ABM Fundamentals
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In this session we will cover the fundamental steps required to build an ABM strategy for your organization. You will scope the people, resources and marketing programs that need to be considered, along with with the expectations that need to be set with your organization.
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ABM Fundamentals
- 1. ABM FUNDAMENTALS HIGH PERFORMANCE ABM Peter Isaacson CMO | Demandbase Alex Krawchick Practice Lead, Analytics & Marketing Sciences | Inverta
- 2. FRI Metrics, Measurements and KPIs Keys to Sales & Marketing Alignment SuccessTUES WED THURS Building Your Target Account List ABM Across the Funnel MON ABM Fundamentals @Demandbase #ABMwebseries HIGH PERFORMANCE ABM WEBINAR SERIES EVERYDAY 10 AM PT
- 3. © 2016 Copyright Demandbase PETER ISAACSON Chief Marketing Officer Demandbase ALEX KRAWCHICK Practice Lead, Analytics and Marketing Sciences Inverta TODAY’S PRESENTERS
- 4. • Why ABM? What does ABM solve for? • Laying the groundwork of an ABM strategy • Leveraging ABM across the organization • Putting ABM it into action • Q&A AGENDA
- 6. © 2016 Copyright Demandbase What’s Broken in B2B? Sales & Marketing Alignment Metrics/AttributionThe Waterfall BANT © 2016 Copyright Demandbase
- 7. © 2016 Copyright Demandbase Leads aren’t valued… - Miller Pierce, 2014 VOC Study 50% of marketing generated leads are never followed up by sales.
- 8. © 2016 Copyright Demandbase Focuses on best opportunities Delivers customer- centric experience Supports Sales reality Connects Marketing to revenue Why Account-Based Marketing?
- 9. © 2016 Copyright Demandbase Identify ABM as “Very Important” to their marketing efforts Source: Sirius Decisions 2016 ABM Survey 87% © 2016 Copyright Demandbase
- 10. © 2016 Copyright Demandbase Tiers of B2B Marketing Strategic Accounts 5-50 accounts Target Account List 50-5,000 accounts Total Addressable Market 10,000+ accounts ABM ABM at Scale Traditional Demand Gen Technology
- 11. © 2016 Copyright Demandbase Attract Engage Convert Measure Traditional B2B Marketing
- 12. © 2016 Copyright Demandbase Account-Based Marketing Attract Engage Convert Measure
- 13. LAYING THE GROUNDWORK FOR A SUCCESSFUL ABM STRATEGY
- 14. © 2016 Copyright Demandbase Keys to Success Identify your stakeholders - ABM Leadership Team Establish Target Account List, business objectives, metrics and shared MBOs Communicate regularly – within Leadership and out to sales and marketing teams Review, Iterate, Expand – Scale efforts as the organization dictates 1 2 3 4
- 15. © 2016 Copyright Demandbase Marketing OperationsSales Senior Leaders in… Build Your ABM Leadership Team © 2016 Copyright Demandbase
- 16. © 2016 Copyright Demandbase Target Account List It’s a collaborative process Build an initial list Secure agreement from ABM Leadership Team Verify and iterate with field sales Update at regular intervals 1 2 3 4
- 17. © 2016 Copyright Demandbase Approaches to Target Account List Building How You Build the List TARGET MOST SUCCESSFUL SEGMENT(S) USE AN ACCOUNT IDENTIFICATION TOOL ITERATIVE/ COMBINATION List Focus: By Geo By Product Target Type By Industry By Company Size 1 2 3 4 5
- 18. © 2016 Copyright Demandbase Segment your target account list Segments you select must have discrete business objectives that marketing can build programs to support
- 19. © 2016 Copyright Demandbase How will this Impact the Organization? Sales Prioritize outreach/follow up on Target Accounts Follow up on signals, with key contacts Rework focus: Inbound vs outbound; sales territories Collaborate with marketing on programs Marketing Evaluate programs on the Target Account List Hand over intelligence, not just leads Re-focus budget Connect impact to Revenue – KPIs/MBOs Operations Evaluate and implement new technologies Alter the use of current technologies Build models and reporting to focus on target accounts and key business objectives
- 20. GETTING STARTED
- 21. © 2016 Copyright Demandbase ABM Across the Funnel Measure Sales & Marketing Operations Attract Demand Gen Engage Content & Product Marketing Convert Content & Product Marketing Measure Sales & Marketing Operations
- 22. © 2016 Copyright Demandbase Measure 1 2 3 Select focus areas Identify what’s working Set a baseline
- 23. Impressions/CPMs Click-through Rates Web Traffic Unique Visitors Net New Names Inquiries MQLs Conversion Rates CAMPAIGN PERFORMANCE From Target Accounts © 2016 Copyright Demandbase
- 24. REVENUE PERFORMANCE Lift Target Account Activity Opportunities Pipeline Closed Revenue Available to Close © 2016 Copyright Demandbase
- 25. REVENUE PERFORMANCE BUSINESS OUTCOMES Close Rates ACV Funnel Velocity © 2016 Copyright Demandbase
- 27. © 2016 Copyright Demandbase Leading Indicators/Campaign Metrics MQLs SALs % of DB3K reached Revenue Objectives Pipeline by segment Pipeline available to close Business Objectives Average deal size Velocity Close rate Agreed Upon Metrics for Success
- 28. © 2016 Copyright Demandbase Demandbase Funnel Metrics 91% 47% 32% 97% 60% 39% 7% 25% 24% MQL SAL PIPELINE CLOSE
