Why ABM Needs to Be a Core Part of Your GTM Strategy
When you launch a new product, expand to a new market, or simply take your business to the next stage of its growth, it’s important to have a detailed go-to-market strategy (or GTM strategy) to map out your plans. Your GTM strategy is essentially the blueprint or roadmap you’re going to use to get your brand’s product or service into the hands of customers or clients. A variety of different details need to be accounted for in your GTM strategy, ranging from pricing and marketing strategies to your distribution footprint. One factor that businesses often forget to include in a GTM strategy, though, is a plan for account-based marketing.
Why GTM and ABM Go Hand in Hand
It’s all too easy to view GTM and ABM as entirely separate things. After all, account-based marketing by itself has become a very popular and dominant trend in recent years, particularly among B2B marketers. ABM is a multi-step process. It involves collecting data about different prospects or clients, harnessing that data to pitch products or services and then moving accounts through the sales pipeline. ABM concerns not just your new leads or potential clients, but also your existing accounts. By tracking every buyer’s journey and communicating with each account at just the right moment, you can foster stronger client relationships and drive increased revenues.
The vastness of ABM, though, doesn’t mean that it can’t be a part of something bigger. While ABM can and should affect every touchpoint you have with your clients and customers, GTM is your strategy for everything regarding your product or service. Client/customer relations is a very substantial piece of that strategy, which is why ABM needs to be a part of your GTM plans. If you are considering pricing and distribution but are planning your interactions with actual customers elsewhere, it stands to reason that things are going to clash. To optimise everything, it makes the most sense to think of ABM is part of GTM.
Framing Your GTM Strategy Based on ABM
GTM strategy. First, you need to define the target market for your product or service. Do you have an existing subset of customers that are likely to buy this product/service, or do you need to generate new leads? If you are working in a B2B space, who should you be contacting to pitch what you are offering? Is the decisionmaker a C-suite an executive, an IT manager, or someone else? Once you answer these questions, you can start thinking about pain points, value propositions, pricing strategies, and marketing approaches.
If you have ever used ABM before, it should be immediately clear to you how much overlap there is between the beginning stages of ABM planning and GTM planning. ABM is incredibly data-driven. You need to know a lot about your clients or prospects to market to them effectively. Just as your GTM strategy involves answering questions about your product or service, the prospects on your list and who you are going to contact, ABM starts by learning everything there is to learn about your would-be clients.
If anything, ABM will allow you to go deeper with your GTM strategy. By framing GTM based on ABM, you can learn more about your prospects. Data such as firmographics (company industry, size, location, market, etc.) and technographics (the software, hardware, and other technology a company is using) does often come into play with GTM. However,with ABM, that data is used more extensively. By incorporating ABM into your GTM strategy planning, then, you can provide yourself with more information about the people and businesses you are trying to pitch. That information will come in handy later, whether you are trying to decide on pricing, figuring out how to formulate a pitch, or when to contact a decisionmaker.
>> Read our blog: The Future is Account-Based Inbound Marketing - You Heard it Here First! <<