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ABM KPIs to Measure the Success of Your ABM Strategy

Apurva Pathak | January 4, 2022 | 804 views

Measure the Success of Your ABM Strategy

Metrics, Analytics, and Insights in ABM

It is a fact that ABM gives a higher ROI as compared to other marketing strategies. If you are a marketer who has painstakingly built an ABM strategy from scratch, you would understand the amount of time it takes to execute it and for it to show measurable results. How do you measure the success of your ABM strategy? You need to understand the metrics, analytics, and insights. Marketers use these terms interchangeably, but there is a difference between them.

By using raw data points, metrics show you the incremental changes in how target accounts interact with your brand.

Analytics compares the metrics over time to show you how your ABM strategy is performing.

Metrics and analytics together help you gain insights into what is working and what isn’t.

Insights help you take action to improve your ABM strategy.

To measure the success of an ABM strategy, you need to use ABM Key Performance Indicators (KPIs) metrics. ABM KPIs track the performance of your strategy with respect to customer service, marketing, efficiency, revenue, and employment statistics.

In an interview with Media 7, Abhi Yadav, Founder & CTO of Zylotech, talked about the importance of customer intelligence in marketing:

Tracking every point of engagement is critical in delivering a holistic view of where buyers are actively engaged and what’s working.


Defining ABM KPIs

Use the SMART criteria to evaluate the effectiveness of a KPI. SMART stands for Specific, Measurable, Attainable, Relevant, Time-Bound.

By identifying how well the KPI fits into these criteria, you can define it. Find answers to the following questions to define your KPI:
  • Is your goal specific?
  • Is your goal measurable?
  • Is it attainable?
  • Is it relevant to your business?
  • Is the goal time-bound?

A well-defined KPI should be a part of your marketing analytics strategy to accurately track the performance of your ABM strategy.

KPIs You Should Measure to Track ABM Success

Sales Funnel Metrics

Measuring sales funnel metrics can quickly pinpoint where your ABM strategy has fallen out of alignment with your business goals. They can be classified into three types:

Upper Funnel Metrics

Upper funnel or top-of-funnel metrics track the engagement rate of the leads within your target accounts. They assess the time taken for a lead to complete specific actions like opening your emails, receiving, or responding to direct mail, visiting your website, and more. You can pinpoint which leads are closer to buying based on the increase in engagement. These metrics also help you know which accounts don’t know anything about your company. You can improve your strategy to capture these accounts.

Is there a huge gap between the products and services your target accounts want and the ones you offer? This gap is the white space. Find your white space by identifying where you lack engagement within your accounts. Should you consider targeting different accounts? Eliminate the white space once you find the answers to these questions. Your goal should depend on the size of the company and the number of ICPs you are targeting.

Middle-of-Funnel Metrics

These metrics help measure the impact of your campaign on your top accounts. Are your target accounts having productive meetings and engagements with your sales team? Swiftly moving your leads to the sales team is an indicator of an effective ABM campaign. Also, you should measure the quality of the campaign based on how many leads move to the next stage of the funnel.

Bottom-of-Funnel Metrics

For the bottom-of-funnel metrics, measure average selling point (ASP) to gauge if you have targeted the right accounts with your campaign. If you have a higher close rate within your ABM accounts that means your campaign is performing well. As compared to other marketing strategies, ABM helps businesses increase their close rate.

Customer Churn Rate

The customer churn rate, also known as the attrition rate, is the number of accounts that have stopped doing business with you over a period. It should be as low as possible. It is a metric to measure the quality of the relationship you have with an account. ABM is a qualitative marketing strategy. If your churn rate is high, then reevaluate your products and services and confirm that you are targeting the right accounts. Understanding your target accounts better is the easiest way to decrease your churn rate.

Content Engagement

Content management is of paramount importance while running an ABM strategy. With this KPI, you can track the engagement each piece of content brings. The pieces that don’t perform well should be scrapped or improved to better suit the needs of your target accounts. Email open and click-through rates point towards ineffective subject lines, content, and CTAs.

Form Fills

Form fills are important for collecting data that helps with nurturing and engaging leads. Track your form fills to confirm if you are gathering information effectively. Adjust your campaign if you are not getting the expected results.

