Whether your company is already up and running with an ABM strategy or just beginning to dabble in it, you’ll find that tracking the right metrics is key to ensuring ROI. It’s critical to find out what’s working and change what’s not, so you can focus your efforts as you plan for the year ahead.
During this webinar, Demandbase and Full Circle Insights will provide key insights into refining your ABM efforts, including how to:
- Build an ABM strategy and measurement program tailored to it
- Identify the key metrics that matter
- Use analytics to refine targeting and personalization
- Evaluate performance across the entire sales and marketing funnel
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Alex Krawchick: @krawchick
3. #SPS16
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Participate To Better Your Odds
7. #SPS16
Featured Speakers
Alex Krawchick
Senior Director, Analytics &
Product Management
Full Circle Insights
@krawchick
Nani Jansen
Senior Manager,
Marketing Operations
Demandbase
@nannekej
MODERATOR:
Andrew Gaffney
Editorial Director
Demand Gen Report
8. HOW TO CREATE AND MEASURE AN ABM
STRATEGY
BEYOND THE HYPE
9. AGENDA
HOW DO YOU GET YOUR DATABASE READY FOR ABM
HOW DO YOU CREATE AND TRACK A TARGET ACCOUNT LIST
HOW DO YOU DETERMINE GOALS
HOW DO YOU SET YOURSELF UP FOR SUCCESS
HOW DO YOU MEASURE PERFORMANCE
HOW DO YOU ENABLE YOUR SALES TEAM
@Demandbase
47. #SPS16
Q&A / Speakers
Alex Krawchick
Senior Director, Analytics &
Product Management
Full Circle Insights
@krawchick
Nani Jansen
Senior Manager,
Marketing Operations
Demandbase
@nannekej
MODERATOR:
Andrew Gaffney
Editorial Director
Demand Gen Report
48. #SPS16
Thank You For Attending
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Editor's Notes
In addition to joining the conversation online and submitting your questions here, we also welcome and encourage you to participate by letting us know how we’re doing. In an effort to constantly improve the level of value we provide to our audience members, we’ve put together a very brief survey that will automatically launch once this webinar session ends. However, you can pull up, complete and submit the survey at any time during this webinar by clicking on the survey icon in the task bar on the bottom of your screen. You can see the survey icon circled here on the bottom of this slide. Before signing off today, please take a moment to complete this quick questionnaire. Doing so will help us to better serve you AND it can increase your chances of winning from the #SPS16 Prize Pack, which we’ll get to next…
As a registered attendee, you’ve already been entered into our #SPS16 Prize Pack giveaway. After each webinar, we’ll be giving away one free pass to our upcoming B2B Marketing Exchange in February, which will include the 6th annual Content2Conversion Conference & Demand Gen Summit as well as 2 brand new tracks: ABM In Action Live and the Sales Connection Summit. We’ll also be giving away one $25 Amazon gift card for each day of the series (a total of 5 prizes), and finally one grand prize winner will win an Amazon Echo! As I mentioned, since we do want to make these sessions as interactive as possible, we’ve also gone ahead and created some easy ways for you to increase your odds of winning. Additional entries can be earned by:
Sharing the link to register on social using the hashtag #SPS16
Referring a colleague – we’ve created a field for them to drop your name during registration
Submitting questions for today’s speakers and answering our interactive poll questions throughout the webinars
Taking our post-webinar survey, which you can access by clicking on the survey (clipboard) icon on the bottom of your screen at any time
And finally, attending all the SPS16 sessions will give you a bonus boost – doubling all of your entry points.
Today’s session is going to dig into a number of questions that we’ve seen crop over over the past few years. As marketers get more savvy about Account-Based Marketing, they concentrate more and more on the ability to track and measure their strategy.
We’ll start with a pretty un-sexy topic: database management. From there, we’ll cover how to determine your goals, how to create and track a target account list, how to measure the success of those accounts, as well as the performance of your programs and strategy. Finally we’ll also talk about the ways that you can help enable your sales team with timely and useful data.
