One of the most effective marketing levers that B2B marketers can leverage to grow organisational revenue is Account-Based Marketing (ABM). Increasing the wallet-share spend of your existing customer base can minimise the cost of new customer acquisition and grow your existing customer’s satisfaction and loyalty. It also helps keep competitors at bay. If your customers are procuring all of the lines of services you offer, the chances of competitors invading your account with a competitive offering are lower. However, for instance, if your organisation offers eight lines of services and your largest client procures five of the eight, you risk competitors entering the account with the three services that you don’t offer. ABM is an excellent vehicle to ensure that your existing accounts know of your entire service offering and allows you to engage, educate and develop opportunities within existing accounts.
To succeed with ABM, you must create alignment between your sales and marketing teams, conduct research to determine account personas, create account plans, attract contacts associated with target accounts, get the buying committee involved, and most importantly, operate from relevant insights into your organisation’s existing customer base.
Here are some tips for enhancing the effectiveness of your Account-Based Marketing campaigns.
Measurement is essential at every stage
To run an effective ABM campaign, your marketing team must go beyond merely measuring campaign performance after deployment. Marketers, at each stage of the campaign, must gather the appropriate data for gauging performance. Your ABM metrics should be measured according to the type of marketing campaign, whether you’re generating brand awareness through social, website personalisation, or generating leads through executive outreach and webinars.
Here are the KPIs that are appropriate for each level of the marketing funnel:
Top of Funnel
Measuring ROI-centric indicators during the awareness stage is premature. Instead, marketers must concentrate on the account’s participation in your marketing campaigns. This measurement includes gauging the number of client-side executives from the accounts being targeted engaging with your social feed, the volume of traffic your email marketing campaigns are experiencing, and the click-through rates from your targeted advertising campaigns. Using these measures, your marketing team may find areas to enhance your engagement channels and choose which precise accounts to focus on to drive further down the marketing funnel.
Middle of Funnel
During this stage, you will develop leads and accounts acquired by your awareness campaigns. At this stage, it is essential to measure account penetration metrics on how accounts are engaged and what motivates them to procure your products and services. Your marketers must determine which leads are opening and clicking on the links in your emails, which users are returning to your website, and which accounts are often engaging with your webinars, blogs, and other material. When you utilise these analytics to determine what is working, you can modify your ABM strategy to continue generating success across all of your channels.
Bottom of Funnel
At the conclusion of an ABM campaign, your marketers must collect metrics that measure your overall success, such as the final ROI. This includes information such as the number of opportunities produced and the total sales opportunity value to the sales team, the total revenue received from new customers, and a summary of the marketing activities that generated the greatest interaction throughout the duration of your campaign. With these account-level KPIs determined, marketers can plan your organisation’s future campaigns, demonstrate the effectiveness of your omnichannel ABM strategy, and create a retention plan for your existing customers.
Partner with Resonate for your ABM needs
Account-Based Marketing offers many benefits to B2B organisations. Whether you are launching a new offering that serves your existing customer base or looking to grow revenue effectively, Account-Based Marketing can be an excellent choice for your organisation.
At Resonate, we have deep expertise in B2B Marketing. We are experienced in strategising and coordinating ABM campaigns. If you are seeking a specialised marketing partner to help you effectively expand the spend of your existing customer base, please contact our GM, Joe Barnes (firstname.lastname@example.org).