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5 Steps to Measure ABM Success
- 1. 5 STEPS TO MEASURE ABM SUCCESS Mark Yatman ABM Strategy Stephanie Thomas Customer Lifecycle Marketing MAY 29 2019
- 2. AGENDA MEASURING ACCOUNT-BASED MARKETING DEMANDBASE PLATFORM: MEASUREMENT IN ACTION Q&A
- 3. © 2018 DEMANDBASE｜SLIDE 3 WEBINAR HOSTS Stephanie Thomas Customer Lifecycle Marketing Demandbase Mark Yatman ABM Strategy Demandbase
- 4. MEASUREMENT IN AN ABM WORLD
- 5. © 2018 DEMANDBASE｜SLIDE 5 MEASURING ACCOUNT-BASED MARKETING CHALLENGE Provide marketers with QUANTIFIABLE metrics to demonstrate impact and INSIGHTS to optimize strategy.Of CMOs say that lacking the ability to measure results is a top concern. Marketers struggle to MEASURE ABM 77% HOWEVER… Forrester 93% of B2B companies said ABM is important to marketing’s success. More marketers look to SUCCEED with ABM SiriusDecisions
- 6. © 2018 DEMANDBASE｜SLIDE 6© 2018 DEMANDBASE # 6 DAY-TO-DAY TACTICAL METRICS CONSOLIDATED BUSINESS ANALYSIS WHAT WILL HAPPEN IN THE FUTURE? What is/isn’t working? Are we targeting the right accounts? Is our strategy resulting in revenue? Revenue Close Rate Deal Size Deal Velocity Retention Rates First Touch Last Touch Channel/Program Influence Response Rate Target Account Penetration WHAT HAPPENED IN THE PAST? Which campaigns get credit? How many opportunities were influenced? What channels reached target accounts? STAKEHOLDERS NOT ALIGNED ON ANALYTICS Program Owners Marketing Leadership Campaign Managers Board Members Sales Leadership C-Suite / Exec Team
- 7. ACCOUNT-BASED MARKETING KPIS & METRICS
- 8. © 2018 DEMANDBASE｜SLIDE 8 HOW TO DETERMINE GOALS MARKETING FINANCE / OPSSALES Align
- 9. © 2018 DEMANDBASE｜SLIDE 9 THREE LEVELS OF MEASUREMENT Revenue Performance Marketing Performance Campaign and Web Metrics
- 10. © 2018 DEMANDBASE｜SLIDE 10 ALIGN WITH YOUR SALES TEAM Look at the breakdown of teams Who are you feeding? What is the distribution? How can you enable who you are feeding? Reports, follow-up assets, email templates How do you incorporate sales? Feedback on quality of programs and accounts
- 11. © 2018 DEMANDBASE｜SLIDE 11 SUPPLY USEFUL DATA Reporting and dashboards on Target Accounts and Segments Target Accounts Activity Targeted Inquiries Review pipeline Expected pipeline Pipeline backlog Available to close Past trends
- 12. © 2018 DEMANDBASE｜SLIDE 12 INCENTIVIZE YOUR MARKETING TEAM BUSINESS OBJECTIVES PIPELINE Based on
- 13. © 2018 DEMANDBASE｜SLIDE 13 MEASURE METRICS THAT MATTER! Marketing Performance Account Engagement Website Performance Pipeline Health Business Outcomes You can’t buy a beer with an MQL
- 14. © 2018 DEMANDBASE｜SLIDE 14 EXAMPLE METRICS AND KPIS KPI Q1 Q2 Q3 Q4 FY # of Opportunities (Inbound) 173 200 165 260 742 Cost per Opportunity $4,658 $5,661 $4,069 $3,799 $4,559* % of Pipe from Target Accounts 60% 65% 70% 75% 68% # of Target Accounts on Website 500 600 600 700 1,350 % of Pipeline from Website 25% 25% 30% 35% 29% Renewal $ $3,030 $3,438 $4,013 $5,319 $15,821 Upsell $ $1,121 $1,437 $1,541 $2,178 $6,277 # of Products/Customer 2.4 2.6 2.8 3.0 3.0
- 15. © 2018 DEMANDBASE｜SLIDE 15 CAMPAIGN AND WEB METRICS FROM TARGET ACCOUNTS Web Traffic Unique Visitors Pages Visited MQLs Conversion Rates Target Segments Downloads Time on Site
- 16. © 2018 DEMANDBASE｜SLIDE 16 FOUR FUNDAMENTALS OF WEB ANALYTICS SEGMENT Which companies were on your site ACQUISITION How visitors Found your site BEHAVIOR Which pages were viewed CONVERSION Which actions were taken Are my website visitors good prospects, customers, and partners? Which campaigns and programs are driving quality visitors? Is my website content driving the customer journey forward? Are people from quality companies contacting us and turning into revenue?
