Traditional metrics focus heavily on the activity of an individual lead, while account-based marketing metrics focus on key accounts, the accounts most likely to drive large amounts of revenue to a business. According to SiriuisDecision, 91 percent of B2B companies report that they are more likely to close out a deal when they use account-based marketing versus not.
5 Account-Based Marketing Metrics You Should Know
There are many steps to completing a successful account-based marketing campaign but tracking account-based marketing metrics is what will lead to overall success. These five metrics will narrow the focus of your account-based marketing strategy.
1. Know Your Specific Account Coverage.
Account coverage focuses on measuring two distinct items:
- How many accounts is an organization reaching?
- Who has been reached?
These distinct items will improve how your account-based marketing strategy reaches consumers while answering some of the more fundamental questions like are there enough of the correct individuals in the database, how complete is the account data, and how much account-specific content is there?
These are key account-based marketing metrics to track because they serve as the basis of any successful ABM strategy. This information will align marketing efforts to the actual personas of clientele and ensure the targeted message reaches the correct audience.
2. Account Coverage Relies on Engagement Level.
Once there is a specific breakdown of account coverage and how they will be targeted it’s time to check whether or not your leads are engaged. To properly determine engagement levels you need to ensure that the tracking mechanisms being used—whether it be Google Analytics, a third-party service, or your own marketing automation platform—are in place and functional.
Launching a campaign only to later come to the realization you have no way of tracking what’s working and what is not is a waste of resources and can negatively affect your ROI. When it comes to measuring account-based marketing metrics it is critical to know how engaged your prospects are to your efforts in order to successfully adapt your strategy in the future.
3. Ensure Your Reach Is Meaningful To Your Accounts.
Accounts are targeted and are properly engaged, but are the targeted accounts being successfully reached? Having an account-based marketing campaign that is generating activity may feel successful, but it becomes meaningless if you are not reaching the appropriate audience according to your strategy.
Tracking reach can deduce whether or not marketing efforts were worthwhile and assist in planning or adjusting future campaigns. It also shows which channels are generating the most interaction among specific targets. Track your focus—which percentage of all program success came from key accounts?
4. Keep Tabs On Your Metrics To Stay Relevant.
If the above account-based marketing metrics are being tracked you should know which prospects you are covering, how engaged they are, and what channels remain the most effective. Now it is time to determine which activities impacted the buyer’s journey while measuring how to effectively advance prospective clients through the sales funnel before executing the campaign. Are engaged clients more likely to speak to sales or sign up for a demo after a webinar?
Measure the outcomes of your ABM campaigns against other campaigns or established benchmarks to create guidelines for the new campaign. What was the size of the deal? Did prospects within the ABM campaign close out quicker than others? What was the size of the deal? As previously mentioned, the sales and marketing team may need to work closely together, which will benefit both departments and increase collaboration.
5. Track And Measure Your ROI.
It’s important to measure the ROI aspect of the account-based marketing metric in order to know whether the ABM campaigns put in place are worth the effort. If campaigns are costing more time and money than leads, changes to your plan should be implemented. Maybe the bulk of the campaign is useful, but would reducing ad spending be beneficial?
Measuring ROI doesn’t have to be a negative factor in a campaign—tracking this metric can also prove to a team that ABM efforts are working to fuel growth. Use the parts of your campaign that remain successful and run with them for future campaigns to save both time and effort in the future.
You should be using these metrics.
Account-based marketing strategies present an excellent opportunity for organizations to refocus their marketing and sales techniques while making them more relevant and useful. To truly seek the benefits of ABM it is important to measure what matters, the account-based marketing metrics!