Before we dig in, though, let’s take a look at the ways that demand gen is changing. It used to be that we were responsible for pulling in a huge volume of leads, tracking things like opens and click-through rates, and hoping for the best. We had siloed data that made it challenging to understand the outcomes of what few conversions we got. Now, though, demand gen is laser-focused on quality, on the type of metrics that impact business.
Key statement here: Demand Gen is changing
--
Today we are going to start by taking a look at the ways that Demand Gen has changed over time. We’ll discuss how to get your database in shape to execute an Account-Based Marketing strategy, build and execute the right tactics, and communicate internally and externally in order to optimize your programs.
--
Balls with the funnel from Neha’s debook
Key point here: there are fundamental challenges
--
Of course any revolution comes with its challenges. First, up until recently, it has been very difficult to tie marketing investments directly to revenue. As Marketing budgets continue to grow, it becomes more and more important to be able to justify the larger spend by pointing to real business outcomes.
Second, if you AREN’T focusing on high-quality accounts, your sales team is likely to be skeptical of inbound leads, and may be hesitant to follow up.
Key point: This is where you’re aiming
--
It’s time to think smarter. By leveraging Account-Based Marketing, which hones in on the prospects most likely to convert, you can start to see benefits immediately. Your relationship with sales will become smoother. You’ll drive activity from high-quality accounts, rather than massive volumes of junk leads. Importantly, you can be much more efficient about your marketing budget because you can cut out any spend that isn’t impacting your target accounts. …blah blah blah all these benefits (I think you have a talk track for this)
Before you can roll out your new strategy, though, you need to get your database in order.
Why is data so important? Because in this hyper-personalized world, where your prospects expect to see the content relevant to THEM, you have to rely on accurate data for things like segmentation. Take, for example, the goal of inviting a list of target prospects to a field marketing event. If you don’t have accurate location data, you can’t even begin to execute that program.
You might think that your investment in data isn’t justified, but consider the costs of continuing to limp along on inadequate or inaccurate data. If you don’t have the right contacts to target with your marketing campaigns, you’re never going to generate the demand needed in order to meet revenue goals. Relying on a poor infrastructure will cost you later on.
So where do you start? There is no such thing as a perfect database, but start by setting a baseline and working from there. It sounds obvious, but start with the basics: how many accounts do you have? How many contacts? Do you have the information you need – location, industry, contacts etc. – that you need for your marketing campaigns?
We’ll get into a bit more about a target account list later, but while we are thinking about data management, I want to add in a bit about your target account list. People breeze over the importance of the target account list within your CRM, but it is very important because it will be used for things like distribution to your sales teams, as well as prioritization for follow-up.
As soon as you have your list, you will want a way to clearly mark them in Salesforce. This also creates a more manageable list for you to clean up. You’ll want all relevant firmographics for your target accounts. You’ll want to have contacts attached to each of your target accounts.
As that gets cleaned up, you will want to ensure that the data remains consistent across both CRM and Marketing Automation.
Ultimately, your database exercise is going to help you understand where you are today.
You need to figure out which direction you’re going; what needs to be added; what needs to be pared down
Are you missing firmographic data? Are you missing key contacts? Are the accounts in the right reps names
As you set these goals, keep in mind that you may need to set different goals for different accounts. Size might be a factor; for instance with a large enterprise account, you may want to have more contacts than at a smaller company.
Last un-sexy topic: data standardization. As you go and clean up your existing data, you also want to be careful about how you enter in new data. As new accounts and contacts flow into your systems, you want to ensure that you have standard formatting in order to help with things like lead routing. If you have sixteen different ways of entering in “California”, that is going to cause confusion on the back-end for who follows up with who, and how to build reports and segments for other programs.
So how do you pick those target accounts?
We’ve actually got an entire workshop on this process, but I’m going to boil it down to one slide.
First, you are going to take a stab at the list. Don’t over-think it. You know who is going to make for a good customer and who isn’t.
