This is our first article in series of 7 articles on Account-Based Marketing (ABM) best practices. In this installment, we’ll address the number one challenge ABM revenue teams encounter during Step 1 of the ABM process: Account Selection. Defining the right target accounts is critical to the success of your ABM strategy. The foremost problem ABM revenue teams face in Account Selection is the lack of a well-defined and data-driven approach. Often, teams struggle to prioritize accounts effectively, leading to wasted resources and missed opportunities.

Top 5 Best Practices for ABM Step 1 Account Selection:

1. Align Sales and Marketing: Close collaboration between sales and marketing is essential for successful Account Selection. Sales teams possess valuable insights into target accounts, while marketing brings data-driven analysis to the table. Together, they can identify high-potential accounts that align with the company’s goals.

2. Data-Driven Analysis: Rely on data and analytics to inform your Account Selection process. Utilize firmographic data, technographic insights, historical purchase behavior, and intent data to identify accounts with the highest likelihood of conversion.

3. Scoring and Prioritization: Implement a scoring system to rank potential accounts based on predefined criteria. Factors like revenue potential, fit with the ideal customer profile, and engagement level should be considered to prioritize accounts effectively.

4. Segmentation Strategies: Categorize target accounts into different segments based on shared characteristics or needs. By tailoring your messaging and approach to each segment, you can create more relevant and personalized interactions.

5. Continuous Review and Refinement: Account Selection is not a one-time task; it requires constant review and refinement. As market dynamics change and new data become available, regularly reassess your account list and adjust your strategy accordingly.

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By addressing the Account Selection challenge with these best practices, ABM revenue teams can set a strong foundation for their ABM journey. Stay tuned for our next article, where we’ll cover the Best Practices to support ABM Step 2: Account Insights.