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Having strong account-based marketing (ABM) strategies in place has the potential to help make your company more competitive, agile and transformative. Konsyg’s editorial team had a quick chit-chat with our CEO, William Gilchrist, about his thoughts and opinions on all things related to this ever-growing industry.
Can you provide a brief explanation on what is account-based marketing?
I believe that it varies in definition, but effectively it is providing relevance and accurate intelligence on a set account list. Basically, account-based marketing is about how much information can you get without necessarily selling to them.
An example would be mystery shoppers, those are account-based marketers in a way, the people that follow mystery shopping are out there trying to figure out exactly who are the right people to talk to and find out their buying patterns and gather insights from them.
What is your perspective on this unique approach to marketing?
It depends on how account-based marketing is being deployed when it comes to companies looking for specific decision-makers, initiatives and information. It’s like spy-work, where you are operating a covert-region and trying to map out information for your clients. There are some instances where account-based marketing uses that approach.
As a phrase or term, it has changed over the years. Originally, you would think that it’s just data collection and surveying, but really it is an advanced and modern way of corporate reconnaissance.
I think it gives more information, as it is far more targeted. Account-based marketing seems to be marketing, but with a sales personality added to it because it is not just focused on branding and other marketing tasks. What account-based marketing is trying to do is get real information on prospects.
What advantages and disadvantages do you see when doing this approach?
I cannot see many disadvantages other than how it is being deployed. In the event that people are looking for an excess of information that is not relevant to the reason behind the information gathering, then it becomes analysis paralysis.
This is when you have too much information that you over-analyze and don’t get anywhere. Sometimes, by being focused on that process too much, you might not move forward. People who are overtly fixated on the process are looking for guarantees, when is no such thing out there. So when you get information, you have got to act on what you have.
Would you say that account-based marketing is a great strategy for smaller or larger companies?
I think it’s more beneficial for larger companies that are looking to sell or market to other large companies. Being able to navigate these large groups is probably the biggest advantage because it’s enterprise to enterprise.
When it comes to small businesses, what the advantage would be is if you are trying to position a new concept into a corporation. If you are a company that’s small and your concept already exists, account-based marketing is not going to do much than push whatever you do that exists. However, if it’s a new concept, account-based marketing could be beneficial in getting the proper intel on how to position this new concept into an organization.
How does Konsyg use account-based marketing to create a successful campaign?
I would say the main strength of Konsyg is that we often are our own account-based marketers when it comes to serving deals, relationships and campaigns that we’ve run ourselves as Konsyg. On behalf of our clients, when requested, it’s been useful for them to gain perspective in sales, how to actually engage and know what are the best penetration points.
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