Get agreement from the stakeholders that we talked about earlier. Make sure that your leadership team is comfortable with the strategy.
Importantly, you are going to iterate with sales. They are the ones out in the field with the real-world experience.
Finally, importantly, know that this list is going to change…
This might seem a little bit obvious, but it is important to be able to identify your accounts within your CRM and Marketing Automation System. Why? Couple of reasons: first, you are able to report on the performance of those accounts compared to your non-targets. Second, you can use that target account designation as a way to prioritize follow-up for your sales team.
You also want to start tracking all of the Marketing and Sales touches that hit those target accounts. This will enable you to build out the full buyer experience.
AK
-- transition from Nani –
I’m going to discuss three areas of our agenda: Determining Goals, Setting Yourself Up for Success and Measuring Performance.
First and foremost, you need to set goals for your ABM strategy. We all need a north star.
AK
In order to determine your north star, you’ll need to get buy-in and input from the right set of stakeholders in your company. In most cases, this will involve at least Sales, Marketing, and Finance.
Finance typically kicks off this process, as they're the stewards for the long-term financial plan for the company. They'll be able to tell you about future financial goals; from that, you'll be able understand that requires a certain volume of opportunities each quarter. By starting with a fixed desired outcome (revenue), you can develop a plan that can guide you toward your own numbers.
Once Finance has built the plan and worked backwards to arrive at the volume of pipeline required to achieve goals, Sales and Marketing can work collaboratively on achievable, accountable ways to impact the organization's goals.
AK
One key component of successfully aligned goals is that both Sales and Marketing are focused on the same things.
While your Marketing team is certainly going to look at things like MQL’s, registrant numbers, even click-through rates, you really want to encourage Marketing to think of those metrics as leading indicators of more impactful things like pipeline.
Ideally, you want to take that encouragement and make the business metrics Marketing's north star. You can even take that a step further and set up your Marketing bonus structure so that your Marketing team is focused on metrics like sales qualified leads and pipeline, rather than raw leads.
AK
As you are setting up your goals, you’ll want to consider how to leverage the data you have currently in order to understand where you are today compared to where you need to be tomorrow.
Work with Operations in order to understand which programs and channels are working, and how they are contributing to opportunities today.
Once you understand what's working well—and what isn't—you can start to prioritize different areas of focus, and develop your strategy to influence and contribute to key metrics and goals.
Remember to be certain to establish a baseline to hold your ABM activities accountable and measurable.
AK
Next, let's spend a few minutes talking about Setting Yourself Up for Success.
AK
First, be thoughtful about building your Target Account list. Remember: You are trying to identify the right target account list to help you meet your business goals.
Set appropriate expectations around how much of your pipeline is going to come from your Target Account list. Understand what percentage of pipeline and even revenue should be represented by your Target Accounts.
There isn’t necessarily a hard number on how much of your funnel and pipeline should be filled with Target Accounts—but understand that if you have too many from outside of it, you might consider an audit to understand why.
AK
Another thing you might want to consider is comparing how your Target Accounts are performing relative to your Non-Target Accounts. Perform a cohort analysis to look at these two segments relative to one another. Are you seeing differences between cohorts and certain metadata.
We’ll actually come back to this cohort analysis later in the discussion.
AK
You may want to think about how ABM efforts will have an impact on other operational areas.
You may want to analyze how your selected Target Account list will effect the different parts of your organization.
While you may start off by piloting ABM with one or two reps, by the time you launch a holistic ABM program you are going to want to check on the distribution of the Target Accounts across the team. Again, as these are your highest quality accounts, you want to be sure that you are feeding reps and setting opportunity generation expectations based on the Target Account list distribution.
AK
Now we’ll talk a bit about how you might want to measure your ABM efforts.
AK
One of the first and most obvious places to start is to look at your database coverage for your target accounts—do you have the right people in your target accounts? If I don't even have the right people in my database, how am I ever going to engage with them?
Next, in your target accounts, how many people are being touched? How does that compare to how many are being touched in your non-target accounts?
