As an ABM practitioner what makes you confidently say – ‘we did it!!’
Is that return on the investment made on a campaign or the pure high-level business connection you just made through your stunning account-based marketing campaign?
What strikes you?
We love ABM. ABM is cool, indeed. It is among the few areas of marketing that has maximum revenue impact.
Last year, in 2019, we had a great talk on what challenges we get while implementing ABM and its solution to our most effective ABM practitioners. It was a smooth discussion – until we brought a topic, ‘how do you measure the success of ABM campaign?’
Building TAL is a crucial step in ABM Campaign design. Right after creating TAL, you need to review how well could you penetrate the personalised content into the account? You have to take two independent views into account
1. The number of the account you reach from TAL.
2. The number of leads within each account you reach and engaged thoroughly.
We initialise the process of ensuring the right account coverage by reviewing the contact and behaviour data before implementing the ABM Strategy.
It is important to have the right contact details to target account more precisely, engage more effectively and convert to an opportunity.
Following is the type of data, your actionable lead databaseto be prepared with right before implementing ABM campaign.
Firmographic data helps identify the right account we have to target. Although firmographic information is proven to be important while building TAL, we cannot overlook it while structuring the actionable database, that is to be used while implementation of ABM campaign.
Following are some common attributions to be taken into account while structuring the firmographics data.
HubSpot says, “Demographic segmentation separates your target market into specific, accessible groups of people based on personal attributes like geography, age, education, occupation, and income. By leveraging demographic segmentation, you can create personalized marketing campaigns for each slice of your target market.”
Demographic data is crucial to defining the quality of contact. It is marketer’s responsibility to refine and segment demographic data structurally that a marketer has the data sorted out at any given moment.
Smart demographic attributes enable the marketer to prioritise prospect according to ICP fit.
“Intent data is behavioural information collected about an individual’s online activities, combining both topic and context data.” - Marketo.
Intent data helps the marketer to know the intent and readiness of prospects. While it is important to have a predefined set of criteria for selecting account and prospect, it is equally important to integrate intent signals to the database to have the complete view of the prospect.
Intent data helps marketers to personalize the content and engage the prospect well to the bottom of the funnel.
What is the right way to measure the account coverage?
After launching the campaign, the most important step remains, it is to measure the ‘impact’ of the campaign.
We would love to quote from our one of ABM interview:
Interviewer: How can you tell whether the ABM campaign is done successfully?
Answer: Account coverage. The more we cover the account with valid engagement metrics, the better for sales enablement.
Interviewer: Account coverage based on…?
Answer: “Based on how many rights leads we reached, engaged within a specific account. And. How many accounts we reach from TAL. Both ways”
Counter question: ‘Do we measure the lead counts per account as a success parameter’
Answer: “No. It is not a number game. It is all about quality.”
Reference: Interview with our in-house ABM Expert.
As we can read, account coverage is one of the ways to measure the success of a campaign. While expert politely accepted the fact that – “the number of leads has nothing to do with the success of an ABM campaign.”
Tricky? Not really, let’s see how to map the account coverage?
Leverage the Account Structural data:
We do marketing things for sales enablement. It is necessary to target decision-makers within the account to have maximum impact.
The marketer has to have a complete picture of internal hierarchy to understand who take purchase decision, who influence the buyer journey and who helps to settle down the purchase.
Account structure data helps marketers to recognise the high-value connection. Integrating account structure data with the campaign database enables marketers to track the content delivery to the right person, its impact on that decision-maker and the measure the action he takes on the same.
There are average six to ten decision-makers involved in a single purchase decision. Smartly segmenting those into decision-makers and influencer powers marketers to deliver the personalised content according to the type of persona.
Reflecting the same – marketer can map the penetration of resources on the right account and contact list.
Alignment of marketing and sales team with the integration of various database enables a marketer to measure the account coverage and prioritise the leads ready to be enabled for sale.
How the right account coverage help marketers to create a maximum revenue impact?
In ABM, the marketing and sales team works towards a common goal - that Is to have maximum revenue impact through sales enablement.
ABM is an account focused approach and the success of a campaign is measured by the accounts, marketing and sales team have won.
The right data of account coverage allows marketers to analyse the buying readiness of an account as a one. The account coverage truly creates a maximum impact when it is measured beyond the content penetration by registering engagement and intent metrics of an account as a one. Following are ways account coverage helps marketers to be succeeded with ABM campaign.
What insights do you have to share with us about account coverage? let us know!!!