Some decades back in automobile manufacturing, the Toyota Production, or Lean Manufacturing Methodology as it has become more commonly known, radically changed the car-making industry. Built upon production processes created by Henry Ford to enhance efficiencies, Lean philosophies enabled Toyota to streamline processes, reduce waste and costs, and improve quality to the point that it became the behemoth car company it is today.
One key aspect of Lean is to focus efforts on those steps that contribute directly to the desired end value. Any step that does not lead directly to the end goal is considered waste and, since the key to Lean is the elimination of waste, those steps are eradicated and processes are streamlined.
We’re not ready to claim that Account-Based Marketing (ABM) will revolutionize your company’s performance to the same degree the Toyota Production Method did for the Japanese auto manufacturer, but as we consult with our clients about ABM, we can’t help but notice the similarities between the two. Without a doubt, a well-executed ABM strategy will streamline your processes and reduce waste.
When done correctly, ABM eliminates wasteful efforts and unifies the processes and activities of the sales and marketing departments toward a common, more productive end. For instance:
- Account-Based Marketing eliminates less than qualified prospects early in the process, preserving resources for more targeted (less wasteful) efforts.
- ABM focuses marketing initiatives on targeted, high-value accounts rather than broad-based, “large-net” efforts that result in poor leads and sales team frustration.
- Rather than broad attempts to reach a wide audience, ABM directly targets and nurtures primary decision makers at key accounts with quality content that specifically addresses their immediate needs.
- As a result of all this, ABM expedites the sales process, generates more revenue and hastens ROI.
According to Forrester Research, less than one percent of leads become revenue-generating customers, so it’s easy to see why ABM has gotten so much attention in recent years from both sales and marketing organizations. And while there are probably as many differences as there are similarities between Lean Manufacturing principles and those associated with Account-Based Marketing, when it comes to streamlining your sales and marketing efforts and eliminating wasteful activities in both organizations, the connection is undeniable. And, in our opinion, it is another reason to take a serious look at how ABM might help your company.
If you’d like to learn more about our views on Account-Based Marketing, get in touch with us today.