- 17. © 2018 DEMANDBASE｜SLIDE 17 How many visits from target segments? What % of visits are from ideal customer profiles? Which channels currently attract target segments? What is the best marketing mix for attracting ideal customer profiles? How many high-value pages are viewed by target segments? How quickly do target segments find high- value pages? What is the overall conversion rate for target segments? What is the cost per conversion for target segments visiting high value pages? ESTABLISHING A BASELINE Segment Acquisition Behavior Conversion
- 18. © 2018 DEMANDBASE｜SLIDE 18 AFTER THE BASELINE: DECIDING WHERE TO GO NEXT Enough Visitors? Ads High Engagement? Optimize Web Content High Targeted Conversions? Conversion Optimization Sales Enablement Dialed In? Sales Alignment Scale It!
- 19. © 2018 DEMANDBASE｜SLIDE 19 METRICS ATTRACTION Are the right visitors coming to your site? ENGAGEMENT Are the right visitors finding value in your content? CONVERSION Are the right visitors taking the desired actions? Number of targeted companies on site Time on Site / Page Site Goal Completions Lift Avg. Pages per Session Form Completions Sessions Avg. Session Duration Form Page Views from target company Bounce Rate Video Starts Click to Call Sessions by Channel / Campaign Product Page Views Sales Chat Initiations Inbound Clicks Video Completions
- 20. © 2018 DEMANDBASE｜SLIDE 20 BUSINESS OUTCOMES Close Rates Average Deal Size Funnel Velocity
- 21. DEMANDBASE PLATFORM MEASUREMENT IN ACTION
Notes de l'éditeur
- B2C talk track for this slide
- The need for ABM Analytics has become clear even as ABM gains traction with B2B marketers. More and more B2B marketers have adopted Account-Based Marketing with the expectation that this focused strategy will help them close more deals for higher amounts at a greater velocity. However, according to a 2017 Forrester study, 77% of CMOs say that they lack the ability to measure results of ABM. B2B marketers - who are increasingly expected to be true revenue-drivers - need to have quantifiable ways to demonstrate their impact on the business.
- This is the ‘problem’ slide - different stakeholders are focused on different types of metrics. Whereas execution-oriented marketers tend to look at what happened in the past and think about which channels get ‘credit’, sales and leadership tend to look forward at how to forecast and build strategy based off of what is generating revenue. This creates friction between the two groups because there is skepticism about whether those backward-looking metrics are indicators of what is likely to happen in the future.
- When we are setting goals, you want to make sure that the goals are aligned with the Sales, Finance, and Ops team. You want to be sure you are generating opportunities they can sell into, and that we are communicating these goals. Marketing might have a goal to produce 10 qualified opportunities, but we might also want to be sure those are not all going to the same rep for every program. The whole sales team needs to get what they need from Marketing.
