An account based marketing (ABM) strategy’s main goal is to increase revenue, but how do you know if it’s a successful endeavor? Results may not be apparent right away but certain metrics should see significant growth.
In this article:
- Increase in revenue is an obvious indicator of ABM success but significant growth may take a bit of time to reflect in your financials.
- ABM is more than just acquiring new leads. It’s also an effective means to retain clients and encourage repeat business.
- Customized content should encourage target accounts to delve deeper into your website or brand, and eventually choose to do business with you.
Implementing Your ABM Strategy
One of the main considerations many companies have when it comes to any marketing activity is effectiveness. Will your efforts yield the results the company needs or will it be a waste of time and resources? This is especially true with new concepts; and account based marketing (ABM), while it has been around for decades, is still undergoing a lot of development.
Other B2B marketing strategies consider new leads, clicks, and engagement as a KPI but they don’t necessarily show actual conversions. ABM takes note of both factors but doesn’t consider them as the main indicator for successful transactions. Instead, the process focuses on identifying segments and the specific target accounts within those segments. They could be new leads or existing clients and nurturing them throughout their buyer journey conversion.
Platforms like N.Rich make sure you have everything you need to implement your ABM strategies. With it, you can collect buyer intent data to positively identify the target accounts with the highest chances of conversion. It also allows you to create campaigns that cover multiple channels for better results.
Using a reliable platform helps in successfully implementing your campaigns and in monitoring the results it yields. But how do you know if it’s actually helping you grow your business?
Here are a few ways to determine if you’re on the right track with your ABM strategy implementation.
Marked Increase in Revenue
While it’s important to monitor your clicks, impressions, and reach, you also need to monitor the most important factor in implementing an ABM strategy for your business. There should be an increase in your company’s revenue and profits.
However, you need to understand that results from ABM will take some time to reflect, especially if you only implement a few tactics. How fast you’ll see the impact of your strategies will depend on the intensity of your campaigns.
What you need to do is to benchmark your revenue goals and monitor your profits as you implement your ABM plans. If you have tried other marketing strategies in the past, compare your current results to those as well.
Increased Page Conversions on Website
One effective part of the ABM plan that can be measured is website and content personalization. Customized content attracts promising leads at certain stages of their buying journey.
You can personalize your content by collecting buyer intent data. This shows you what the key decision-makers of your target industry are interested in, what they’ve dismissed, and what they’re still searching for.
To determine if personalizing your content on your website is an effective ABM method, you need to see an uptick in conversion compared to the time each lead spent on a page. This means your prospects can easily find the solutions they’re looking for in your messaging, helping them decide if they should commit to you.
If there’s an increase in time on page and engagement rates but conversion stays the same or drops, then you’ll need to go back to the drawing board and recheck how you’re portraying your services.
Improved Client Retention
A successful salesperson doesn’t stop at converting a target lead. The true measure of success is a marked improvement in client retention. Like the significant growth in revenue, this indicator may take time to become noticeable. However, the more loyal customers you have, the lesser cost you’ll need for leads acquisition.
Furthermore, ABM does more than attract and convert new leads. It’s also an effective way to continue engaging with existing clients through upselling and renewing contracts.
To determine if your ABM strategy is helping you keep loyal clients, look for an increase in your monthly recurring revenue (MRR) and a lower churn rate.
Retaining clients also means a reduction in sales cycle length. Because they already have intimate knowledge of your product, existing customers won’t require too much time to re-purchase. It gives your sales team more time to assist new target accounts through the sales funnel.
Interactions Beyond the Initial Touchpoint
Customized content should attract your audience enough that they’ll continue to go deeper into your blog or website. If a prospect becomes interested in your product, they will do some more research beyond their initial touchpoint.
Monitor your click-through rate as well as other engagement metrics like downloads or demo sign-ups. The prospect’s interest in the product is a good sign, and this action shows that your ad or content was intriguing enough for them to learn more.
ABM Done Right
ABM is a powerful and effective strategy to drive sales and revenue. Done right, it can yield endless possibilities ultimately resulting in an increase in the amount of money coming through your door.
Using a platform that can collect intent data, connect your ads to multiple channels, and produce reports for accurate monitoring is also essential for a successful campaign. That’s why N.Rich continues its commitment towards ensuring these needs are met through continuous development.