Hopefully the result is worth the effort. You, Dear Reader and Potential Buyer at the Bargain Price of $495 Which You Can Order Here, will be the final judge of that. But if nothing else, the report helped to clarify my own thinking about ABM technologies.
The fundamental challenge was two-fold. First, I needed to define a reasonably complete set of ABM functions: this gives marketers a framework to identify gaps in their ABM stack. Second, I needed to identify differentiating features within each function: those are what buyers should consider when deciding which vendors to use. What made this tricky is that different vendors provide different combinations of functions, so I couldn’t just classify the vendors themselves.
After much pondering, I ended up with a three level approach. The first was to define an ABM process – and note that I wrote "an ABM process" not "the ABM process", since more than one process is possible. My process had four steps, which I think should be self-explanatory. (If you’re underwhelmed by the sophistication of this approach, bear in mind that many people have published detailed and rigorous descriptions of how ABM works. I didn’t see any point in duplicating their efforts.)
- Identify Target Accounts
- Plan Interactions
- Execute Interactions
- Analyze Results
The next step was to define the system functions that support each process step. This was still pretty high level because I didn’t want to be prescriptive. I ended up with six functions**:
ABM Process
|
System Function
|
Comment
|
Identify Target Accounts
|
Assemble Data
|
Data includes existing accounts and contacts from marketing automation and CRM, external information including events and interests, and information about net new accounts and contacts. It may also include analysis of account data to identify gaps in contact lists and understand current engagement levels.
|
Select Targets
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This includes predictive model scores to rank potential targets , conventional account profiling, and behavior analysis.
| |
Plan Interactions
|
Assemble Messages
|
This includes building marketing messages and importing messages built in external systems. Message creation is largely generic but some vendors specialize in account-based messages.
|
Select Messages
|
This includes both systems that automatically select messages and those where the user selects a specific message for each list.
| |
Execute Interactions
|
Deliver Messages
|
This includes systems to deliver emails, personalized messages on the company Web site, display advertisements, and includes alerts and advice to sales reps. Most delivery systems serve all kinds of marketing but a few are ABM specialists.
|
Analyze Results
|
Reporting
|
This includes systems that analyze behaviors and program results at the account level.
|
The final step was the trickiest because this was where I was actually classifying vendors. For the classification to be useful, I had to isolate collections of vendors that shared specialized features. To do this, I divided each system function into several subfunctions and discarded the sub-function that are widely available or not very important. I originally had about twenty of these but winnowed the set down to a more manageable six: one key sub-function for each system function. In the table below, the comments describe the differentiators that occur within each sub-function. These would be what marketers look at when searching for vendors who match their requirements.
ABM Process
|
System Function
|
Key Sub-Function
|
Comment
|
Identify Target Accounts
|
Assemble Data
|
External Data
|
Vendors gather data from the Internet, private, and government sources (“public” sources) and purchase it from other vendors (“commercial” sources). This Guide also distinguishes between “enhancement” of account and contact records already in a client’s systems and sale of “net new” records that a client does not already possess. Important data types include
- companies (accounts),
- contacts (people),
- events (mergers, acquisitions, management changes, new products, etc.),
- intent (based on content consumption)
- technologies used (at the account)
|
Select Targets
|
Target Scoring
|
Vendors in this category use statistical techniques to select target accounts. The models most often predict whether an account will make a purchase, but they could also predict other events such as renewing a contract or becoming an opportunity in the sales pipeline. Scores can be built for individuals as well as accounts, although account scores are most important in the ABM context. Many scoring vendors also gather external data from public or commercial sources (or both), since this gives them more inputs for their models. They may or may not share this data with their clients, and they may or may not provide net new records.
