Account based marketing (ABM) transforms the way your sales and marketing teams approach securing new business. With a targeted, well-researched approach to understanding the many players involved in a potential account, your employees can focus on the most promising leads to close bigger deals.
ABM is a powerful tool that gives your teams detailed information on multiple points of contact within an organization. With this more detailed understanding of potential accounts and the key players in each company, you will have better information that allows for better alignment among your staff and higher conversion rates.
As seen in the recent article, How to Implement an Account Based Marketing Account, setting up an ABM approach takes time and resources. That investment pays off considerably in the long run. Yet, as with any investment, there is a need to measure impact.
Digital marketing teams need to be able to measure the return on investment for account based marketing strategies. How can teams measure the impact of these efforts, particularly in relation to traditional marketing initiatives?
In measuring, marketers need to think about measuring account engagement, not individual engagement like in traditional marketing KPIs.
Here are five ABM metrics you should be measuring. Doing so provides the ABM analytics that help reinforce the investment and measure the results.
Coverage measures the breadth and completeness of the people in your CRM database. How good is the data quality of those contacts?
Among the considerations to factor in to coverage ARM metrics are:
- How many target accounts have been researched?
- Does the data give you a clear understanding of all divisions within an account?
- How much customized content is available for the target accounts?
- Are the key stakeholders for each target account identified? Is contact information collected?
What is the level of awareness among your target accounts about your company? Think about measuring, for each target account, the following:
- Web traffic
- Phone call response
- Email openings
- Event attendance
Do you have a sense as to how much time key contacts from your target accounts are spending with your content collectively? Consider measuring how many minutes contacts are spending with your brand.
Also, identify on which content your contacts are focusing, to which emails or downloads they are responding, when your product is used, and when they talk to a sales team member.
These measures have several components:
- Are the target accounts being reached and responding? Where is effort being wasted and should your targets shift as a result?
- Which channels are most effective, such as webinars, emails, or web forms? Look at which types of target accounts respond better to different channels.
- What percentage of your overall results is coming from your ABM-targeted accounts?
You will want to correlate activities related to ABM and sales results. That will mean doing deep data mining to look for the differences where an ABM approach provides distinct advantages. Among measures to look for here are:
- Sales cycle time
- Deal velocity
- Average contract values
- Win rates
Account based marketing can change an organization’s approach to sales by broadening the understanding of a potential customer’s key players and structure.
With Reachforce Smartforms, you can collect more data, tie that data to existing information, and use that information to drive more sales. To learn more about how Reachforce Smartforms can help gain better information about leads and close bigger deals, sign up for a free trial and get a demo today.