- When I think about all the metrics that are available to Marketers, I like to bucket them into three categories: First, the revenue performance measurements – these are the ones that your C-suite and board of directors really care about - that have to do with the dollars and cents of your business. Second are marketing performance metrics – how marketing is connecting to revenue to generate opps for the sales team. This is great for team managers who need to understand efficiencies of their teams in terms of sales Finally our campaign and web metrics, which are more granular – things like page views and lift and bounce rates that we can get straight out of our analytics tools. Think of these as leading indicators of opportunities to be generated. Each of these buckets have their own target audience – so C-suite for revenue, team managers for marketing performance, and marketing program owners for campaign and web metrics.
- When we look at designing metrics for the organization, it is important to align to the realities of the organization. First look at the sales teams themselves – are they selling particular products or are they aligned to certain types of customers – sizes, verticals, locations… Also think about how it is that you are going to communicate with that team. Are you going to send them reports, or email them? Keep in mind you want to generate data and insight that helps people do their job better. You want to get their feedback on the quality of programs, the accounts associated with the programs, etc.
- Overall what you want to do is supply useful data. This can come down to reports and dashboards on accounts and segments. In ABM, you are dealing with a defined universe of target accounts. You might start as high up as looking at what level of activity is happening at each of those accounts, and the inquiries that are coming in from the website. It is helpful to have a view of total inquiries and then a look at the inquiries from target account. Next is to review the pipeline. This is super important to understand the performance of our Marekting programs to generate ROI. When we want to drive profitability and great marketing programs, it comes down to the cost and the return on the cost of those programs. You might look at pipeline, the backlog of pipeline, and what is set to close. It also helps to track past trends so that you can set expectations and forecast for any individual program or channel.
- Incentivizing the marketing team is interesting. Traditionally, we are incentivized based on MQLs or things that we can completely control. It is nice to have metrics within your control, but unfortunately MQLs don’t really mean dollars, just like clicks on ads or a bounce rates translate directly to dollars. Think instead about pipeline or other business objectives rather than those hackable metrics.
- You know you can’t really buy a beer with an MQL. You want to understand where accounts are becoming engaged, even if they aren’t coming through the prescribed path of landing on the site, and filling out a form to create an MQL and then a linear path through the funnel. Pipeline health is another huge consideration with ABM. We want to be positively impacting pipe health by getting great accounts in as opportunities and then sticking with them throughout the deal cycle. Incentivizing based on business outcomes is also important. Our target accounts span between the nascent stages of knowledge of your solutions, all the way through customer renewal and upsell. Whether it is increasing deal velocity, close rates, deal size, or even retention, you want to keep an eye on those all-important business objectives.
- So some examples here of some KPIs and metrics commonly used in ABM. Number of inbound opportunities is a great one because it is one or two steps removed from MQL – they need to be vetted by a sales person and committed to closing a certain percentage that are open. Cost per opportunity is huge as you are scaling. % of pipe is also key since it helps us understand how effective our ABM programs are and how good our account selection process was. # of target accounts on website is a good leading metric – accounts that buy from us have been to the website and done at least some research. If you start to see this falling off, that is a signal that we may have issues closing these. If it is growing, you can count on other metrics improving as well. … Tracking these quarter over quarter is also helpful to understand growth and progress.
- So what are the types of metrics we measure? First let’s look at campaign metrics. We have been doing these forever, but we need to look at these through an account lens. These are all the metrics born out of a B2C environment. As you know, no business is going to buy because they got an email. So for B2B, you want to use these more as leading indicators. What are the leading indicators of campaign success? Here the theme of quality vs. quantity comes into play. We don’t necessarily want every lead possible; we want the highest quality leads (those from our target accounts) because they are more likely to convert to sales. Think about these metrics as a way to measure a campaign’s success and how they tie not only to industry standard metrics but also to your business goals. Once you set these metrics in place, you’ll be able to look at the types of programs you need in place to hit your pipeline goals and attract the right accounts to your site. Some other questions to consider when you are setting up your campaign and web metrics include: How do you want to improve your campaign-level metrics? What number of programs do you need to hit pipeline goals? Are you attracting the right accounts? What are they doing on your site? Or are they not even coming to your site in the first place? Remember: As you focus on these high-quality leads, your MQLs might go down, but that is okay because your SAL and pipeline will go up. It is a tradeoff that will have a net positive impact on the company’s bottom line.
