Demand generation is a process to create inbound demand, and oftentimes, the process includes demand capture. In the B2B setting, demand generation has started to take a backseat to Account-Based Marketing (ABM), though both can work side by side, albeit serving different purposes.
ABM aligns marketing and sales teams to focus time and resources on accounts that are most likely to drive revenue. It increases close rates, speeds up pipeline velocity, generates traction in named accounts, and ultimately produces more revenue. ABM inherently forces strategic alignment from the onset.
In B2B marketing, funnels closely link marketing to sales. However, the ABM funnel focuses on accounts instead of leads.
The formula we use to re-engineer the sales process is to reverse positions and have marketing lead with demand generation, account identification, customer intelligence, and qualifying the prospect well before the sales team starts any type of engagement.
Once marketing separates its functions based on how it supports sales, we’re better able to implement Account-Based Marketing (ABM) strategies so that sales focuses more on closing deals instead of performing all of the other activities in the pipeline from generating and qualifying leads to engaging with prospects.
Sales teams usually take the charge for driving revenues at their companies, and rarely does marketing ever get charged with being a profit driver.
If you’ve ever experienced friction between members of a sales team and a marketing team, it can get ugly! That’s because sales and marketing teams often work independent of each other and do not typically share KPIs and metrics for success.