Here’s 5 Metrics to Measure the (ABM) Account-Based Marketing Results)

Advertising Agencies have lately started focusing on ABM: Account Based Marketing and it is something that is completely different from the traditional Lead Based Marketing (LBM).

ABM follows what we call “Flip the Funnel” concept

Read about Flip the Funnel concept here!

We have implemented these metrics devised by Jon Miller, CEO of Engagio, Ex-CMO of Marketo to measure the success of our ABM activities and we have been getting amazing results for my company Unispade

The 5 metrics are as follows:

1. Coverage

Ask the Question

Do we have sufficient data, contacts and account plans for each target account?

Context 

Our team reaches out to specific contacts across our target accounts and establishes contact with them. But to do that we have to first be clear about the target accounts, make an exhaustive list of those accounts and the right contacts (decision makers during the purchase process) within each account.

After that comes the custom planning part where the team devises a unique strategy for each target account depending on the target account’s Industry, Product offering to its consumers, their Operations, Demographics, etc.

Updating and adding contacts is a continuous process.

2. Awareness

Ask the Question

Are our target accounts aware of our company and it’s solutions?

Context

Once we are satisfied with our Coverage, we start focusing on spreading awareness among those contacts about our product through various marketing collateral and marketing channels.

3. Engagement

Ask the Question

Are the right people at the account spending time with your company i.e. the decision makers when you pitch them your idea, and is that engagement going up over time?

Context

This comes before lead conversion and we conduct a team meeting every week to get updates on their communication with the prospects. 

4. Program Impact

Ask the Question

Are our marketing programs reaching the target accounts and are they having a long term effect?

Context

The LBM activities are a lengthy process. It takes time to reflect results but what we can make sure of is that if the efforts put in by the team are significantly impacting the contacts. Even after the lead is converted, the customer success team is supposed to maintain communication with the client and exchange ideas, opinions and feedback.

5. Influence

Ask the Question

Are the ABM activities improving sales outcomes such as deal velocity, win rates, average contract values and retention?

Context

This metric is usually useful for the organisations that had traditional Lead Based Marketing in place and have recently shifted to Account Based Marketing. I am sure the training part and the shift is difficult and thus it is very much needed to keep a track of the whole ongoing process and check if anything has improved or not compared to the previous Lead Based Marketing.