- Once you have these things in place, you want to understand for your segment, are they good prospects, customers and partners? Is your web traffic high quality? Do you have the right accounts on your site, or are you really only seeing junk on your site? Moving into the acquisition phase, what specific programs and campaigns are driving the right audiences to your site. If you manage PPC, what key words and campaigns attracting specific segments? Especially if you are spending money on driving accounts to your site, it is really critical to know which campaigns are doing the best at driving quality. As far as behavior, what content is driving the customer journey forward? Which individual assets help your customers advance to the next stage of their journey. And finally, which actions are being taken? Are people from quality companies converting?
- When you first start out, it is important to establish baselines for each of these. As you do this, it helps to ask yourself these questions to frame your baselines. For the segment, it might be visits from target segments, or % of visits that are coming from ideal customer profiles. You might even think about active users on the site… For behavior, don’t forget that efficiency is important too – you want to help your key segments find the high-value pages that are most important for them and effective at driving them through the funnel.
- So here is another example of metrics relative to attraction, engagement and conversion. The big question under attraction is whether you have the right visitors on your site. You might track the number of targeted companies on your site…
- Finally, as noted this morning, we need to look at what your CEO cares about. These metrics show the health of the business. So we go from campaign metrics that tie to the revenue metrics and then roll that up to business outcomes. Engaging in this practice, will really correlate your performance as a marketer to the overall business. Traditional campaign metrics, while still important for evaluating programs, will become leading indicators of progress toward key business objectives. It is these business objectives which show a substantive change/improvement in the company’s operations and show the ability to bring in revenue.
- With ABM Analytics, we make it very easy and intuitive for marketers to see how things are working, and expose opportunities for improvement.
- Enter ABM Analytics as the bridge between the two groups. Things like Marketing Attribution are great for answering those ‘What happened?’ questions, but not so great at the ‘So what?’ part… Marketers need to be able to show that they are moving the needle with those campaign-level metrics ONLY if they are clearly tied to revenue growth metrics.
- These questions led us to develop ABM Analytics, the new performance assessment functionality within the ABM Platform. It was designed to accomplish four things: First, it gives marketers an understanding of their current performance, enabling them to answer the question of ‘Where am I today?’ Marketers need to know where their high-value accounts are in the buying cycle - how many are visiting their website, engaging with content, converting on the site and eventually, hopefully, becoming customers. Even if it seems like an obvious first step, it’s worth noting how challenging it is for marketers to aggregate this data across systems - pulling in web analytics, Marketing Automation and CRM data to get a complete picture of performance.
- Marketers also need to be able to put that performance in context - once they know which accounts are at what stage in the buying cycle, and how the audience is progressing through the funnel, they need to understand whether that is good or bad. We put that performance in context by enabling them to compare to a control group built as a lookalike model from other accounts in their CRM. They can also compare to any other audience they want, so if for example they want to compare different verticals or regions, or different sets of tactics, they can do so.
- Third, marketers need to be able to double-click to look at trends and velocity. If, for example, 60% of your audience visits your site in a given month, how has that changed over time? Are your ABM programs making an impact on the number of accounts that are visiting, engaging and converting onsite? And how quickly are accounts progressing from one stage to another?
- Finally, and importantly, these analytics are designed to be actionable. For accounts that aren’t progressing from one stage to another, there are specific ways to improve performance. Accounts that aren’t visiting the website, for example, may be natural candidates for account-based advertising. If they aren’t engaging, personalization is a good option. If the accounts are highly engaged with marketing actions but not converting into customers, it may be that sales needs additional insights.