Fishing with Spears: All about Account-Based Marketing - Jon Miller, Godfrey FWD:B2B Conference
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Jon Miller discusses account-based marketing (ABM). He defines ABM as a strategic approach that coordinates personalized marketing and sales efforts to open doors and deepen engagement at specific accounts. Miller outlines a 3 step ABM model including selecting target accounts, developing account-specific content and messaging, and orchestrating interactions across channels. He stresses that the success of ABM comes from integrating different tactics, not any single campaign, and that the "Big 5" metrics for ABM are coverage, awareness, engagement, reach, and impact on sales outcomes.
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Fishing with Spears: All about Account-Based Marketing - Jon Miller, Godfrey FWD:B2B Conference
- 1. Fishing With Spears: All About Account-Based Marketing #ABM Jon Miller, Founder and CEO @jonmiller
- 5. Topics for Today • What is Account-Based Marketing • 3 Step Model for Account-Based Marketing • Metrics for ABM
- 6. Download slides and get bonus ABM eBook at: engagio.com/slides
- 7. So What Is Account-Based Marketing?
- 8. Different Deal Types Require Different Types of Marketing Support Different Demand Types Account- Based Marketing Demand Generation ©2015 Engagio, Inc. All rights reserved.
- 9. Account-Based Marketing: A strategic approach that coordinates personalized marketing and sales efforts to open doors and deepen engagement at specific accounts – @jonmiller ©2015 Engagio, Inc. All rights reserved.
- 10. Different Model Up to 17 people influence enterprise purchases (up from 10 in 2011)* *2014 IDG Enterprise Role & Influence of the Technology Decision-Maker survey “Person-centric” “Account-centric” • Decision maker • End users • Influencers Going After Target Accounts Requires an Account-Centric Focus ©2015 Engagio, Inc. All rights reserved.
- 11. Different Tactics You Need Targeted Tactics to Reach Specific People at Specific Accounts ©2015 Engagio, Inc. All rights reserved. Inbound vs. Outbound
- 12. Land and Expand Often, The Best Account-Based Marketing Opportunities Are At Current Customers
- 13. “ABM Delivers The Highest ROI Of Any B2B Marketing Strategy Or Tactic” (ITSMA) About the same Somewhat higher Significantly higher 16% 42% 42% ROI of ABM How does ABM return on investment (ROI) compare to other marketing initiatives? % of Respondents (N=38) ITSMA Account Based Marketing Survey, October 2013 • Focuses time and resources on accounts most likely to drive revenue (“zero waste”) • Improves marketing- sales alignment • Creates a better, more coordinated customer experience ©2015 Engagio, Inc. All rights reserved.
- 14. ABM Today is Like Like Lead Nurturing in 2008 The Next Big Thing? Google Trends “Sales has been doing account selling for years; marketing is now sophisticated enough to do some of the same tactics at scale.” “Your timing is very good, based on what we see happening at Sirius. We launched an ABM practice in response to a groundswell.” “Account based marketing is red hot...several attendees named account based marketing as their top priority right now” “…it’s clear that we’ve passed the fad phase of ABM’s most recent comeback. Now, we’re solidly in the trend phase.” Marketers know they need to do it, and are trying to figure out how
- 16. ABM Planning Starts With The Account, Not the Offer ©2015 Engagio, Inc. All rights reserved. #FlipMyFunnel What do we want to say? (offers) Who should we say it to? (segments) Who are we trying to reach? (accounts) What should we say? (content) Where should we say it? (channels) Where should we say it? (channels) DEMANDGENABM
- 18. Pick Target Accounts Tip: Limit list turnover (e.g. 25% per quarter) ©2015 Engagio, Inc. All rights reserved. Level 1: Reps Self-Select Level 2: Basic Data Level 3: Advanced Data Level 4: Predictive Analytics
- 19. Build Your Database With the Right Contacts for Each Persona at Target Accounts ©2015 Engagio, Inc. All rights reserved. Identify Contacts Manual Purchase Predictive Representative companies; not exhaustive
- 21. What Does Sales Want From Marketing? ©2015 Engagio, Inc. All rights reserved. Smarketing Alignment “A meaningful and real relationship with the decision-makers + relationship with all significant decision influencers + understanding of the dynamics of the specific customers' business.” Insights: • Org chart • Budget • Initiatives • Priorities New relationships: • Accurate and clean contacts • Air cover • Access • Meetings
- 22. With #ABM you need to knock on people’s doors. – @jonmiller ©2015 Engagio, Inc. All rights reserved.