| |
Plan Interactions
|
Assemble Messages
|
Customized Messages
|
Vendors in this category build messages that are tailored to the recipient. This tailoring may include insertion of data directly into a message, such as “Dear {first name}.” Or it may use data-driven rules to select contents within the message, such as “show a ‘see demonstration’ button to new prospects and a ‘customer service’ button to current customers”. They may also use predictive models rather than rules to select the right message. Customized messages can appear in any channel where the audience is known to some degree – as an identified individual, employee of a particular company, or member of a group sharing particular interests or behaviors.
|
Select Messages
|
State Based Flows
|
Vendors in this category can automatically send different messages to the same contact in response to behaviors or data changes. Messages often relate to buying stages but may also reflect interests or job function. Messages may also be linked to a specific situation such as a flurry of Web site visits or a lack of contacts at a target account. Flows may also trigger actions other messages, such as purchasing more contact names or alerting a sales person. Actions are generally completed through a separate execution system. Movement may mean reaching different steps in a single campaign or entering a different campaign. Either approach can be effective. What really matters is that movement occurs automatically and that messages change as a result.
| |
Execute Interactions
|
Deliver Messages
|
Execution
|
These are systems that actually deliver messages in channels such as email, display advertising, social media advertising, the company Web site, or CRM. As used in this Guide, execution may include direct integration with a delivery system, such as adding a name to a marketing automation campaign, sending a list of cookies and instructions to an ad buying system, or pushing a personalized message to a company Web site.
|
Analyze Results
|
Reporting
|
Results Analysis
|
Nearly every system will have some form of result reporting. ABM specialists provide account-based result metrics such as percentage of target accounts reached, amount of time target accounts are spending with company messages, and distribution of messages by department within target accounts.
|
The ABM Guide itself takes the next logical step and gives a table showing which vendors provide which sub-functions. Of course, the table is a horrible oversimplification: even though I tried to provide specific definitions, whether a system offers a particular sub-function isn’t a simple yes or no question. In fact, what’s really important is how they support the function, because that detail is what determines whether they do what you need. The table is useful in the context of the ABM Guide because readers can examine the detailed vendor entries to understand those nuances. Taken out of context, the table does more harm than good. That’s why I’m not showing it here.
What I will offer over the next few days is an overview of each sub-function, which will give a richer view of the ABM landscape. I think you’ll find that interesting – and I’m way behind quota on my blog posts for the year.
__________________________________________________
* A little more on the ABM Guide:
Contents:
- introduction to Account Based Marketing
- description of ABM functions
- key subfunctions that differentiate ABM vendors
- vendor summary chart that shows who does what
- explanations of information provided in the report
- vendor profiles (3 pages each)
- summary (what they do in 2-3 plain English sentences...worth the price by itself)
- key differentiators (2-5 bulleted statements highlighting what's special about them)
- detailed information (detailed information organized into 37 categories including data sources, data storage, data outputs, target selection, planning, execution, analytics, operations, pricing, and vendor background.)
Avention, Azalead, Bizible, Bombora, Dun & Bradstreet, Data.com, Datanyze, DemandBase, DiscoverOrg, Engagio, Evergage, Everstring, GetSmartContent, Growth Intelligence, HGData, Infer, InsideView, Kwanzoo, Lattice Engines, Leadspace, LeanData, LinkedIn, LookBookHQ, Madison Logic, Mariana, Mintigo, MRP, Orb Intelligence, Radius, Reachforce, Terminus, The Big Willow, Triblio, TrueInfluence, Uberflip, Vendemore, YesPath, ZenIQ, ZoomInfo, SnapApp- 3 page entry on each vendor provides detailed information across 37 categories covering
Data Source:
Independent research by Raab Associates, based primarily on vendor interviews and demonstrations. Information is organized into a rigorous framework to ensure accurate, apples-to-apples comparisons. Data was gathered in June and July 2016.
Format: PDF File
Price: $495
Order From:
www.raabguide.com/abmguide. Pay by credit card and within a few minutes you'll receive an email with a download link to the report.
**Special thanks to https://word2cleanhtml.com/ for the free Word to HTML table conversion used in this post. Awesome!
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