B2B Teams Are Hopeful Despite ABM Hurdles, Study Finds
B2B marketers are in a pretty good mood as they enter 2023, even as they struggle to realize their account-based marketing strategies, according to Plotting A Course Through Turbulent Times, a study by Dun & Bradstreet.
Of the marketers polled, 86% are confident about the year to come, and 34% are very confident.
That said, 86% feel their overall business performance is still being impacted by the COVID-19 pandemic, 30% claiming it is very much affected. And they face these challenges:
- Data accuracy — 35%
- Data consistency across platforms — 32%
- Incomplete or missing data — 32%
- Data technology — 30%
- Data latency (outdated data) — 28%
- Too much data to make sense of it all or to act on it — 28%
- Duplicate data — 28%
- Organizational support to make improvements — 25%
- Budget allocation to address data quality — 25%
- Not having enough data — 23%
In response, B2B brands worked to enhance their ABM strategies.
For instance, 60% say their firms shifted or increased their focus on growing business with existing accounts, while 59% say they have shifted focus to new customer acquisition and 52% are looking at customer retention (to reduce churn).
Those that aren’t using ABM cite:
- Budget — 40%
- Lack of resources/personnel — 33%
- Got sidetracked during the pandemic with other initiatives — 30%
- Lack of data or adequate data to support account-based strategy — 29%
- No training or support for marketing teams — 26%
- Unable to demonstrate potential or future benefits — 26%
But once committed to ABM, these are the critical factors that they say drive success:
- Technology — 29%
- Sufficient time to execute program — 27%
- Alignment of sales and marketing — 26%
- Clear ABM strategy — 25%
- Budget — 24%
- Sufficient resources/personnel — 24%
- Appropriate and sufficient content — 24%
- A share internal understanding about ABM — 23%
- Ability to identify target accounts — 23%
- Proper statistical models and forecasting techniques — 23%
Dun & Bradstreet surveyed 600 B2B sales, marketing and data leaders in the U.S., Canada and the U.K. in August-September 2022.