You've put together your ABM programme... but what happens next?
Once you've gained the backing of your marketing deparment and started to implement account-based marketing (ABM), you'll no doubt start to face questions regarding the metrics you plan to measure.
B2B Marketing's new Measuring ABM Best Practice Guide has been put together in partnership with Jon Miller, CEO and co-founder of Engagio. It's designed to help marketers who want to make sure their ABM programme is built to last and can deliver real returns for their business.
Here you will find a taster of some of the guide's best bits, although the full guide can be downloaded here.
The guide is free for B2B Marketing premium members, and available to non-members at £99+VAT.
CEO and co-founder
Jon is a marketing entrepreneur and thought leader. He is currently the CEO and co-founder of Engagio, an ‘all-in-one’ platform for ABM. Previously, Jon was a co-founder at Marketo, a leader in MA.
ABM can be measured
But traditional marketing metrics don't apply
The basics of traditional marketing measurement don't apply to ABM.
Demand generation is almost always measured by leads and opportunities created. But while these are important, they are not sufficient to measure ABM.
ABM differs from traditional demand generation in four critical ways:
1. The focus is on accounts, not leads
2. ABM influences pipeline
3. ABM tactics are outbound, not inbound
4. ABM values more customers than just the new ones.
Do you know how to measure your ABM programme?
"For some, the movement away from traditional metrics may feel unnerving, but the change and its implications are unavoidable. Until ABM metrics change to reflect this shift, marketers at companies with complex sales will struggle to be an equal partner for sales."
Jon Miller, CEO and co-founder, Engagio
Why isn't measuring new leads and opportunities enough?
There are four reasons why marketing metrics that only measure the creation of new leads and opportunities are not enough with ABM:
1. You can't measure ABM with a funnel.
2. The traditional definition of a lead no longer applies.
3. Quantity and quality are now equally important.
4. Sometimes, the people you wouldn't think matter, matter the most.
Measure engagement with the whole account
I recently heard a story about a technology company that was about to ink a major deal with a hospital chain. The sales team had all the necessary c-level conversations and observed every key buying indicator. They’d been assured the agreement was wired, and confidently anticipated an end-of-month close. Imagine, then, their surprise and dismay when the deal fell through at the last minute because the hospital’s nurses revolted. This was the user audience, a group the sales team hadn’t bothered to consult.
While any number of possible modifications could have altered the outcome of this particular situation, imagine how differently the deal could have turned out if a marketing initiative – say, for example, custom-created content – had specifically targeted the nurses at this hospital, to evangelise the company’s solution to actual users, at the same time that the sales team conducted their more executive-level conversations.
"To win, companies must understand and support entire accounts, not just one persona type"
Jon Miller, CEO and co-founder, Engagio
What should be measured in ABM?
Which metrics need to be applied?
So, what should we measure with ABM?
Net new lead and opportunity creation aren't enough to fuel modern-day marketing success. Use these three categories to round out how you measure your marketing effectiveness with ABM:
How effectively is your team collecting data about, and building permission with, the people who matter at your target accounts?
What is the aggregate level of engagement for your target accounts? An important metric is how effectively your ABM initiatives engage the right people at target accounts.
How are your ABM activities, conversations, and investments improving target outcomes? And what happens when you want to know how well each individual ABM activity and campaign performs, specifically?
Do you feel well equipped to start using these categories to measure your ABM activity?
- Yes, this doesn't seem like too much of a challenge
- Maybe, however there remains work to do
- No, it will require a shift in the way we currently measure our marketing activity
Download the report now
Or upgrade to become a premium member and access all our reports
All B2B Marketing premium members can download the report for free here.
Non-members can download the full report for £99 + VAT, or explore our membership options here.