Even industry giants sometimes stumble when deploying an Account-Based Marketing strategy. ABM’s targeted tactics can resonate deeply with high-value financial services buyers — but only if you match messaging and audiences with strategic precision.
In our recent webinar, “Smarter Ad Targeting with ABM in Financial Services,” we explored the nuances of ABM in the financial services sector with two industry leaders:
- Sophia Sellars, Senior Growth Marketing Manager at Nasdaq
- Uran Kabashi, Director of Demand Gen & ABM at Morningstar
Throughout the discussion, they generously shared insights gleaned from their experiences implementing ABM strategies, shedding light on the transformative power of precise ad targeting.
Here are some highlights from the chat.
Before ABM: Challenges and Inefficiencies
Prior to adopting ABM, both Morningstar and Nasdaq used traditional digital marketing strategies that failed to produce desired results.
Morningstar relied on its existing database and user-submitted information to create audience segments, which unfortunately led to cold outreach without personalized messaging. Morningstar also lacked insights into whether its target audience was aware of Morningstar, interested in their solutions, or even the right decision-makers.
Nasdaq used an inbound strategy and waited for potential customers to visit its website and fill out a form. The company’s targeting was based only on job titles and industries, resulting in:
- Irrelevant leads
- A high disqualification rate
- Poor alignment with the sales team
- Wasted budget
This approach proved ineffective as Nasdaq was essentially “shooting in the dark” and losing opportunities to competitors that were successfully multi-threading within the account.
After ABM: Working Smarter, Not Harder
Embracing an account-based approach enabled both companies to achieve better digital marketing results.
Morningstar
Morningstar adopted a persona-based approach for its ad campaigns, creating separate ads for accounts at different stages of the sales funnel. This shift resulted in improved click-through rates on LinkedIn.
It also implemented a unique retargeting campaign, specifically targeting individuals who had searched online for “Morningstar risk.” By delivering relevant ads to these individuals, the team engaged potential customers earlier in the sales funnel.
Furthermore, the marketing team segmented 100 mid-market accounts based on 6sense stages and provided this information to Morningstar’s sales team. This targeted approach generated 15 opportunities from accounts that were further down the funnel, resulting in a significantly higher return on investment compared to their previous broader targeting strategy.
Nasdaq
Nasdaq implemented stage-based advertising, starting with a broad awareness message and transitioning to product-centric ads for companies that were further along in their buying journey. This approach recognized that these companies already had a general understanding of Nasdaq’s offerings and were seeking more specific product information.
The results were impressive, with Nasdaq achieving actual conversions to opportunities, a rare outcome in awareness-focused advertising campaigns.
Additionally, Nasdaq launched a digital campaign that targeted accounts in Brazil due to a regulatory change in the country. This campaign successfully generated meetings through both sales outreach and standard form fills, demonstrating the effectiveness of ABM in driving tangible business outcomes.
5 Tips to Make Your ABM Journey a Success
If you want to realize the full potential of ABM and see results like Morningstar and Nasdaq, follow these best practices:
1: Start with the End In Mind
Clearly define metrics like conversion rates and generated pipeline to set targets, prove the effectiveness of your ABM strategy, and optimize campaigns.
2: Ensure Data Accuracy
Accurate data is crucial for a successful ABM strategy, enabling you to:
- Identify the accounts you want to target
- Understand your addressable market
- Establish current state benchmarks
3: Pilot First
Don’t try to implement everything at once. Start with a minimum viable product (MVP) pilot phase, like Morningstar’s initial focus on 100 accounts. This allows you to:
- Get started quickly
- Prove value
- Gain momentum before expanding your efforts
4: Align with Sales
Understand sales metrics and goals to ensure marketing and sales are collaborating effectively and working toward the same objectives. Both Sellars and Kabashi mentioned collaborating with sales leaders, reps, and BDRs for shared insights, coordinated outreach, and a unified customer experience.
5: Identify Power Users
There will always be individuals who are more receptive to new initiatives and willing to champion them. By identifying these users, you can use their enthusiasm and support to overcome resistance and drive adoption of ABM within your organization.
Get more valuable insights from the discussion by watching the full webinar here.
