Warren Buffett once said, “Diversification is protection against ignorance. It makes little sense if you know what you are doing.” In other words, let informed insight – not a shotgun approach – drive your investment decisions.
Buffett is recognized as one of the best investors of all time. Why? He does his homework. He studies industries and companies at great depth, and uses that knowledge to hand-pick his investments. Restricting his investments to businesses he can understand and analyze is the only way he feels he can forecast the performance of those investments.
Targeting top pursuits – whether you’re building an Account Based Marketing (ABM) program for a handful of key prospects, or creating a Named Account Marketing (NAM) campaign that’s hyper-targeted to one platinum opportunity – comes from the same line of thinking. And to get a positive return on your investment, like Buffett, you need to roll up your sleeves and do some homework before hand-picking where you will invest your time, money and resources.
ABM and NAM both target specific accounts. They both entail qualitative research, insight-driven strategy, targeted messaging and tailored storytelling. The key difference is whether you target a set of accounts or just one. Either way, increased focus drives sales.
At least 67% of marketers say ABM provided more qualified prospects than traditional campaigns, according to a survey by Demand Metric, and over half say ABM provides more pipeline opportunities. DemandBase found that ABM raised close rates by more than 57%, and ZoomInfo reports that clients using ABM increased their average deal size by 80%.
Named Account Marketing is even more laser-focused. It’s building one campaign for a whale that the sales team is familiar with but hasn’t been able to capture. NAM unites sales and marketing to engage multiple decision makers and influencers at one company.
So, which strategy do you pursue, ABM or NAM? That depends on several factors:
- What is the makeup of your known target account list? Are there 30 with a very promising opportunity, and five with a huge opportunity?
- Are there commonalities that lend themselves to a campaign that goes deep and personalized but still appeals equally to a segment of those accounts? For example, is there a segment of key prospects that are getting caught at the same stage of the sales process for the same reason?
- Is there one whale, that if you engaged its business, would revolutionize your company (making it worth a hyper-targeted campaign)?
Sometimes the best option is a hybrid. For example, you can start with a NAM campaign and scale up to ABM with look-alikes, or start with an ABM program and repurpose it for one whale.
Building programs focused on top pursuits aligns marketing and sales to focus on your most valuable opportunities and helps you convert your biggest opportunities – a strategy that Buffett could get behind.
Questions? Contact us.
To get a positive return on your investment, like Buffett, you need to roll up your sleeves and do some homework before hand-picking where you will invest your time, money and resources.
About the Author
Co-founder & Partner
Jim launched 90octane in 2000 with Sam Eidson. What started as a friendship morphed into a shared desire to disrupt the advertising and marketing industry, and he has enjoyed innovating ever since.