19th Jul, 2022
, , Designation
- Account-based marketing is a rock-solid use case to creating personalized buying experiences for high value accounts
- Marketers need to successfully ABM campaigns to determine the success of their programs and continuously optimize them for better results
Adopting any new sales methodology without parallelly setting up new sales metrics can make performance tracking an uphill task for business leaders. Therefore, companies transitioning to an account-based demand generation framework should also update their KPIs and indicators of sales success.
The top priority of ABM is influencing the decision-makers at key accounts. Rather than creating individual leads across markets, it focuses on activating and engaging the right leads at one account. That is why traditional funnel metrics, like conversion rates, cost-per-lead, etc., don’t apply here. Furthermore, the sales cycle through an account-based campaign is longer than traditional methods. The account-based approach focuses on quality rather than quantity. Marketers must set up a process for tracking progress across the long nurturing process.
Now let’s look at the 5 useful metrics that marketers must include while tracking their ABM campaigns.
It tracks whether marketers have enough decision-makers and influencers in their database for every account. It also evaluates the completeness of an account data in terms of firmographic, technographic, financial, and correct contact information. Once the target account list is compiled, this metric, which includes intent scoring and engagement history, ensures that the procured corporate database list has the right people and that’s how to convert database into a lead machine.
Primarily, marketers need two types of data for optimal coverage, i.e., business structure data and accurate contact data. Business structure data provides insights into an account’s organizational hierarchy and decision-making process. On the other hand, contact data provides direct dial information of an account’s upper-level stakeholders.
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Awareness is a key indicator of a company’s visibility, reach, and brand perception within its target market. It is the goal of every brand to be known and trusted by its target audience. However, making the high-priority leads at key accounts aware of the brand and its services is an uphill task for marketers. That’s the reason why brand awareness is an essential category of metrics for account-based marketing campaigns. Web traffic and social media interactions can be good indicators of this metric- especially the traffic coming from prospective leads within the target accounts. Marketers must also track whether their key contacts are opening emails, attending events, and answering phone calls.
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Potential Account Volume
This is an account segmentation and prioritization metric that evaluates the potential of key accounts in terms of sales volume. It allows sales teams to focus on accounts with the highest potential for elevating their business volume. Account-based marketers need to follow the ‘Compare and Conclude’ methodology to determine the potential of different accounts. The current transactional volume of one account must be compared against the volume of similar-sized accounts in the same industry.
They must then identify the potential products they can sell to them but currently aren’t. For this, marketers must dive deep into the customer’s technographic data, market share, and future technology purchase trends. Thereafter, face-to-face communication with the sales team can help identify the potential products they can sell to those accounts.
This category of ABM metrics aims at strategic retrospection. It has two primary goals:
- Assess whether the brand is able to reach the right accounts
- Assess wastage of efforts and gaps in ABM strategies
Every aspect of account-based marketing is evaluated to understand this metric. One of the ways is to track success by channel. For example, marketers can track blog viewership, bounce rate, or total attendance and account participation in a webinar. This approach helps understand which demand generation channels work the best and which activities have positively impacted the buyer’s journey.
This category of metrics helps determine whether the account-based campaigns are influencing sales or not. Account-based marketing requires marketers to look for correlations between activities and sales outcomes. It provides insights like deal velocity, win rates, retention, and net promoter scores. Ultimately these insights help prove the importance of ABM strategies to sales leadership and VP/Director-level stakeholders.
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Even with the best possible data, planning and executing an ABM strategy won’t matter if marketers can’t tell what’s working and what’s not. It provides strategic sales opportunities for organizations to make their marketing and sales efforts more personalized, effective, and relevant. Tracking and analysing the right metrics will help companies maximize the performance of their ABM strategies.
Contact our data-led demand generation agency to build robust ABM campaigns and discover new sales opportunities in key markets.