Account based marketing is gathering attention from many B2B marketers this is for certain, also the demand for it is grabbing an excellent pace. According to a few studies by researchers, 80% marketers says it enhances customer relationship values.
New technologies are evolving the game of ABM market. There are lots of latest technologies coming to your knowledge every other day, many adopt, implement, and grab the desired results whereas few remain in the dubious state whether to adopt or not and this makes them left behind the race of marketing and lead generating.
These technologies are meant for you to ease your business, identify the audience, advertise to potential customers. But measuring and attributing is not that easy, it requires strong analytics skills and of course a strong mindset to understand the market.
Before moving forward with Tracking or measurement points lets know the basic definition of Account Based Marketing.
ABM – Measurement and Optimization
If you are reading our blogs scrupulously you must have known that when we talk about ABM- the first thing which catches into our minds is Sales and Marketing team collaboration. This aspect plays a very vital role in measurement and optimization.
In optimization, cardinal point is about feedback from the sales team. If you are running an ABM campaign, you should continuously knock the sales team’s door for feedbacks on your ABM campaigns. Ask your sales team to monitor the key accounts and report which account has better penetration to uphold your business or goal.
You should state your business goals clear and crisp this will help you to decide your metrics to track ABM. Below mentioned Account-based marketing KPI’s are the ones which are popular and best to start with, though they vary industry to industry.
1. Marketing Qualified Accounts (MQAs)
Try adopting the MQA’s rather MQL’s. The conventional measurements of ABM are obsolete. When we say MQL it identifies single quality lead, whereas, MQA’s refers to the whole account which can be considered to go for sales. MQA’s deliver a comprehensive sketch of the prospective.
After you gather the Ideal Customer Profile, it is time to set metrics to qualify the particular account. Do not hesitate to drop the account if it does not fit into your qualification criteria, because pliability is vital in many cases.
Engagement is the much-discussed topic on the internet, still the most nebulous one. This metric should express or quantify the targeted accounts. Clicks on the advertisement or visits on your webpage are the general and effective way to measure your ABM performance. This should not be limited to a single lead but, across the whole account.
There are numerous tools available in the market to measure the ‘Account Score’ this is possible because of revolutions in way of working. You can also take help from such tools to track and analyze engagement ratio.
Have you updated your list with the New Contacts? This is an excellent way to measure ABM campaign. You can identify and observe your success by the number of new contacts you developed. This is a useful metric to keep an eye on your campaign. Rather than monitoring the engagement of a person, you can get a magnified view of the whole account.
4. Channel Speed
It is indeed important and interesting to observe the sales cycle velocity of Account-Based Marketing to a conventional lead nurturing campaign. A very first point is to track the median time. With targeted messaging, Account Based Marketing should move customers down the conversion funnel.
5. Conversion Rates
It is crucial to know; which account drops into the sales funnel. Measuring the conversion time is a tedious task. It is difficult to get zoomed-in view of what stage and when the accounts moved. Hence, set the parameters for each stage of the funnel to get a clearer view of the movements inside the funnel. General tracked goals include target accounts covered as customers, opportunities meetings booked.
6. Evaluate Marketing Influence
This lets you know your impact in the market. Your marketing activity, is it influencing your sales? B2B sales are referred to as a tangled topic which can be resolved with a smart sales cycle plan. You should know that there is no single touch-point that will conclude your sales and marketing process.
It requires a deep understanding at each stage of the sales and marketing process to influence the results. To evaluate the marketing influence simply bifurcate data on sales which were influenced by marketing and that weren’t. Now time to, analyze, and conclude.
The Account-Based Marketing KPI’s mentioned in this blog will help you channelize your business and grow your revenue. But before make sure you study and survey your company’s KPI, because these may vary industry to industry. You can create your own and smarter way to track your success. Try and let us know in the comment section below. We will be happy to hear from you!