- 24. Opt out, tune out, toss out
- 25. Outbound Does Not Mean Interruption Account-based marketing applies best concepts from demand generation to outbound prospecting: • Content driven • Helpful and valuable • Focused on the buyer, not the company • Personalized and relevant No Cold Calls ©2015 Engagio, Inc. All rights reserved.
- 26. Great ABM Requires Great Customer Knowledge “A structured approach to developing and implementing highly-customized marketing campaigns to markets of one.” – ITSMA ©2015 Engagio, Inc. All rights reserved. “75% of executives will read unsolicited marketing materials that contain ideas that might be relevant to their business.” – ITSMA
- 27. Send Emails Like This …share some ideas I had on how Starbucks could leverage <Company>: • Mobile app distribution - reduce friction by allowing your website visitors to download your mobile app by texting the download link to their phone. We intelligently detect whether a phone is on iOS or Android OS and sends them to the right app store. • Picture message a coupon to your customers on their birthday. Why tell them how good a frap will be when you can show them the gooey ribbons of caramel? • New VIP service: text your order in to your local Starbucks. Get your favorite thirst quencher sooner. • Picture message Starbucks coupons w/QR codes to your friends on special occasions. • Leverage geo-location services to MMS special deals to customers when they are in close vicinity to a Starbucks. … Be bold – share some amazing ideas; they will respect even if you are wrong.
- 29. Events Are a Big Part of ABM Tip: executive invites come from someone with an equal or higher title ©2015 Engagio, Inc. All rights reserved. • Owned events • Meetings at 3rd party events
- 30. ABM Sales Development ©2015 Engagio, Inc. All rights reserved. Tip: measure quality of interactions, not just quantity
- 31. Direct Mail ©2015 Engagio, Inc. All rights reserved.
- 32. ©2015 Engagio, Inc. All rights reserved. Display Advertising • IP-Based • Proactive Retargeting • LinkedIn • Facebook • … more Example: Custom Content + Facebook
- 33. Orchestration : It’s not about any one tactic; it’s the MIX of touches that drives success.
- 34. Open the Door • Get relationship with cold account Accel- erator • Increase deal velocity and win rate Human Nurture • Stay in touch with helpful touches Meetings Creator • Schedule meetings at an event Account Qualifier • Follow-up on inbound interest Example ABM Plays • 63% connect rate • 5% opportunity rate • $13,000 investment • $200,000+ revenue Tip: Consider asking for email opt-in instead of a meeting
- 35. Open the Door • Get relationship with cold account Accel- erator • Increase deal velocity and win rate Human Nurture • Stay in touch with helpful touches Meetings Creator • Schedule meetings at an event Account Qualifier • Follow-up on inbound interest Example ABM Plays
- 36. Open the Door • Get relationship with cold account Accel- erator • Increase deal velocity and win rate Human Nurture • Stay in touch with helpful touches Meetings Creator • Schedule meetings at an event Account Qualifier • Follow-up on inbound interest Example ABM Plays
- 37. Open the Door • Get relationship with cold account Accel- erator • Increase deal velocity and win rate Human Nurture • Stay in touch with helpful touches Meetings Creator • Schedule meetings at an event Account Qualifier • Follow-up on inbound interest Example ABM Plays
- 38. Open the Door • Get relationship with cold account Accel- erator • Increase deal velocity and win rate Human Nurture • Stay in touch with helpful touches Meetings Creator • Schedule meetings at an event Account Qualifier • Follow-up on inbound interest Example ABM Plays
- 39. Metrics for ABM
- 40. It’s called “business to business”, not “business to lead” – @jonmiller ©2015 Engagio, Inc. All rights reserved. Waterfall is Insufficient
- 41. Don’t count the people you reach; reach the people that count. – David Ogilvy
- 42. Coverage Do you have sufficient data, opt-in contacts, and account plans for each target account? ©2015 Engagio, Inc. All rights reserved. “Big 5” ABM Metrics (1)
- 43. Awareness Which target accounts have any awareness of us? Are they visiting the website? ©2015 Engagio, Inc. All rights reserved. “Big 5” ABM Metrics (2)
- 44. Engagement Are the right people at the account spending time with your company, is that engagement going up over time? ©2015 Engagio, Inc. All rights reserved. “Big 5” ABM Metrics (3a)
- 45. Engagement Are the right people at the account spending time with your company, is that engagement going up over time? ©2015 Engagio, Inc. All rights reserved. “Big 5” ABM Metrics (3b) Marketing Qualified Account (MQA): An account (or discrete buying center) that has reached enough aggregate engagement.