Conversions during the Customer Journey

A good way to show your customers that you care about them is to give them several opportunities to buy or sign up. It's important to keep track of the conversion rate for each CTA so that you can figure out where customers are losing interest in the sales process. Having this information will help you improve the customer journey.

Phone Calls and Scheduled Demos

Keeping a record of your phone calls and scheduled demonstrations is crucial to measuring your ABM success. You are creating a personal connection while interacting with the customer so they may take you closer to converting a deal.

Conversion Rate

Every ABM strategy’s aim is to drive sales and acquire new customers. As a metric, the B2B conversion rate is important because it helps you evaluate the success of your campaign and compare your performance to the previous year.

Customer Retention

Assess the health of your accounts by measuring customer satisfaction. A Net Promoter Score (NPS) can determine how satisfied your accounts are with your product or service. You can seek their feedback and use it to create better customer experiences and, in the future, design products and services to cater to their needs so you can retain your customers.

Average Deal Size

This KPI is primarily used by sales managers to understand how well they have utilized the opportunities that have come their way. It is calculated by dividing your total monetary amount of deals by the total number of deals that were converted. It can help the sales team understand what the average deal size is that they are looking at and what they can aim for.

Popular ABM Analytics Tools

The most popular and widely used ABM analytics tools are Microsoft Excel, LeanData, Salesforce, Google Analytics, Marketo, Engagio, DemandBase, and Terminus.

How ServiceMax Saw a 300% Increase in Their Conversions Using DemandBase

Using DemandBase’s Forms solution to collect user data, AI-powered DemandBase Site Optimization for data personalization, and DemandBase Analytics to understand traffic trends, bounce rates, conversion rates, and other critical website metrics, California-based Service Execution Management company ServiceMax, witnessed a 300 percent increase in their conversions, a 70 percent decrease in bounce rates, and a 100 percent increase in page views per session.

Key Takeaways

Measuring the success of your ABM strategy is crucial to understanding the strong and weak points of your strategy. A lot of trial and error goes into creating an effective ABM strategy. Define and measure your ABM KPIs to optimize your ABM strategy for better results.

FAQ


What are the most important ABM KPIs?

Some of the most important KPIs are upper funnel metrics, customer churn rate, and conversion rate.

What are some popular ABM analytics tools?

Popular ABM analytics tools include Salesforce, Google Analytics, Marketo, Engagio, DemandBase, and Terminus.

