Embracing ABM To Change The Sales and Marketing Model

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In this epsiode, we bring you insights from the recent Healthtech Marketing Summit, where two industry leaders, Ben Person, CEO of Tenon, and Kelly McDermott, CMO of Caregility, shared their experiences and strategies for embracing Account-Based Marketing (ABM) to drive complex B2B sales in the healthcare technology sector.

Moderated by Adam Turinas, CEO of healthlaunchpad, this engaging discussion delves into the challenges faced by healthcare technology companies and how ABM can be a game-changer in aligning sales and marketing efforts, personalizing outreach, and ultimately, shortening sales cycles and driving revenue growth.

Throughout the podcast, Ben and Kelly share real-world examples, practical advice, and actionable tips for implementing a successful ABM program. They emphasize the importance of data-driven decision making, sales and marketing alignment, and starting small before scaling up. Listeners will come away with a deeper understanding of how ABM can transform their approach to B2B sales and position their companies for success in an increasingly competitive landscape.

In this podcast, you will learn:

  • Why ABM is crucial for driving complex B2B sales in the healthcare technology industry
  • How to align your sales and marketing teams for ABM success
  • The role of intent data and personalization in engaging key decision-makers
  • Strategies for measuring the ROI of your ABM program
  • Tips for starting small, scaling up, and continuously refining your ABM approach
  • The importance of executive buy-in and fostering a data-driven culture
  • Actionable insights to help you shift your mindset and embrace ABM in your organization

Read the detailed article based on this episode.

View the Summit Session

Leveraging Data and Personalization for ABM Success

Another key aspect of successful ABM programs is the use of data and personalization. By leveraging intent data and other insights, companies can identify which accounts may be in-market for their solutions. This allows them to focus their resources on the accounts that matter most rather than casting a wide net and hoping for the best.

Once target accounts have been identified, personalization becomes critical. As Kelly McDermott pointed out, ABM allows companies to tailor their marketing and sales efforts based on where prospects are in the sales cycle. This might involve delivering targeted advertising, providing relevant content, or having SDRs reach out with personalized messages. Kelly McDermott further explained,

“Data driven decision making is one of the most important aspects. The insights that you gain from implementing an ABM Platform or program are invaluable.”

The goal is to engage with prospects on their own terms, delivering the right message at the right time. By doing so, companies can build stronger relationships with key decision-makers and ultimately drive more sales.

“You begin to understand and do some predictive analytics you couldn’t do before that makes you far more efficient as a marketer and salesperson,” adds Kelly McDermott.

Measuring the ROI of ABM

One of the challenges that many companies face when implementing ABM is measuring its impact and proving its value. As with any significant investment, senior leadership will want to see a clear return on investment (ROI) from ABM efforts.

During the Healthtech Marketing Summit session, both Ben Person and Kelly McDermott emphasized the importance of setting clear goals and metrics for ABM programs. This might include metrics such as pipeline generated, revenue influenced, or deal velocity. As Ben Person notes,

“Marketing budgets are getting tighter. They’re under more scrutiny these days, so how do I make sure that every dollar can point back to a return.”

By tracking these metrics over time, companies can demonstrate the impact that ABM is having on their bottom line. As Kelly McDermott noted, this data can also help to justify further investment in ABM platforms and resources.

Implementing ABM: Starting Small and Scaling Up

For companies that are new to ABM, the prospect of implementing a full-scale program can be daunting. Both Ben Person and Kelly McDermott advised starting small and scaling up over time.

One approach is to begin with a pilot program focused on a specific segment or set of accounts. This allows companies to test out ABM strategies and tactics on a smaller scale, learning what works and what doesn’t. From there, they can iteratively expand their ABM efforts to encompass more accounts and segments. Ben Person advises,

“Stay agile, stay adaptive, find different ways, try something else. I do encourage you to not give up after your first pilot. Try a couple of different methods.”

Ben Person also stressed the importance of having the right prerequisites in place before launching an ABM program. This includes having a clear understanding of the company’s ideal customer profile (ICP), as well as having relevant content and a strong marketing operations function to support the program.

The Future of ABM in Healthcare Technology

ABM is poised to be increasingly important in driving complex B2B sales. Companies can create targeted, effective ABM programs that deliver real results by aligning sales and marketing efforts, leveraging data and personalization, and measuring impact and ROI.

However, as Ben Person and Kelly McDermott noted, ABM is not a silver bullet. It requires a significant investment of time, resources, and effort to get it right. Companies must be willing to commit to the approach and continuously iterate and optimize their ABM strategies over time.

Ten Actions You Can Take

  1. Align sales and marketing teams: Ensure that your sales and marketing teams are working together seamlessly, with clear communication and shared goals.
  2. Leverage intent data: Use intent data and other insights to identify which accounts are most likely to be in-market for your solutions, and focus your resources accordingly.
  3. Personalize your approach: Tailor your marketing and sales efforts based on where prospects are in the sales cycle, delivering targeted advertising, relevant content, and personalized outreach.
  4. Set clear goals and metrics: Establish clear goals and metrics for your ABM program, such as pipeline generated, revenue influenced, or deal velocity, to measure its impact and prove its value.
  5. Start small and scale up: Begin with a pilot ABM program focused on a specific segment or set of accounts, learn from your successes and failures, and iteratively expand your efforts.
  6. Invest in the right technology: Implement an ABM platform or program that provides invaluable insights and enables data-driven decision-making.
  7. Develop relevant content: Create content that resonates with your target accounts and supports your ABM efforts at various sales cycle stages.
  8. Foster a data-driven culture: Encourage a culture of data-driven decision-making, where insights from ABM are used to inform strategy and tactics across the organization.
  9. Adapt and refine your approach: Stay agile and adaptive, continuously refining your ABM strategies based on what works and what doesn’t.
  10. Secure executive buy-in: Ensure that your ABM program has the support and commitment of senior leadership, including the CEO, to treat it as a strategic priority and invest in its success.

If you liked this post and want to learn more…

  1. Check out more posts like this in the Healthtech MarketingLearning Center. It is chock-full of articles, use cases, how-to’s, and ideas. Check out our resource center dedicated to ABM
  2. Follow me or connect with me on LinkedIn. I publish videos and articles on ABM and healthtech marketing.
  3. Buy Total Customer Growth: Our book on how to win and grow customers for life with ABM and ABX.
  4. Work with me directly. Let’s book a growth session and we can explore ways you can improve your marketing using the latest techniques in account-based marketing
Posted by Adam Turinas
Posted in Healthtech Marketing Show, Uncategorized on May 21, 2024

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About the Author Adam Turinas

Hi, I am Adam Turinas, Health Launchpad's founder. I am passionate about helping healthtech firms succeed through better sales and marketing. I have hard-earned experience in healthcare technolgy as I started two healthcare businesses in the US, the first with zero healthcare experience. We sold the second business to a strategic buyer seven years later. Over 9 years building a healhtech businesses, I have learned how to sell and market effectively to healthcare organizations. Prior to this, I spent two decades in digital marketing across healthcare and other consumer industries where I sold over $100 million in products and services to corporations and healthcare orgs. I would love to talk with you. You can book a call with me on the right hand side. Best Adam (This is page 0 of many)Enter your text here...

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