- 46. Program Reach Are marketing programs reaching the target accounts? How much waste is there? ©2015 Engagio, Inc. All rights reserved. “Big 5” ABM Metrics (4) FOCUS %ofsuccessesfrom targetaccounts COVERAGE % target accounts with a success
- 47. Program Impact How are the ABM activities improving sales outcomes such as deal velocity, win rates, average contract values, retention, and net promoter scores ©2015 Engagio, Inc. All rights reserved. “Big 5” ABM Metrics (5) • “Top 25% engagement = 18% faster sales cycles.” • “Accounts with >three engaged contacts = 15% higher contract values.” • “Accounts that attended that dinner = 16% more movement to next opp stage.”
- 48. ABM Market Map Selection Insights Content Interactions Orchestration Measurement Identify target accounts and contacts Understand what is relevant and resonant at account (triggers, priorities, etc.) Create account- specific content and messaging to use in outreach Manage 1:1 account-specific interactions in channel – Events, Outbound, Digital (ads, web) Orchestrate intelligent account plans across teams and channels Show impact of ABM efforts: coverage, awareness, engagement, reach, impact Complementary WebAds DataPredictive Paid Insights Sales SDR Direct
- 49. Download slides and get bonus ABM eBook at: engagio.com/slides
- 50. • Account-based marketing coordinates personalized marketing and sales efforts to land and expand named accounts • ABM delivers the highest ROI of any B2B marketing strategy or tactic • Outbound does not necessarily mean interruption; use account-specific content to reach out • There is no magic campaign; success comes from a mix of integrated tactics • Leads are insufficient to measure account- based marketing; measure via coverage, awareness, engagement, reach & impact Tweetable Takeaways @jonmiller ©2015 Engagio, Inc. All rights reserved.
Notes de l'éditeur
- ABM is an investment in time and resources so you MUST focus on accounts with highest ROI
- ABM is an investment in time and resources so you MUST focus on accounts with highest ROI
- “Limited budget and resource constraints lend themselves to a renewed focus on account based marketing techniques”
- Why now? What about mobile, social, cloud, etc. makes this inevitable? Harder than ever to reach decision makers with traditional tactics New ways to reach buyers (individually-addressable touch-points, real-time ad buying) Shift from campaign-marketing to “always on” mindset requires integration Big data / predictive analytics allow marketers to understand the complexity of relationships and buyer context, and match personalized content accordingly Buyers delaying engagement with sales ; harder to reach CXOs {happened in velocity, needs to happen in XYZ} Decomposition of the nice/clean customer funnel… no longer just awareness, familiarity, consideration, etc. Useful model, but. Really a set of nodes, interactions (through a connected device) New ways to reach buyers Proliferation of “connected customers” and customer data -- smart phones, smart devices (50B connected devices) behind every device is a customer → data proliferation From campaigns to “always on” Big data / predictive (understand the complexity of the relationships, context) Needs new ways to measure
- Wrong: what we want to say, how we want to say it target the right people RIGHT: who we want to target what and how to say it
- Value potential Fit with product Competitor’s customers Strategic importance Rep should explain WHY they picked what they picked – articulate thei rmethodology Sales OWNS the target account list; marketing “maintains” it
- Lots of feelings about some Sales reps not getting it, some that do; frustration “we’re trying to help them but they don’t cooperate”
- Need to LISTEN
- “You’re going to have to spend some money to be really good at account based marketing. But it’s OK because it’s the accounts that will make you the most money.”
- Don’t forget about MEETINGS at tradeshows For marketing invites, list should be 4-5x desired attendance
- Offer charitable donation, or ipad, or airline voucher in exchange for a meeting
- More = Google PPC targeting now, future Uber cars
- Marketo success with InMail re: Innovate program from Jim Drake - 35% open rate, 13 responses. ($25K) (CB) Social networking can be following someone, retweeting, etc. Can also be seeing who they know…
- The “law of large numbers” breaks down in narrow funnel -- can’t use vanity metrics, can’t count on volumes Only need one deal to make a program ROI look good – noisy data
- ----- Meeting Notes (8/4/15 13:26) ----- account-based on Sales and Success; not marketing open to influence as a metric demandbase: vertical audiences T1: 300 top accounts (whales) T2: 300 next