Even in an Account Based Marketing Model, focusing on too many accounts can be detrimental.
I’ve always seen the most success when we focus on a small number of accounts and put a lot of efforts towards marketing to them.
I wanted to explain why focusing your efforts around the best-fit accounts is so crucial in enterprise SaaS marketing.
Why should we focus more?
When marketing to a large number of accounts, the only people who are going to pay attention are the accounts your software makes sense for and the timing seems right. You can probably weed out 80% of the accounts to start.
The problem is that 80% is also receiving 80% of your marketing budget, time, and effort.
If you could take the 20% that are good fits and put all your budget, prospecting efforts, and personalization towards those accounts, you’ll not only save time but increase the chances of getting ahold of the accounts that actually matter.
So how do you get focused?
Put together a small list of accounts no more than 30, that you think will close. I would think about the following factors when choosing your list:
- Firmographic data: What accounts would be extremely successful using your services and be a high deal size?
- Timing: Is now a good time for an account to speak to your company? Maybe you know this from previous conversations or recent news?
Once you have a small list of accounts that you feel confident are great fits, then put all your effort and budget marketing to those accounts.
- Put together more elaborate and maybe more expensive direct mail sends that will get their attention.
- Create ads that are focused specifically on those accounts.
- Research the accounts heavily to have extremely personalized outreach.
To illustrate this point, I want to share two ABM campaigns we ran.
In the first campaign, we advertised to 500 accounts that we assumed we’re good fits for our software.
However, the accounts were not carefully chosen. A good amount of them we’re not good fits or weren’t ready to buy at this time.
On top of that, our advertising was not effective because very little was spent across each account, making it not very effective to gain awareness throughout the buying committees.
Accounts that were engaging, sales and BDRs would not reach out to because they knew it made no sense from previous conversations.
After three months, we only created 8 opportunities with low pipeline value, and a good amount of marketing budget was wasted on accounts that wouldn’t buy.
Now compare this to a more focused campaign we did.
We ran a campaign where we focused on only five retail accounts. These accounts were extremely large with high opportunity value. The Account Executive who owned the accounts knew the accounts were good fits and the timing made sense due to previous conversations.
We did a ton of research on the accounts. We looked through their 10ks, company news, and LinkedIn profiles to ensure we could personalize our emails.
We also sent each person a set of airpods, which were significantly more expensive than the direct mail sends we sent in the past (We’re usually sending gifts under $25).
We created opportunities with 3 of the 5 accounts, where the opportunity sizes were six-figures and above. We also had conversations with four of the five accounts.
Even though we went after less accounts, the second campaign generated more pipeline than the first.
Now it’s your turn
Put together a small list of accounts that you feel confident will be high deal sizes and great fits for your service.
I recommend starting with no more than 10 accounts. Think about how you can run extremely tailored marketing campaigns to these accounts.
Let me know if you see the same results that I did.