Reinvigorating Industrial Target Account Sales with Tech CMO Insights - Jon Russo on Account Based Marketing for Manufacturers
A three time CMO that's helped grow companies for sales and IPO has a lot of experience and insight.
But what if all that experience is in tech? Is there relevant information for industrials and manufacturers?
When that person is Jon Russo, the answer is yes. Jon's an Army vet, Berkely MBA, and experienced B2B marketer who took the ABM (account-based marketing) buzzword of 2015 and turned it into a practical and actionable B2B growth approach.
Jon takes us through the evolution of ABM, how lessons from tech can be applied to account based marketing for manufacturers, and why the "M" in ABM is more commonly now an "X." ABX isn't just about marketing. It recognizes that successful Go-To-Market (GTM) "motions" must integrate sales and marketing.
In fact ABX is really what industrial manufacturers traditionally called "target account sales" but adapted to the realities of how buying journeys, buying teams and buyer research have all evolved.
Connect with Jon for more insights related to account-based go to market motions.
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Turning Account Based Industrial Marketing into a Full Go-To-Market Motion - Jon Russo on Industrial Growth Insitute Episode 20
Episode Recap
Summary
In this episode, Ed Marsh interviews Jon Russo, a three-time global CMO and the founder of B2B Fusion. They discuss account based marketing (ABM) and its evolution into account-based go-to-market strategies. They also touch on the importance of executive commitment, sales enablement, and the integration of marketing and sales.
Jon emphasizes the need for data-driven decision-making and the common mistakes made in strategy and tactics as well as:
- having a clear ideal customer profile (ICP) when developing an account-based go-to-market strategy
- need for a long-term approach, the right technology to support and track the strategy
- importance of training sales teams to focus on the ICP
- value of marketing and sales collaboration
- need to add value to prospects by addressing their specific business needs.
Their conversation concludes by exploring the challenges and opportunities of AI in the go-to-market space, the importance of community and events, and the need for great content in marketing efforts.
Takeaways
- Account-based marketing (ABM) has evolved into account-based go-to-market strategies, integrating marketing and sales.
- Executive commitment is crucial for the success of ABM and other go-to-market strategies.
- Sales enablement is important in helping sales teams execute marketing strategies effectively.
- Industrial manufacturers can benefit from applying the same rigor and data-driven approach to marketing and sales as they do to manufacturing and operations.
- Optimizing the funnel and executing tactics require a focus on sales and marketing productivity and the ownership of data. Having a clear ideal customer profile (ICP) is crucial for developing an effective account-based go-to-market strategy.
- A long-term approach is necessary for success in account-based go-to-market, with a focus on building relationships and adding value to prospects.
- Technology plays a key role in supporting and tracking the account-based go-to-market strategy.
- Marketing and sales teams must collaborate closely and align their efforts to effectively target and engage the ideal customer profile.
- Great content is essential for attracting and engaging prospects, and events can be a valuable tool for building relationships and sharing insights.
- AI has the potential to transform go-to-market strategies, but accuracy and data quality are important considerations.
- Community engagement and continuous learning are important for staying up-to-date with industry trends and best practices.
Takeaway Quotes from Jon Russo
- "Account-based go-to-market is target account sales with marketing mixed in."
- "ABM has evolved into a go-to-market motion and is less about account-based as a function."
- "You don't know what your white space is. Who do I target? How do I target? Your sellers are kind of going through the morass of their systems trying to piece all this information together and they're losing valuable time."
Outline
00:00 Introduction and Background
06:02 The Evolution of Account-Based Marketing
13:36 Account-Based Go-to-Market Strategies
28:07 Starting a Business and Frustration with Data
42:17 Common Mistakes in Strategy and Tactics
45:10 The Challenges of Upselling and Targeting
47:00 Nashville's Focus on Technology, Healthcare, and Manufacturing
52:49 Identifying the Ideal Customer Profile (ICP)
56:13 The Importance of a Long-Term Approach
58:23 Starting Small and Building Momentum
01:00:37 The Opportunities and Challenges of AI
01:08:12 Embracing Change and Taking Risks
01:10:49 The Importance of Great Content
01:14:03 The Power of LinkedIn and Continuous Learning
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