Of those, how many are engaging—spending time on your website, filling out forms, etc.
And finally, what percent actually go into a sales cycle?
Lastly—and this point isn't visually represented on this slide—but hold yourself accountable and think about why you might not be engaging with everyone in an account. And, perhaps more importantly, do you even need to be?
Think objectively and holistically about your account strategies.
AK
It may be important for you to understand—for example, in one viewable plane—how your Target Accounts are performing relative to one another.
You may also want to establish trend lines to see how your Target Account performance evolves over time… are you able to identify discernable patterns?
AK
You might want to be able to drill down and understand what’s happening in a specific Target Account.
In this particular view we can double-click into a Target Account and understand how each contact is engaging in marketing activities. What are they engaging with—or not engaging with. Or what opportunities are being affected.
AK
Coming back to our earlier point about comparing Target and Non-Target Accounts, it may be important to leverage Target and Non-Target cohorts to understand what’s happening in your ABM programs.
You may want to compare funnel conversions and velocity rates by Target and Non-Target accounts.
You may be able to identify some really interesting things that could help you optimize some marketing activities—or even operations.
AK
You may want to review operational metrics, like Sales/Mktg alignment metrics…
You may want to perform some time series analyses to see how your reps are responding to and even actioning leads in your ABM programs.
It may also be a good exercise to understand how ABM leads are being dispositioned—in other words, if a lead is disqualified, what's the reason. And again, you might want to compare disposition reasons and rates of Target- vs Non-Target Accounts. Some very interesting insight could come out of this analysis.
AK
You may want to review opportunity metrics to begin to understand how ABM is affecting the business.
For example, which campaigns might be influencing each opportunity... or how campaign and activity types are influencing opportunities—relative to one another.
You may just want a simple list of top performing marketing activities. Think objectively about what's truly important for you to measure. And don't take on too much.
39
Often, we think that ABM is just for net-new logos—but it’s not.
Remember that ABM is also relevant to existing customers.
You might want to participate and be a champion in developing more long-tail analytics to understand, for example, how ABM efforts are affecting renewals, cross-sell and up-sell opportunities. And even lifetime customer value (LTV)—who are your most profitable customers and how are they represented in your Target Account list.
The important thing to remember is that ABM doesn’t have to stop with a Closed Opportunity outcome. ABM can be advantageous for the entire customer lifecycle.
Finally and importantly, I’d like to spend a little bit of time talking about how to enable your sales team in order to really maximize the performance of your programs.
As we already touched on, a good first step is to look carefully at which individuals in your organization are benefiting from any given campaign. By linking individual sales reps or teams to the contacts and accounts that are a part of a campaign, you develop a sense of accountability. You aren’t giving them a generic list of leads; you are giving them a personalized list of their accounts that are being impacted by a program.
For each campaign you run, you can build out an enablement package with reports broken down by rep, follow-up assets, and email templates. The easier and more explicit your ask of sales, the more likely it will get done.
Finally you want to give sales the opportunity to get involved with your efforts. Take advantage of their knowledge of what it’s like out in the field, and incorporate their feedback and ideas into your future programs. As an added bonus, it reinforces the trust that you built up by building your target accounts list to begin with.
We’ve covered a lot of content today, so before we open it up for Q&A, I want to go over a couple of the key takeaways.
First, set realistic goals in partnership with Sales and Finance.
Keep that spirit of collaboration going as you build out and iterate on your target accounts list.
Take a look at how that list impacts your sales funnel in order to determine whether it needs additional tweaking.
Obviously keep your goals front of mind and measure your performance against them.
Finally, be sure that you bring and keep sales in the fold as you plan and execute your ABM strategy.
We’re about to get to some of the questions you have coming in but before we do, I’d like to remind you once again to please to share your thoughts and feedback before logging off today. You can do so by clicking the survey icon, which you can see circled here, on the bottom of your screen at any time. You may also wait until the close of this session at which time the survey will automatically launch.