How To Measure Account-Based Marketing In 7 Easy Steps
By David Crane
In many ways, account-based marketing (ABM) has more in common with art than science. Success in ABM requires a great deal of personalized outreach, and because ABM is centered around human relationships, it can be challenging to measure the returns on account-based marketing campaigns.
B2B marketers can’t only rely on quarterly revenue reports to measure the success of ABM efforts. Instead, we must shift to new methods of success measurement to deliver accurate projections and scalable results to stakeholders within our organizations. Brandon Redlinger, Director of Growth at Engagio, says,
“Since ABM is a fundamentally different approach, it requires different metrics – metrics that provide an account-centric lens to your measurement.”
The implementation of any account-based marketing plan requires new tools for measuring readiness, progress, responsibilities and other aspects of ABM success. To capture ABM wins and achieve continual improvements, it’s best to measure campaigns using dynamic methods.
7 Steps to Measure Account-Based Marketing
Step 1: Assess ABM Readiness
According to Altera Group research, 97% of B2B marketers report ABM drives higher ROI than other marketing activities. While improved revenue is an attractive outcome, there are numerous benefits beyond these account-based marketing success stats.
The lesser-known benefits of ABM adoption can include:
- Better sales team utilization
- Less time spent processing leads (and other inefficient tasks)
- Improved company morale
- Decreased customer turnover rates
- Stronger sales/marketing alignment
While these outcomes are likely to appeal to every B2B organization, it doesn’t mean your company should adopt an ABM strategy without first determining whether it makes sense for your organization’s business model and resources. Use a worksheet to score organizational readiness across all relevant factors, including whether your product, services, customers and sales cycles are strong candidates for an ABM strategy.
Other factors to consider are the organizational capacity to create targeted content and leadership buy-in.
Step 2: Create Monthly and Weekly ABM Progress Metrics
Achieving ABM success requires a clear strategy for pipeline, lead and contact volume to meet quarterly or annual sales goals. Create specific, measurable and attainable goals for tracking progress by building a worksheet that breaks down revenue targets into lead or contact volume goals based on close-won percentages.
Update your lead-opportunity-close goal model worksheet on a monthly or quarterly basis. By implementing a spreadsheet-based model for calculating progress against revenue targets, you’ll enable your organization to continuously pivot your ABM strategy to reach and exceed your goals.
Please note, this screenshot is not reflective of the entire ABM lead-opportunity-close goal model on Integrate’s worksheet. At the end of this blog, you can download free, customizable copies of each of the featured ABM worksheets.
Based on monthly progress targets calculated in the last worksheet, create ABM metrics for expected weekly progress. Tracking weekly attainments and opportunities can provide robust data for sales/marketing conversations and give your marketing team the intelligence needed to perform in-flight ABM campaign optimization.
In the spreadsheet for creating weekly progress metrics, track opportunities created, live conversations and sales-qualified opportunities. When used in conjunction with quarterly and annual metrics, weekly progress goals can allow B2B marketing teams to remain in …read more
Read more here:: B2CMarketingInsider