Account-based marketing is not just about counting the people that download your content—it’s about influencing the people that count. How do you know if your account-based marketing is on the right track? Here are 5 key metrics to follow.
Driving successful Account-Based Marketing (ABM) programs demands a unique set of metrics to meaningfully measure success. It’s no longer about the number of new leads, eBook downloads or ad clicks—it’s about impacting and influencing the right people and accounts. Quantity’s not good enough; quality drives sales.
In a recent webinar, Jon Miller, CEO and founder of Engagio, discussed the 5 key success-measuring benchmarks of ABM programs: coverage, awareness, engagement, program impact, and influence.
Tracking ABM programs demands a paradigm change. For the last 10 years, marketers have become used to tracking the number of new leads that they generate. This is not, however, the right way to measure your ABM programs. There is a reason it’s called Business to Business and not Business to Lead. You must look at another set of metrics, a set of metrics that divulges how well we are engaging with that account while it’s developing. To paraphrase David Ogilvy, ABM is not about counting the people you reach; it’s about reaching the people that count.
To evaluate your success rate in reaching and engaging the people that count, measure 5 barometers that furnish a more comprehensive assessment of ABM success:
Coverage measures the adequacy of data and opt-in contacts for each target account. Your goal is to have sufficient people of consequence in each account to enable development of meaningful conversations with several stakeholders.
Awareness measures the share of your target accounts that know who you are. Gauge awareness by measuring the number of accounts that spent time with you across channels: Web traffic, email, phone conversations and events.
Engagement is the amount of time significant account people are spending with your company. If you have a lot of accounts, you’ll probably see that the share of accounts that have more than zero meaningful engagement is not high. Increasing that percentage of target accounts that are aware of you is an advantageous focus for marketing. The goal is increased engagement over time.
To track engagement, sum up the engagement of all activities. For example, in web visits or emails, assume a 1-minute engagement, tuning in to a webinar might count as a 30-minute engagement, and for attendance at a dinner consider a 2-hour engagement. Once you quantify those minutes, you can roll them up at the account level, and see the roles of the people who are spending time with you and where your message is resonating.
You may also introduce the concept of Marketing Qualified Accounts. This is not a marketing qualified lead; it’s not a person, but the aggregate engagement of the account to a sufficient level at which you might want to reach out. Then you can introduce them to your sales development reps and sales people, sending your team members to the most engaged accounts. That’s a better way to do it than just individual lead scoring.
4. Program Impact
The first three metrics focus on the overall pipeline of engagement. Now we’re looking at specific individual programs. We want to know how much waste was there. Program Impact is a focus metric.
Your focus metrics tell you the share of people from your target accounts out of all of the people that you’ve reached. Hold an event where only 30% of the people there came from your target accounts and you’re wasting money. You should have programs that have high focus. Coverage shows you how well you are reaching across your target accounts.
Influence measures the relationship and the correlation between your ABM activity and sales. You should ask: Does it increase deal velocity? Do you have more engaged accounts? Does it create higher deal sizes? Do people who attend your user summit end up giving higher Net Promoter Scores? When you can find those relationships in that list and the metrics to care about based on the programs that you run, you are going to prove that your ABM metrics are having impact on the executives.
ABM requires a different set of metrics to measure the program’s success. Figuring out who the right accounts are, who the right people are at those accounts, and understanding them is crucial. Then when you reach out to them you can be focused and relevant. Targeting and engaging the relevant people at the relevant accounts ultimately stimulates revenue.