Account-based marketing (ABM) has been a staple for many marketers, but new research shows that the execution of this tactic has been somewhat disrupted as a result of the COVID-19 pandemic.
ITSMA and the ABM Leadership Alliance recently published their benchmark study on ABM for 2020, and statistics showed that in response to the pandemic, 42% of marketers have altered their business objectives for ABM. About 49% of marketers said that they are now more focused on growing business with existing accounts, while 37% are honing in on supporting specific major opportunities or deals. Twenty-eight percent are changing perception/strengthening reputation with targeted accounts.
ABM budgets, however, did not appear to take a major hit as a result of the pandemic. The majority of marketers (44%) said that there was no change in their ABM budget due to the COVID-19 crisis, and 26% stated that their ABM budget actually increased.
Marketing Technology Budgets and COVID-19
Although ABM budgets may have been relatively unaffected by the pandemic, previous research shows that the same cannot be said for marketing technology (martech) budgets.
Gartner conducted its “2020 Marketing Technology Survey: Cost Pressures Force Martech Optimization and Innovation,” and data indicated that most marketers (58%) decreased their 2020 martech budget as a direct result of the pandemic.
Of those who were forced to reduce their budget, 39% shifted their focus to exiting vendors and internal users to further existing tool adoption strategies without having to purchase new martech.