I have yet to meet a company only doing account-based marketing (ABM). If a company is doing ABM, it doesn't mean they completely stop doing demand generation. We’re no different at Bizible. That’s one reason I coined the term account-based demand.
After a long run of exclusively doing demand generation, we started to see the value of ABM when our average deal size reached about $24,000 of yearly revenue. Because we now do both ABM and demand generation, we think of about measurement of the two holistically: company growth is always the eventual goal of our marketing and the best way to measure that is with revenue.
Before we get too deep in the measurement of our marketing, let’s first look at how we do marketing. For ABM specifically, we have a number of marketing technologies which are critical to our execution success.
Executing Account-Based Marketing
For account targeting, we use Mintigo to identify appropriate accounts and Zoominfo to find contacts to supplement inbound demand. For account prioritization and lead to account mapping, we use Bizible. More on that in a bit. For execution we use PFL and Sendoso for direct mail, Outreach for outbound email and phone call, and LinkedIn for ads. Finally, for measurement we use Bizible.
Before we can do any ABM measurement, we first needed to score out accounts and, well, do ABM. Using Mintigo, we scored our target accounts and assigned a grade between A and F. We run different plays based on the grade, essentially increasing engagement and personalization as we get closer to A grades.
Since we are executing against and measuring accounts instead of people, we need to connect leads to accounts. Since this functionality is not native in Salesforce, we use Bizible in order to do this. Bizible maps leads to accounts based on a number of factors, from email and website, to company name and more.
Finally, knowing which accounts to prioritize is incredibly valuable. Yes, we use Mintigo to score accounts based on firmographics, but now we need to score accounts based on engagement. We use Bizible’s ABM functionality for this, specifically the Predictive Engagement Score. If the account has A engagement, then it’s ready for sales involvement. If it has D engagement, then marketing needs to spend more time educating.
Essentially, Bizible scans the CRM activity/task and creates touchpoints based on rules. We have two main rules: one to create a touchpoint for a connected call and another for an email reply from our outbound efforts. Here’s what it looks like in Bizible:
Account-Based Marketing Reporting
As I mentioned earlier, we think about ABM and demand generation holistically. For reporting, there is actually little change from demand generation. The goal of our marketing is company growth, measured as revenue and ROI using a custom attribution model. Leading indicators of success are net new opportunities using a W-shaped attribution model and contact creation using a U-shaped attribution model. Below shows what it looks like to set up a custom attribution model.
Of course, the reports have a little bit of modifications. First, we only include qualified accounts in our reporting. Since we grade all our accounts, we simply limit reporting to A,B, and C accounts. Next, we have custom marketing channels for ABM-specific efforts, i.e. our outbound team (BDR) and Direct Mail (PFL and Sendoso).
We also look at how many contacts the marketing team is generating for sales based on the grade of the account:
The one big change for ABM is the addition of another leading indicator: engagement by account measured by number of touchpoints.
That’s it! To recap, company growth as measured by revenue is still the goal. Some of the other keys for our success include:
Operations: Lead-to-account mapping & engagement score
Tracking: Activity Attribution for our BDR / outbound efforts
Reporting: Same reports as demand generations + engagement + custom modeling for full funnel
For a complete guide on measuring the business impact of account-based marketing, including step-by-step instructions on generating advanced metrics, read the ebook below.