecard and constantly course-correct it to fine-tune the process.

Besides the possible pitfalls mentioned, there is the issue of marketing and sales alignment which needs to be addressed. Collaboration between the two is crucial to ABM success. The synergies are essential for more conversions, upsells, and renewals. While sales provide a ringside view of the market, marketing supports with data, analytics, and digital marketing. Having common goals and synchronized efforts along with sidestepping the pitfalls, leads to the desired results with maximum certainty.

Reach out to us at hello@thinkabm.com if you would like us to partner with you to drive your ABM initiatives. We have ample experience and happy customers to prove our competence!