Quality first is our mantra in ABM!
10/282015 Written by Liz Hammond
100 downloads of your newest White Paper in two days?! Click, cheers! You’re a marketing superstar! But before you sprint out of the office and up the stairs to shout your success from the rooftop … you’d best sit tight and take a closer look.
Chances are, of those 100 who downloaded, only a small handful are companies of actual interest to you. How we measure the success of our marketing efforts is changing. Instead of measuring the total number of White Paper downloads, we look at the number of downloads by target accounts. If we have 100 downloads, but only two are from companies that we’d like to win as clients, it is a lot less interesting than only 30 downloads but from 15 target accounts.
It is time to abandon the notion that you should reach as many people as possible, and instead focus your marketing campaigns on your target accounts.
Tip: Sit down with sales and marketing to build your target account list with our free ABM Starter Kit – Your First Target Account List.
The three tenants we use to measure the success of Account Based Marketing (ABM) campaigns are Reach, Engagement, and Sales.
“Don’t count the people you reach; reach the people that count,” said David Ogilvy aka the father of advertising. In general, reach refers to the total number of people that have been exposed, at least once, to an advertising medium or promotional campaign during a given time. In ABM we take it a bit further and consider reach to be the number of target accounts exposed to marketing campaigns.
By using account based marketing and advertising to reach target sales accounts, marketing is ensuring that sales have successful conversations with their buyers down the line. This accelerates the sales cycle by eliminating unnecessary sales introductions and sets the stage for a more personalized buying experience, increasing the chance that a lead will turn into a closed deal. Furthermore, ABM ensures that you’re focusing on the accounts that matter from the get-go, so time and money aren’t wasted chasing down dead-ends.
The ultimate goal of an ABM campaign is to increase engagement of your target accounts with your brand. You want prospective buyers to have already been exposed to your company’s messaging by the time sales makes their initial point of contact. So, measuring prospect engagement with your website and social media sites can help determine whether or not your campaigns are really reaching their mark.
It is important to focus engagement levels from all members of an account. A reminder that reach is the total number of accounts who interact. Engagement is the volume of marketing actions taken by account members which signals readiness to receive contact from sales or better yet to buy. Essentially, target accounts are more receptive to sales when they are more active with your marketing efforts.
By sending your content to your target accounts, you can clearly determine which content pieces will be most effective at each stage of the customer journey and which accounts are responding to your marketing material. You’ll also want to measure web traffic, attendance at events, successful meetings and webinar registrations.
You want to measure what will show you intermin success, even without immediate results – like number of executive contacts, invitations to bid, or meetings obtained. ITSMA (2013) suggests gathering evidence from early wins to get the resources to build, standardize and scale your ABM program.
Remember, over 80% of marketers that measure ROI say that ABM initiatives outperform other marketing investments. (ITSMA, 2013). Why? Because for the first time in a long time, sales and marketing teams are aligned around the same target accounts, and with this focus, ROI naturally increases.
Overall, you must shift away from traditional metrics and focus on quality versus quantity. Measuring the success of your ABM campaigns will allow you to understand individual and account relationships, show impact of ABM efforts; reach, engagement and sales, orchestrate intelligent account plans across channels (events, advertising, website, social), engage sales intelligently, and lastly create relevant content for your target accounts.
With Azalead you can reach, engage and sell to the accounts that matter. Back your sales and marketing teams with Azalead’s Account Based Marketing and Advertising software. Contact us for a demo today!