Business
Sangram Vajre is the Co-founder at Terminus, 2x Author, Host of #FlipMyFunnel Podcast, and Speaker and loves doing #LinkedInLive. He is the foremost authority in Account-based marketing or ABM. As one of the key speakers at the B2B Binge 4.0, US version, he sheds light on the three biggest mistakes the companies adopting ABM Strategy make. He also shares how to implement ABM strategy effectively, the right time to implement the process, and answers various queries of the audience. So, coming to the mistakes most companies make are 1. Too much focus on demand generation. Companies often forget that money is in the sales pipeline. Instead of just focusing on getting more and more people in the channel, focus on individual leads. Give them enough attention and care to convert them into leads. The more you focus on nurturing the leads, the better are your chances of converting them. 2. Companies are spread too thin. Businesses try to focus on every product and service they have. Lack of focus is a significant issue. Take your best performing product or service to the market and evolve as the market needs. As you focus on a single product, you are very likely to care about every lead that comes for that product and will try to convert them into deals. The prospects will receive enough attention to become your customer. Focus all your efforts on a single product. If you are good at something in marketing, double down your efforts on that and make conversions happen. For example, if you are great at doing events double down on it and have fantastic events. 3. Enterprises often forget that the brand drives the demand. Most companies are skeptical about spending dollars in the marketing budget during a crisis. During the crisis, be more data-oriented and focus on the areas of marketing that is yielding results. Improve and make more efforts on the channel. Make the best out of those channels. Once you start doing this, leads will start flowing in. During a crisis, people become strict with their spending. They want to put the money in the right places. Unless you market yourself in that way, businesses won't make a deal with you. So keep nurturing your brand during the crisis. Make yourself visible to others while you double down on the marketing efforts that are working for you. Create the best possible marketing ecosystem around your product that makes your leads and customers feel valued. If they don't feel valued, they will not invest in your product even though you claim to have the world’s best product. It can help you rise above the noise and will help you build the most significant possible brand you can be then. Focusing your efforts in a single direction will take you a long way than a distributed focus over many things. Account-based marketing is about having focused efforts on leads and converting them to leads.