How do you get started with ABM? The obvious answer is an ABM Pilot. Based on the discussions we have been having, the vast majority of healthcare technology firms are considering account-based marketing (ABM), and many plan to pilot it this year. To help you on this journey here is our guide on designing an ABM pilot.
Why Are Healthtech Firms Considering an ABM Pilot
In our industry, we face the typical challenges of any B2B firm: long sales cycles and multiple stakeholders in the buying group who will only engage when they are good and ready. Only in healthcare are the challenges harder.
ABM promises that by targeting high-value accounts with personalized campaigns, you can deliver higher ROI, shorter sales cycles, and improved customer engagement. But, implementing a full-scale ABM strategy can be daunting, especially if you’re new to the approach. That’s where an ABM pilot comes in.
An ABM pilot is a time-bound, focused initiative that allows you to test the waters and demonstrate the value of ABM before committing to a larger-scale implementation. This will help you gain valuable insights, build buy-in with your team, and lay the foundation for a successful ABM strategy.
But where do you get started?
Here’s a step-by-step guide to designing an effective ABM Pilot
Step 1: Identify Opportunities in Your Sales Cycle
To begin, break down your typical sales cycle into 90-day phases. This will help you identify opportunities where ABM can make the most significant impact. Consider the following areas:
- Opportunity Generation: How can ABM help you create better-qualified opportunities more efficiently?
- Deal Velocity: Can ABM strategies help shorten the time from opportunity to closed revenue?
- Conversion: Can ABM tactics improve deal size and conversion rates?
By focusing on one of these areas, you can design a pilot that demonstrates the potential of ABM in a measurable way.
Step 2: Set SMART Goals
Once you’ve selected your pilot focus, it’s time to set SMART goals. These are Specific, Measurable, Attainable, Realistic, and Time-bound. For example, a SMART goal for an ABM pilot focused on opportunity generation might look like this:
“To close 5 deals this year, we need to grow the pipeline of opportunities by 25% by the end of Q2. This translates to 25 qualified opportunities, $1M in ABM-sourced pipeline, and 100% engagement from our Target Account List (TAL).”
By setting clear, measurable goals, you can track the success of your pilot and demonstrate the value of ABM to your team.
Step 3: Define Your Target Accounts
The next step is determining which accounts you’ll target in your pilot. This will depend on whether you’re running a 1:1, 1:Few, or 1:Many campaign. If you have access to third-party intent data, you can run a 1:Many campaign targeting a large number of in-market accounts. If not, it’s best to start with a smaller set of accounts and run a 1:1 campaign (targeting fewer than 20 accounts) or a 1:Few campaign (targeting fewer than 100 accounts).
When selecting your target accounts, consider factors such as:
- Best-fit characteristics: What makes an account an ideal customer for your business?
- Intent signals: Which accounts are showing the strongest buying signals?
- Financial stability: Are the accounts financially healthy and able to invest in your solution?
- Need and urgency: Do the accounts have a pressing need for your offering?
- Prior success: Have you successfully sold to similar accounts in the past?
The key is looking for triggers that signal an account is in-market.
By carefully defining your target accounts, you can ensure your pilot focuses on the most promising opportunities.
Step 4: Create Your Pilot Definition Document
With your goals and target accounts in place, it’s time to create your pilot definition document. This document will serve as your ABM playbook, outlining all the key elements of your pilot. Your pilot definition document should include:
- Team: Who will be part of your ABM pilot team? Be sure to include both sales and marketing team members to foster alignment and collaboration.
- ABM Flavor: Will you be running a 1:1, 1:Few, or 1:Many campaign?
- Target Accounts: What is the list of accounts you’ll be targeting, and what are their key characteristics?
- Buyer Journeys: If you haven’t already, create buyer personas and map out their journeys to ensure your pilot is tailored to their needs and preferences.
- Engagement Strategy: How will you engage your target personas? What tactics and channels will you use?
- Required Assets: What content and resources will you need to execute your pilot? Take inventory of what you already have and identify any gaps.
- Technology: What tools and platforms will you use to support your pilot? Aim to leverage your existing tech stack rather than implementing new solutions at this stage.
- Measurement Plan: How will you track the success of your pilot? Define the key performance indicators (KPIs) you’ll use to measure progress and performance.
- Budget: Outline the costs associated with your pilot, and ensure that it aligns with your overall marketing budget.
Step 5: Develop Your Project Plan
With your pilot definition document in hand, it’s time to develop your project plan. Break your 90-day pilot into 30-day increments, and assign tasks to your multidisciplinary team. Consider using an Agile methodology to foster collaboration, adaptability, and continuous improvement throughout the pilot.
Step 6: Establish a Steering Committee
Finally, establish a steering committee comprised of key executives who have a stake in the success of your ABM pilot and the business unit you’re targeting. This committee will provide guidance, support, and resources throughout the pilot. Be sure to meet with them at the outset, at regular intervals, and after the pilot to keep them informed and engaged.
Remember, the primary goal of your ABM pilot is to evaluate the potential of ABM for your organization, not necessarily to deliver massive ROI right out of the gate. By keeping your pilot focused, leveraging existing assets, and prioritizing learning and iteration, you’ll be well-positioned to demonstrate the value of ABM and build momentum for a larger-scale implementation.
Designing an effective ABM pilot is a critical first step in your ABM journey. By following these steps and staying focused on your goals, you can create a pilot that showcases the power of ABM and sets the stage for long-term success.
Do You Need Help
We can help you in many
Check out more the ABMLaunchpad. This is a resource center focused exclusively on ABM for healthcare. It includes online learning, articles, podcasts and much more.
- See what other healthcare technology marketers are doing. Check out the State of ABM in Healthcare Technology.
Learn about ABM Acceleration: This is our proprietary and battle-tested approach to ABM
Buy Total Customer Growth: Our book on how to win and grow customers for life with ABM and ABX.
- Download tools and templates: You can download tons of tools and templates to help you with your pilot. This registration page is to get the assets referred to in the book.
Work with me directly. Let’s book a growth session and we can explore ways to get started with ABM.