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Demandbase, the Smarter GTM™ company that helps B2B organizations hit their revenue goals, today introduces the biggest breakthrough in B2B since ABM — AI-powered buying groups. Demandbase One™ will be the first and only platform to use cutting edge, generative AI to analyze millions of data points, drawing from more than 150M B2B contacts combined with the industry's deepest advertising, intent, and engagement data to generate dynamic B2B buying groups, assign roles and personas, and recommend new contacts. It also will aggregate buying signals across the group and streamline engagement, unlocking a clear competitive advantage and saving hours of manual research and guesswork to drive greater revenue growth. "As a company that heavily relies on ABM, Demandbase's new Buying Group solution will be a game changer," said Dan Cafiero, senior program manager, Account-Based Marketing and Paid Media at Seagate. "The ability to automatically identify and engage with accurate buying groups, understanding their personas and roles, will revolutionize our sales and marketing efforts. This tool truly understands the complex dynamics of B2B decision-making processes, cutting through the noise to reach the right people at the right time. We can't wait to get our hands on it." "B2B GTM teams have known for a long time that the traditional lead-based approach really misses the mark, because individuals don't buy solutions in the enterprise — that focus is too narrow," says Brewster Stanislaw, chief product officer, at Demandbase. "That's why account-based marketing came into existence… but the reality is an account-based approach has its drawbacks as well. It's too broad because it's not every person at an account that participates in a buying decision. The sweet spot is in between; it's the buying committee, made of influencers, champions, blockers, etc., that actually determines where and when an enterprise will invest in a given solution." Stanislaw continues, "Until now, it's been too hard to implement buying groups because companies had to rely on manual guesswork and faulty data. Our AI-powered buying groups solve this once and for all by delivering on the audience that is 'just right.' We're using artificial intelligence to analyze massive behavioral data sets to generate accurate buying groups and automatically assign roles and personas to each of their constituent members. This empowers our customers to be optimally efficient across their entire GTM motion. By focusing on the buying group as their core GTM object, they can generate more demand with greater velocity through the customer journey, while minimizing waste by investing resources where they are most impactful. This is a revolution for B2B GTM teams that will unlock efficient growth, and those that adopt will be the CMOs and CROs of the future." The industry has recognized the need to target and reach buying groups, with Forrester Research saying that the goal of this approach is to "better align with the true buyer in virtually all B2B buying decisions — a group of people (the buying group) all working together to solve a business issue." "Identifying and engaging with the buying committee is the key to winning deals but it's really hard," commented Craig Rosenberg, chief platform officer at Scale Venture Partners. "That's why the introduction of AI-powered buying groups is so powerful for GTM teams. It eliminates the manual guesswork for B2B GTM teams thus allowing these teams to focus on driving increased demand." Historically, teams have relied on guesswork, manual processes, and missing and inaccurate data, resulting in systematic under-estimation of all personas that make up the full committee. With Demandbase Buying Group AI, this will all change. For the first time, companies will be able to use AI to automatically generate their ideal buying groups, create different buying groups for different products and journey stages, find the right contacts for each persona — adding them to their CRM, if not already there — and engage them with accurate contact information. The result will be fewer missed, lost, or delayed deals and vastly superior go-to-market execution. Demandbase pioneered the ABM movement and is now leading the way in this latest evolution of B2B go-to-market. The company is uniquely positioned to deliver on AI-generated buying groups with its massive data set that combines the customer's engagement data with Demandbase's B2B data — including AI-validated contact data on more than 150M buyers plus expansive advertising and behavioral data — to see how individuals interact across products and with each other. Demandbase Buying Group AI will launch out of beta in Q3 of 2023. See how it works to learn more and discover why buying groups are the foundation of a modern, Smarter GTM™ platform. About Demandbase Demandbase helps B2B companies hit their revenue goals using fewer resources. How? By using the power of AI to identify and engage the accounts and buying groups most likely to purchase, powered by combining your sales and marketing data with our validated B2B data — what we call Account Intelligence. Better data makes better AI, that's Smarter GTM™.

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MRP Announces the Appointment of Christopher Rack As CEO

PR Newswire | May 12, 2023

MRP, a leading provider of account-based technology and solutions, today announced Christopher Rack's appointment as its Chief Executive Officer (CEO). Chris will report directly to Seamus Keating, CEO of publicly-listed parent company FD Technologies. Chris joins MRP with 16 years of B2B sales and marketing technology experience, leading teams in high-growth organizations and helping clients successfully navigate complex and constantly changing business environments. Chris joins MRP from DemandScience, where he served as Chief Revenue Officer, and brings a wealth of experience in growing businesses and leading teams in demand and lead generation. Chris worked previously for other early-stage, rapid-growth companies in this space, including eMedia and Spiceworks. Chris expressed excitement about joining the company and contributing to developing fresh growth opportunities for MRP clients, stating: "This is an exciting phase in MRP's journey. Already established as an industry-leading provider of account-based technology and tech-enabled services, demand for MRP's solutions is high and we are well positioned to scale. I look forward to bringing my expertise and experience to the role, working closely with the senior management, board members, and the entire MRP team to take the company to the next level of growth." Seamus Keating, CEO, FD Technologies: "Our strategy as a Group is to support each business unit's distinct value proposition and maximize its growth opportunity. We are delighted to welcome Chris to lead the MRP business and I look forward to working with him and the team to deliver enhanced customer satisfaction and revenue growth." About MRP MRP revolutionizes how sales and marketing organizations reach and connect to the right buying groups and decision-makers, cost-effectively driving engagement and revenue, globally and at scale. Applying the industry's leading account intelligence and the broadest selection of orchestration channels in the market today, MRP Prelytix® powers over 1,000 programs across six continents to coordinate, execute, and optimize them in up to 20+ languages.

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