- 29. © 2016 Copyright Demandbase Demandbase Business Metrics Sales Team Close Rate ACV Funnel Velocity Enterprise +217% +69% +35% Mid Market +136% +23% +24% Advertising +47% +12% +6%
- 30. © 2016 Copyright Demandbase Effect on the Business • Increased from DB1500 DB3K • 75% of our Won business comes from the DB3K • Marketing focused on further segmentation of the list Territory Top 5 AE TOP 20 DB3K Customers
- 31. Q&A
Notes de l'éditeur
- Events How many events can we do that have 1/3 DB3k accounts AND will give us a speaking slot? Fewer events; greater investment Digital Campaigns Can we redesign our website in such a way to deliver relevant content and keep target accounts on our site longer, from the first visit? Optimize for the 15% Customer Marketing How can I help our customer success team get easier upsells and ensure their renewals? Selling to and with our customers Field Campaigns Which regions should we focus on to deliver the greatest number of leads and accelerate the sales cycle for our sales team? Set the strategy; don’t be reactive. We looked at all our programs—analog and digital. From 2014—2015, we had the same event budget but were asked to produce more deals. What we did was look at all our events and see what was most successful for us. Our threshold showed that if 30 percent or more of our target accounts showed up to an event, we had greater impact. Also having a speaking spot was more successful then not. So we were able to take our selves from 30 events to 18 and hit that increased pipeline. With fewer events, our sales team was also not at that many events where they aren’t closing deals. This is where that efficiency play comes in. You can apply all these principles to customer marketing teams as well and get those renewals since you can get the message to target accounts earlier. For field marketing, prior to ABM we had a very reactive strategy—when a new rep was added, we were asked to help run programs for these individual people so that they could get started in their territories. Once we had a target list, you could map that around the country and focus our attention within each of those nine cities. Now each member of our field-marketing team focuses on four cities to drive more business in those cities. Last but not least is the digital campaign. Many people will shift their website based on aggregate numbers and revamp their website. But the problem is that 15 percent of visitors will buy from you so changing the entire site based on aggregate numbers isn’t really going to move the needle. So what we did was look at is how our target account list and customers were behaving on our website. If we optimized our website for aggregate activity, we would be off. We can now optimize for customers and target account lists.
- Events How many events can we do that have 1/3 DB3k accounts AND will give us a speaking slot? Fewer events; greater investment Digital Campaigns Can we redesign our website in such a way to deliver relevant content and keep target accounts on our site longer, from the first visit? Optimize for the 15% Customer Marketing How can I help our customer success team get easier upsells and ensure their renewals? Selling to and with our customers Field Campaigns Which regions should we focus on to deliver the greatest number of leads and accelerate the sales cycle for our sales team? Set the strategy; don’t be reactive. We looked at all our programs—analog and digital. From 2014—2015, we had the same event budget but were asked to produce more deals. What we did was look at all our events and see what was most successful for us. Our threshold showed that if 30 percent or more of our target accounts showed up to an event, we had greater impact. Also having a speaking spot was more successful then not. So we were able to take our selves from 30 events to 18 and hit that increased pipeline. With fewer events, our sales team was also not at that many events where they aren’t closing deals. This is where that efficiency play comes in. You can apply all these principles to customer marketing teams as well and get those renewals since you can get the message to target accounts earlier. For field marketing, prior to ABM we had a very reactive strategy—when a new rep was added, we were asked to help run programs for these individual people so that they could get started in their territories. Once we had a target list, you could map that around the country and focus our attention within each of those nine cities. Now each member of our field-marketing team focuses on four cities to drive more business in those cities. Last but not least is the digital campaign. Many people will shift their website based on aggregate numbers and revamp their website. But the problem is that 15 percent of visitors will buy from you so changing the entire site based on aggregate numbers isn’t really going to move the needle. So what we did was look at is how our target account list and customers were behaving on our website. If we optimized our website for aggregate activity, we would be off. We can now optimize for customers and target account lists.
