Learn the seven key things you need to track in your account-based marketing efforts.
This article describes seven key metrics of account-based marketing that need to be tracked and measured for maximum success.
Account-based marketing (ABM), sometimes referred to as key account marketing, is a business-to-business strategy that approaches business marketing by treating individual customer accounts as markets. Account-based marketing aims to build long-term relationships with prospects and customer accounts. It does this by helping companies to engage accounts with higher revenue and earlier deals, increase the relevance of accounts, align marketing activity with account strategies, influence customers with interesting content, identify target accounts, determine particular contacts at particular companies in a particular market, monitor sales activities at the account level, and get the best value out of marketing.
Here are the metrics and measurements every business needs to track alongside its account-based marketing campaigns.
1. Prospect engagement.
It is important to know how long someone is spending with your brand, when and how they respond to your marketing programs, when they use your product, when they talk to your sales teams, and how they interact with your company socially. Prospects who spend more time with your business are more likely to be interested in your products or services.
2. Outcome-based sales.
Another metric that matters greatly with account-based strategies is the results of marketing campaigns. What is the rate of accounts accepted per thousand accounts that were prospected? What did the pipeline create? How much revenue did marketing generate for the business?
When making use of account-based marketing, it is essential to look for correlations between the activities and the important outcomes of key sales. Looking through data to find insights regarding average contract values, deal velocity, retention rates, win rates, and Net Promoter Scores can be quite rewarding.
Marketing campaigns should be developed to ensure that they are covering all of the ground that they need to cover. The marketing/sales team needs to know the completion level of data on prospects in the database. Someone should be tasked with sifting through databases and verifying information such as the number of target accounts that have been researched, the divisions with those target accounts, the custom content published for specific accounts, the main points of contact and the primary stakeholders in every account, and any additional contact information.
Every business must ask, are these campaigns reaching specific target accounts? Individual targets must be tracked successfully across different channels. Readily available information should include the percentage of target accounts that have had success in each program, as well as the percentage of all successes in programs that come from specific important accounts.
6. Activity-based sales.
Results from the activities of sales representatives need to be tracked consistently. Although these activities will vary with each sales development rep, some general activities that the sales director need to know about include account coverage, conversation to an appointment, contacts per day, emails per day, phone calls per day, completion of tasks, and meaningful conversations.
The last metric that needs to be tracked is the awareness that prospects have of the company and what it is offering. The best way to track this metric is through web traffic, but it can also be tracked through whether accounts are opening emails, taking phone calls, and attending events.
The success of account-based marketing depends on proper metrics and measurements Knowing what each member of a sales team is doing in conjunction with where each prospect is along the sales funnel will improve sales and relationships with customers.