According to Forrester, 62% of marketers say they’ve been able to measure the positive impact of account-based marketing (ABM). Using account-based marketing metrics organisations have been able to build up concrete data about ABM’s positive performance.
This underlines the importance of tracking and measuring account-based marketing campaigns. According to Kirsty Dawe of Really B2B, it’s essential to gather ABM metrics at every stage of the sales cycle so that:
“You can measure engagement right throughout the funnel. Personalisation starts with data, If you don’t have all the insights you won’t be able to personalise effectively.”
Account-based marketing metrics have a narrow focus
Traditional marketing metrics focus widely around traffic, lead generation and conversion. ABM metrics on the other hand, concentrate on data related to a small number of target accounts. ABM marketers can be said to be after ‘quality’ rather than ‘quantity’. This approach is based on engaging with specific good-fit target accounts in order to maximise revenue from them. Read more about Account-based marketing here.
5 Key ABM Metrics To Measure
Measuring coverage is key to building a sustainable ABM program. By examining coverage you’re basically finding out if you have enough of the ‘right’ people in your database. To see if this is the case, ask yourself the following questions:
● How many target accounts have you researched in your target segment?
● Have you identified all the named stakeholders in those accounts?
● What percentage of those stakeholders have given you ‘opted-in’ information?
● How many accounts do you currently create custom content for?
With account-based marketing, your aim is to reach each target account and every stakeholder within that account.
By gathering this data you’ll find out how close you are to interacting with every key contact in an account. And you’ll know how far you’ve come to expanding your list of accounts within a target segment.
Building awareness with target accounts is a key stage in the ABM process. To see how well you’re doing, track how familiar your target accounts are with your brand and your offering. Your web traffic should give you a good idea of this, specifically the incoming traffic from target accounts.
Other metrics to track include how many contacts are opening your emails and reading them, answering your calls, or attending your events.
Understanding levels of awareness will help you identify the right content for different contacts. It will also enable you to pitch conversations at the correct level – and ensure prospects are noticing your introductory content at the start of the funnel.
Metrics to watch include the level of engagement of key accounts. Engagement levels will tell you whether your campaign is getting people to act.
Tracking engagement can involve a number of metrics depending on your business or industry. However they generally include:
● How many minutes are prospects spending with your brand?
● At what points are they responding to your content or program?
● Are target accounts interacting with your brand on social networks – and which content interests them most?
Check product page visits, click-through rates, content downloads and email open rates. And naturally, you’ll need to track the occasions prospects come into contact with your sales or marketing team.
Gauging engagement will give you critical insights into what’s happening at the top and bottom of your sales funnel
Track your success by channel. When you run a webinar you’ll count the number of people attending as a matter of course. But with ABM you need to track the percentage of target accounts that attend as well. Track metrics across all activities – what percentage of all program successes come from key accounts?
By tracking reach you can find the waste in your ABM strategies. It will tell you, for example, if you’re seeing more success with personalised eBooks as opposed to webinars.
How far are your ABM activities influencing results? Look for correlations between activities and key sales outcomes.
Dig for insights so you can say with confidence, for example, a stat that is consistent across ABM campaigns is the fact that.
“Accounts in the top 20% of engagements have a 15% faster sales cycle than those in the bottom 20%”
Track your results against traditional marketing campaign results. Metrics to watch include: How quickly deals are getting closed, your win rates, retention and average contract values.
Measure every touchpoint
Account-based marketing metrics will allow you to say with authority that ABM marketing is the way forward. For example, by measuring the time it takes to close accounts you will see whether accounts receiving customized content convert faster.
A recent report by CSO Insights revealed that sales cycles for high value products and services are increasing. So the case for ABM and more targeted messaging is getting stronger.