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- Please make sure icons are the same color for each: Attract Engage Convert Measure
- Please make sure icons are the same color for each: Attract Engage Convert Measure
- Senior Leaders in… Sales SVP of Sales/Chief Revenue Officer Heads of Field Sales Sales Development/Lead Development Sales Operations Marketing Demand Gen Field Marketing Marketing Ops Finance ABM Champion
- Explain the different ways that participants can build target account lists. Key takeaways include: Using common attributes to define the list. Start with the companies that are the focus of sales and look for common attributes they all share. Is there a revenue threshold? Do they have a baseline technology? Are they companies your competitors target? Another methods is the “look alike” model where you look at the best customers you have and see what attributes they share similar to the previous method. After compiling the list of attributes, test it against new potential accounts to decide if they should be on the list or not. If stakeholders feel strongly they should be on the list but have other attributes, consider revising the attribute list Common attributes Compile list - What attributes do companies that sales focuses on have in common? Revenue level? Technology baseline? Companies of your competitors? Refine list – Test attribute assumptions against best customers “Look-alike” model Compile list – Who are your best customers and what commonalities do they share? Refine list – What other companies fall into this same profile?
- Once you build the target account list, you will want to look at ways to segment that list. This is where you can start to get much more sophisticated. For example, you might start with an industry segmentation – healthcare or technology and then sub-segment that industry by the type of buyer – are you selling to prospects in that industry? Upselling customers? You can see there are many ways to look at it, and how you look at your segmenting will be driven heavily by your business objectives. it is easy to get too complicated early so start simply, prove out the model and then add more sophistication to it.
- Not as scary as it sounds, need to think about things differently Hand off to sales is different Hand over Intelligence, not just leads SDR team will have to do some research as a result, not just dial for dollars Outbound (Target Acct focused) vs Inbound team (all other inquiries) Metrics/Measurement are different You will have overall numbers, but the success of a program is really measured on Target Accounts reached, and how those Target Accounts flow through the funnel. Quality vs Quantity Build programs and process to support this new reality MBOs/KPI’s focused at the bottom of the funnel, closer to Revenue (Pipeline) This incents the right behavior – marketing doesn’t want to bring in leads that don’t’ have a good chance of turning into pipeline.
- In this section, we will look at what ABM across this funnel can do for us. We are going to look not only at the kinds of programs that move your customers through the funnel, and how ABM impacts the ways these programs focus, but also the investment that might change as a result of implementing ABM across the funnel. Let’s keep in mind that during this cycle, we will want to measure twice—once before starting and once after to see the impact from our marketing programs. Measure, attract, engage, convert. (measure)
- As we talked about earlier, Find out what you don’t know Company level data in your analytics tool Do you have an attraction issue? Engagement issue? Both? Melissa – as we discussed, it’s the account you care about. Talk a little bit about what you do with the “Hot List” reports we send you every day with your accounts that have been on our site…
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- We agreed upon these metrics to track. We had leading indicators, revenue objectives, and business objectives. Our MQL definition changed to focus on target accounts vs. non-target accounts. And in the area of reach, we defined reach a little loosely—basically it was visitors to the website, clicking a call to action, or anything else they did that had them interact with us. Our revenue and business objectives really focused on our connection to the overall business and so both Sales and Marketing were tied to the same goals and KPIs. Because our sales cycle could be three months to eighteen month,s we focused more on campaign and revenue metrics and then later looked at business outcomes.
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- What was the net effect on the business? When we set out to do this, we thought we needed 1,500 accounts for our sales team. Then, with added success, we expanded our sales team, and so we needed to increase our target list to 3,000, and we saw great results. In total, 75 percent of our business came from our target account list. While not all of our revenue came from target list--the part that Marketing contributed to--from a marketing perspective, we can say we contributed or influenced 75 percent of the company revenue. As time went on, we could get more and more sophisticated with our marketing programs and approach.