Can Your ABM Solution Measure For Your ABX Needs?

December 15, 2021 | 76 views

ABM
ABX is about quality, not quantity.

The traditional metrics that have been used to gauge ABM success are not useful in the experience-centric realm. The new and more complex benchmarks for measuring success revolve around:

  • Relationship analytics
  • Journey analytics
  • Attribution analytics

Once you’ve successfully closed accounts, you want to make sure you understand which ABM programs helped to contribute to that sale so you can rinse and repeat. This is where you can evaluate how a vendor measures ABM success and the entire Account-Based Experience. You will want to choose a vendor who can help you optimize your programs from the top of the funnel to the bottom, and grow your customer’s lifetime value.

Some examples of metrics to measure include the volume and velocity of an account as it makes its way through the buyer journey. This helps you understand whether your programs are engaging enough as well as whether your sales cycle is too long.

A strong ABM vendor will also have different methods for measuring attribution since not all businesses are alike, and marketers love seeing attribution models so they can measure the success of their marketing efforts and ROI.

Other metrics to consider include advertising campaigns and website visits – but with an account-based lens. After all, you want to understand whether your advertising is reaching the right accounts and which accounts are engaging on your website. If you find you’re short-staffed, some ABM vendors offer strategic services to help you with your ABM strategy and measurement. To learn more about vendor onboarding and support, read the next section.

Because ABX has a different set of metrics than ABM, when it comes to measuring the performance of the ABM solution from the vantage point of the customer experience, the scope also changes.

The vendors on your shortlist should, among other features:

  • Offer a dashboard to measure ABM impact from across the funnel.
  • Track volume, velocity and conversion metrics for each journey stage.
  • Offer customizable subscriptions for all custom reports.
  • People and account based heatmaps.
  • Allow you to combine first party, third party, firmographic and technographic data for segmentation and reporting.
  • Allow you to compare the performance of different audiences or account lists and evaluate the impact of specific programs.
  • Enable you to see the engagement and activities that influenced the different stages of a deal cycle.

Measuring a journey and a relationship in the long term requires measuring as much data as possible, so find out if they also:

  • Centralize your existing data sources in one location?
  • Track B2B metrics by account?
  • Track and report on anonymous first-touch visitors by account?
  • Have strategic services in place to help you set up ROI reporting based on your strategies? Allow you to compare different timeframes for account stages?
  • Provide advanced BI capabilities for ABM?

The point of measuring is to take action based on knowledge and insights, and having an ABM solution that allows you to bring together all of the relevant data points for your decision-making is pivotal for the success of your business. Our agnostic Definitive Guide to Choosing an Account-Based Marketing Platform provides you with checklists like the one above as well as the reasoning behind the need for each of the features outlined in the ebook. Check it out and take advantage of the printable list we put together for your own use at the end of the guide.

ABX is about quality, not quantity. The traditional metrics that have been used to gauge ABM success are not useful in the experience-centric realm. The new and more complex benchmarks for measuring success revolve around:

  • Relationship analytics
  • Journey analytics
  • Attribution analytics

Once you’ve successfully closed accounts, you want to make sure you understand which ABM programs helped to contribute to that sale so you can rinse and repeat. This is where you can evaluate how a vendor measures ABM success and the entire Account-Based Experience. You will want to choose a vendor who can help you optimize your programs from the top of the funnel to the bottom, and grow your customer’s lifetime value.

Some examples of metrics to measure include the volume and velocity of an account as it makes its way through the buyer journey. This helps you understand whether your programs are engaging enough as well as whether your sales cycle is too long.

A strong ABM vendor will also have different methods for measuring attribution since not all businesses are alike, and marketers love seeing attribution models so they can measure the success of their marketing efforts and ROI.

Other metrics to consider include advertising campaigns and website visits – but with an account-based lens. After all, you want to understand whether your advertising is reaching the right accounts and which accounts are engaging on your website. If you find you’re short-staffed, some ABM vendors offer strategic services to help you with your ABM strategy and measurement. To learn more about vendor onboarding and support, read the next section.

Because ABX has a different set of metrics than ABM, when it comes to measuring the performance of the ABM solution from the vantage point of the customer experience, the scope also changes.

The vendors on your shortlist should, among other features:

  • Offer a dashboard to measure ABM impact from across the funnel.
  • Track volume, velocity and conversion metrics for each journey stage.
  • Offer customizable subscriptions for all custom reports.
  • People and account based heatmaps.
  • Allow you to combine first party, third party, firmographic and technographic data for segmentation and reporting.
  • Allow you to compare the performance of different audiences or account lists and evaluate the impact of specific programs.
  • Enable you to see the engagement and activities that influenced the different stages of a deal cycle.

