One of the central and most important elements of a good ABM strategy is the target account list. But how many accounts belong on this list? Juggling this balancing act is the key to making ABM manageable and impactful. Let’s take some time to go through considerations and best practices for how to size to the right number of accounts.
Understanding Target Account Lists
A target account list is a list of specific companies or accounts you have identified as high potential or high value as prospects in ABM. These are the accounts aligned to the ideal customer profile, where your products or services could make important value. The idea is to target these accounts specifically for marketing and sales activities with a custom experience and message.
Factors Determining the Number of Accounts
- Size and Complexity of Your Organization
The size of an organization usually correlated with the availability of resources, may handle an extended list of target accounts. Typically, they have dedicated ABM teams that are backed by sophisticated tools for managing and engaging with multiple accounts. For smaller organizations, however, it may be more appropriate to concentrate on a shorter list to be sure about giving highly personalized attention.
- Resources and Budget
This will largely be driven by budget and available resources. Activities are needed for every account, whether in an ABM process, with its custom content creation, running targeted campaigns, or many times one-on-one outreach. Make sure that the size of your list is aligned to resources so that you drive quality interactions.
- Alignment of Sales and Marketing
The success of your ABM strategy is pegged to the close collaboration between sales and marketing teams. A smaller, more tightly defined list drives both functions toward more cohesion and coordination. It lets you have a deeper view of the accounts with both teams and thus helps drive more effective campaigns and outreach that’s better executed.
- Account Potential and Value
Prioritize the accounts that have high potential value and fit for the ICP. Since high-value accounts themselves have a strong potential to turn into customers, it is important to accord priority to such accounts. This focus therefore ensures efforts are placed on accounts that give the most return on investment.
Determining List Size Best Practices
- Start Small. Scale Up.
Start with a manageable number of accounts—say 10 to 50 accounts. This will allow you to test and tweak your ABM strategies as you go. If you are gaining insight and the returns are good, then go to town and scale. Never start big—you have to change approaches depending on what works best.
2. Data and Analytics
Use data-driven insights to guide your account selection. Analyze past performance, account engagement, and market research to inform your decisions. Tools and analytics platforms can be utilized to identify accounts that are more likely to benefit from your offerings.
3. Regular Review and Adjust
Continuously measure the performance of your target account list. Regularly evaluate the engagement rates and conversion rates of your prospects and, in general, the impact you are making. Be ready to revisit and revise your list at any point in the process if new information becomes available, the market conditions shift, or the business goals take a new turn.
Many times a smaller, targeted list works much better than a larger broad one. Be sure that every account on that list fits your definition of an ICP and is poised to become engaged and convert.
Conclusion
The right number of target accounts for your ABM list balances quantity with quality. Take massive information into account, spanning company size, resources, account value, and data, and build up a list that will maximize your ABM strategy and be effective. A good starting point is a workable number of accounts while focusing on high-value interactions; that will allow you to scale and keep building the best approach for effective output.