Enterprise ABM vs Growth ABM?
Account-based Marketing (ABM) is in its third decade and has become a festival of definitions and acronyms. One of the latest I have heard referenced is the notion of Enterprise ABM and Growth ABM. I think it was the superb Davis Potter, who brought it to my attention. It’s a very elegant way of simplifying different types of ABM. In this post, I will attempt to compare Enterprise ABM vs Growth ABM and throw in my two cents on this definition.
Defining Enterprise ABM vs Growth ABM
I used ChatGPT and Google to help with this.
Google Search of Enterprise ABM vs Growth ABM
Google was surprisingly useless. When you Google Enterprise ABM vs Growth ABM, this is what you get. No help at all! Although kudos to Declan Mulkeen and strategicabm for the ranking.
ChatGPT: What is the difference between Enterprise ABM and Growth ABM?
ChatGPT was very helpful. I am still amazed by this. Here is how the new sage of the internet defines the difference:
“Enterprise ABM (Account-Based Marketing) and Growth ABM are two different approaches to account-based marketing that cater to different business objectives and target audiences. Here’s a breakdown of the differences between the two:
- Target Audience:
- Enterprise ABM: Enterprise ABM focuses on targeting large, high-value accounts. These accounts typically have complex buying structures, longer sales cycles, and involve multiple decision-makers.
- Growth ABM: Growth ABM targets smaller, high-potential accounts that have the potential for rapid growth. These accounts may have simpler buying structures and shorter sales cycles.
- Account Selection:
- Enterprise ABM: Enterprise ABM typically involves a more selective approach to account selection. Companies identify a small number of key accounts that align closely with their ideal customer profile and invest significant resources in personalized marketing and sales efforts for each account.
- Growth ABM: Growth ABM takes a broader approach to account selection. While still focused on high-potential accounts, companies may select a larger pool of accounts to target with their marketing efforts. The emphasis is on scalability and efficiency while still maintaining a personalized approach.
- Marketing Strategies:
- Enterprise ABM: Enterprise ABM relies heavily on customized marketing strategies tailored to the specific needs and pain points of each target account. This may involve creating personalized content, organizing high-touch events, or developing account-specific campaigns.
- Growth ABM: Growth ABM focuses on scalable marketing strategies that can be applied across multiple accounts. While personalization is still important, companies may use a mix of automated marketing tactics, such as targeted advertising, email marketing, and content marketing, to reach a larger number of accounts efficiently.
- Sales and Marketing Alignment:
- Enterprise ABM: Enterprise ABM requires tight alignment between sales and marketing teams. Both teams collaborate closely to develop account-specific strategies, coordinate outreach efforts, and track the progress of account engagement.
- Growth ABM: Growth ABM also requires alignment between sales and marketing, but the coordination may be less complex compared to enterprise ABM due to the larger number of accounts targeted. The focus is on developing scalable processes and ensuring effective communication between the teams.
In summary, Enterprise ABM is geared towards targeting a small number of high-value, complex accounts with personalized marketing strategies, while Growth ABM aims to target a broader pool of high-potential accounts using scalable and efficient marketing approaches. The choice between the two depends on the specific business goals and the nature of the target market.”
How is This Different from 1:1, 1:Few and 1:Many ABM?
Not so much!
The notion of Enterprise ABM fits neatly for how you market to accounts where the deal potential is in excess of $500,000 and sales cycles are nine months or longer. And the notion of Growth ABM fits with smaller deals, $50,000-$250,000, with sales cycles in the 90-180 day range.
Where Does 1:1 Few ABM fit? This is where you market to clusters or segments of accounts based on common needs and do it at scale. I am guessing that is more of a Growth ABM thing.
Here is My Problem With This Definition
We are finding that for some clients, we run campaigns using 1:1, 1:Few, and 1:Many in sequence.
This may seem counterintuitive, but hear me out.
We are working with clients who sell seven-figure deals and the sales cycles and 9-12 months to very large healthcare systems. This would fit the Enterprise ABM model, aka 1:1 ABM.
The challenge is account selection. The client has a target account list of 150 accounts out of a market of 1500 possible accounts. They have winnowed this down through an internal account selection process. The problem is that 150 accounts are too big for 1:1 ABM. We have tried using third-party intent data and other intelligence sources, but they have not helped us narrow the list down to a more precise way of targeting a more manageable account list to do 1:1 ABM.
So what do we do?
- We use 1:Many tactics, specifically LinkedIn ads, to the full account list to see who engaged with them. By doing this, we have been able to narrow the list down to a smaller cluster.
- We use 1:many tactics to send targeted ads exclusively to engaged accounts and drop them into email sequences to nurture them.
- We then use 1:1 techniques with the most engaged accounts.
Same campaign, all three techniques.
So, in this case, I am not sure if we are doing Enterprise or Growth ABM.
I would love to know what others think about Enterprise ABM Vs Growth ABM. Let me know, please.
If you are interested and when you are ready, we can help you on your ABM journey. Here are some ways to get started:
- Check out more posts like this in the Healthtech Marketing Learning Center. It is chock-full of articles, use cases, how-to’s, and ideas to get you started on your ABM journey.
- Follow me or connect with me on LinkedIn. I publish videos and articles on ABM and healthtech marketing.
- Work with me directly. Let’s book a growth session and we can explore ways you can improve your marketing using the latest techniques in account-based marketing.
Originally posted on healthlaunchpad.com