For any successful account-based marketing (ABM) strategy, revenue teams must establish the right metrics to track and hone in on individual account engagement so they can prioritize accounts that are displaying buying signals.
The Metrics that Matter
Before you start pulling together data and running reports, there are five main ABM metrics you should understand and track.
Target Account Reach
Target account reach is the percentage of your target account audience touched by your ABM campaign efforts. Measuring your target account reach is a great metric to lay the foundation of an ABM campaign. As your ABM program continues to grow, you should see target account reach increase at a steady rate over time.
Target Account Engagement
Target account engagement measures which accounts are engaged with your ABM efforts. Engaged accounts have gained familiarity with the brand and its offerings within a digital environment. As this engagement builds, these accounts become more receptive to sales outbound efforts.
Pipeline influence is an attribution metric determining which marketing activities created pipeline opportunities. By measuring pipeline influence, revenue teams can measure success by associating a dollar amount with their ABM campaign efforts.
Length of Sales Cycle
A sales cycle measures the time it takes for sales to convert a new opportunity to a closed-won deal. Shorter sales cycles create more time for sales to focus on genuinely in-market deals rather than taking a ‘spray-and-pray’ approach. Saving your team time and effort while increasing their possibility to close more deals per fiscal year.
Average Contract Value
Average contract value (ACV) represents the average revenue generated from each customer over the fiscal year. Since ABM targets in-market high-value accounts, you should expect a substantial lift in the deal size from accounts included within your ABM campaign. According to a report by SiriusDecisions, 91% of ABM marketers reported an increase in the average deal size.
These metrics help give you an overall picture of how well your ABM program is doing. You’ll need to get more granular to fully understand your ABM program’s performance.
If you’re running an ABM program, you should utilize as many marketing channels as possible. This means you’ll want to create a holistic view of how your accounts interact with each channel. This omnichannel report should be a deep dive into how each account in your ABM program performs. It needs to measure each channel’s impact on each account and should include influence from everything from display network to paid ads to sales outbound outreach.
ABM Display Network
Programmatic display tools such as RollWorks and 6sense will display which target accounts have clicked on an ad. Similarly, programmatic display tools will inform you which accounts are considered ‘engaged.’ At RenderTribe, we consider any account who has visited your site 3 or more times in the past 90 days as engaged.
These platforms will also show you which accounts are showing intent spikes. Intent data is a type of market intelligence that shows which accounts are actively researching topics that relate to your business. When research on a particular topic is higher than usual, the account is considered to have ‘spiked.’
LinkedIn Ad data and Google Ad data should be reviewed to see which accounts have converted on an ad and, by extension, which accounts have been influenced by your paid channels.
Email data should be included in the report to determine which accounts have been influenced by email campaigns. Accounts that have clicked links in emails can be considered influenced by email. This data can also be analyzed to help determine what messaging is resonating.
For outbound influence, we need to ensure that outbound is conducting outreach to target accounts. It’s also critical that sales is multi-threading each account, reaching out to multiple personas at each company. Outbound activity against target accounts is crucial to the success of any ABM strategy. If there are accounts lacking outbound effort, then now would be a good time to realign to ensure sales and marketing are on the same page.
RenderTribe Account-Based Strategy
At RenderTribe, we’ve supported B2B growth-stage companies in designing and implementing account-based strategies since 2012. Our approach is rooted in helping our B2B clients achieve sustainable growth by driving account engagement with a strategy built on market fit and relevant signal data.
Our team includes ABX and channel experts to help design a sales and marketing strategy aligned with your unique goals and needs. Ready to get started with ABM but need an experienced team to help put your strategy in place? Let’s talk!