Account-based marketing (ABM) is an effective way for B2B marketers to engage with high-value accounts and drive revenue growth. But how do you measure and analyse the success of your ABM program?
In this blog, we will explore the metrics and analytics you should use to track the effectiveness of your ABM program.
Defining Your Key Performance Indicators (KPIs) The first step in measuring and analyzing your ABM program is defining your key performance indicators (KPIs). KPIs are the metrics that you will use to determine the success of your ABM program. Here are some KPIs that you should consider for your ABM program:
Account engagement This KPI measures the level of engagement with your target accounts. It can include metrics such as website visits, content downloads, email opens and clicks, social media engagement, and more.
Pipeline generation This KPI measures the number of leads and opportunities generated from your ABM program. It can include metrics such as the number of new contacts added to the pipeline, the number of opportunities created, and the value of those opportunities.
Revenue generation This KPI measures the revenue generated from your ABM program. It can include metrics such as closed-won deals, revenue generated from new customers, and upsell/cross-sell revenue.
Account penetration This KPI measures the level of penetration into your target accounts. It can include metrics such as the number of contacts engaged at each account, the level of engagement with decision-makers and influencers, and the depth of relationships.
Measuring Your KPIs Once you have defined your KPIs, you need to measure them to determine the success of your ABM program. Here are some ways to measure each of the KPIs:
Account engagement Use web analytics tools, email marketing platforms, and social media monitoring tools to measure engagement with your target accounts. This can include metrics such as pageviews, time on site, bounce rates, email opens and clicks, social media likes and shares, and more.
Pipeline generation Use your CRM and marketing automation platforms to track the number of new leads and opportunities generated by your ABM program. You can also use attribution models to determine which channels and campaigns are driving pipeline growth.
Revenue generation Use your CRM to track the revenue generated from your ABM program. You can also use customer lifetime value (CLV) to determine the long-term impact of your ABM program on revenue.
Account penetration Use your CRM and marketing automation platforms to track the number of contacts engaged at each account. You can also use account scoring models to measure the depth of relationships with decision-makers and influencers.
Analysing Your Results
Once you have measured your KPIs, you need to analyze your results to determine the effectiveness of your ABM program. Here are some questions to ask when analysing your results:
Are you meeting your KPI targets? If not, why?
Which channels and campaigns are driving the most engagement, pipeline growth, and revenue?
Are you seeing increased engagement and penetration into your target accounts over time?
What can you learn from your results to improve your ABM program in the future?
Conclusion Measuring and analysing your ABM program is essential to its success. Defining your KPIs, measuring your results, and analyzing your data will help you determine the effectiveness of your ABM program and make data-driven decisions to improve it in the future.
Remember to focus on the KPIs that matter most to your business, and use a combination of tools and analytics to get a comprehensive view of your ABM program's performance. By continuously measuring and analysing your ABM program, you can ensure it delivers in terms of your Revenue Funnel and business growth.