Measuring a journey and a relationship in the long term requires measuring as much data as possible, so find out if they also:

  • Centralize your existing data sources in one location?
  • Track B2B metrics by account?
  • Track and report on anonymous first-touch visitors by account?
  • Have strategic services in place to help you set up ROI reporting based on your strategies? Allow you to compare different timeframes for account stages?
  • Provide advanced BI capabilities for ABM?

The point of measuring is to take action based on knowledge and insights, and having an ABM solution that allows you to bring together all of the relevant data points for your decision-making is pivotal for the success of your business. Our agnostic Definitive Guide to Choosing an Account-Based Marketing Platform provides you with checklists like the one above as well as the reasoning behind the need for each of the features outlined in the ebook. Check it out and take advantage of the printable list we put together for your own use at the end of the guide.

Spotlight

Esanosys

As a trusted partner, it’s our goal to provide solutions that provide a higher ROI on your marketing dollars spent. Our demand generation solutions for Higher-Education center around a higher level of consumer consultation, improved efficiencies through stronger conversions and a best-in-class quality assurance program. Proprietary tools like our AMS (Admissions Management System) along with our incredible team puts us in a great position to produce unparalleled results.

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Article | August 8, 2022

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Esanosys

As a trusted partner, it’s our goal to provide solutions that provide a higher ROI on your marketing dollars spent. Our demand generation solutions for Higher-Education center around a higher level of consumer consultation, improved efficiencies through stronger conversions and a best-in-class quality assurance program. Proprietary tools like our AMS (Admissions Management System) along with our incredible team puts us in a great position to produce unparalleled results.

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Forrester | November 21, 2022

According to Forrester's (Nasdaq: FORR) 2022 Singapore Customer Experience Index (CX Index™), despite positive change in CX scores in 2021, financial services firms in Singapore have been unable to maintain that momentum, with average scores dipping slightly in 2022. Forrester's Singapore CX Index benchmarks the CX quality of financial services brands across automotive/home insurance and banking industries. It is based on a survey of more than 2,500 consumers in Singapore across 11 brands, including six insurers and five banks. According to Forrester's CX Index, how an experience makes customers feel, through a collection of positive or negative feelings, has a bigger influence on their loyalty to a brand than effectiveness or ease. Among customers of Singapore's banking industry who felt confident about a particular brand, 74% plan to spend more with that brand and will advocate for it. In contrast, of customers who feel disappointed in a particular insurer, just 11% plan to spend more and only 12% will advocate for that brand. Last year, the Singapore CX Index saw the highest level of positive change since its launch in 2018. Many brands, especially the insurance sector, which was heavily reliant on personalised service from agents, used the pandemic lockdowns as an opportunity to build CX equity with their customers. Unfortunately, most firms have been unable to maintain that trend in 2022. For example, the insurance sector saw their average score dip significantly, with five of the six brands losing ground. Similarly, with the exception of United Overseas Bank (UOB), the banking sector saw no significant positive change in their CX scores. In a turnaround of last year's performance, UOB jumped five points to offer the best CX of all the banking and insurance brands this year. The bank doubled down on digital experiences to deliver more emotionally positive interactions for its customers and improved its website and mobile app experiences. Income Insurance (formerly NTUC Income) effected a spectacular reversal in its ranking in 2022, going from last to first amongst automotive/home insurers. In a year that saw the decline of CX quality for all its peers, the company improved its website and mobile app experience score. "While financial services brands in Singapore were steadily improving their CX quality over the years, that has now plateaued and most are still offering just OK customer experiences," said Amit Bhatia, senior analyst at Forrester. "While financial services brands in Singapore were steadily improving their CX quality over the years, that has now plateaued and most are still offering just OK customer experiences," said Amit Bhatia, senior analyst at Forrester. "To achieve CX leadership, brands must dive deep into data to understand the key drivers that most influence customer loyalty to be able to prioritize their efforts." About Forrester Forrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We help leaders across technology, customer experience, digital, marketing, sales, and product functions use customer obsession to accelerate growth. Through Forrester's proprietary research, consulting, and events, leaders from around the globe are empowered to be bold at work — to navigate change and put their customers at the centre of their leadership, strategy, and operations. Our unique insights are grounded in annual surveys of more than 700,000 consumers, business leaders, and technology leaders worldwide; rigorous and objective research methodologies, including Forrester Wave™ evaluations; 70 million real-time feedback votes; and the shared wisdom of our clients.

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