Account Based Marketing Metrics You Need To Understand
Whether you have an established account-based marketing strategy or are just starting out, understanding the relevant metrics and how to measure success is key to determine where to go and how to get there. Businesses transitioning to an account-based marketing strategy need to develop new goals and KPIs to determine success and anticipate challenges that might emerge.
While some may consider measuring marketing success as straightforward, that isn’t the case here.
Why Are Account Based Marketing Metrics Different From Other Performance Indicators?
The first thing to understand about account-based marketing metrics is how they can give you a more cohesive look at each account. When you have a smaller proportion of leads, engaging and interacting with those accounts in the right way is imperative.
When you think about it this way, using conversion rates, for example, might not be the best metric of your team’s successes.
What does matter? You want to know the metrics about lengths of deals, deal sizes, cycle length, and individual steps within the progression. To do this, your metrics need to hone in on engagement and other key factors that will show success – or reveal weaknesses.
Types of Account Based Marketing Metrics: What Matters and What Really Matters
When working with any account based marketing metrics, there are some clear standouts that need your attention – and then there are vanity metrics that you may need to monitor, however you shouldn’t put all of your focus onto them.
The most important metric for many people will be engagement. This metric answers the question: Who is engaged in your product or service and how interested are they really? These are the people who spend time on your website, looking at content and determining whether or not your offering suits their needs. These are the people who look up reviews or keep coming back to your website.
Measuring the amount of time that someone devotes to your brand, whether that is researching, consuming content, viewing videos, or simply monitoring social media pages, are all indicators of how interested a prospect may be. We do this using predictive analytics (see more about that here). Utilizing this approach then allows you to measure the success of your marketing programs and get significant information that your sales team can use to then turn that prospect into a paying customer.
Another metric to measure is the awareness of your products and services. Do your ideal clients know your company’s name, your products’ names, or what you offer? Brand awareness is vital, so having the right metrics to measure this can help you to determine what is working and what isn’t in your brand marketing. Web traffic, email openings, event attendance, phone calls answered, and even form submissions can help to measure this information.
One thing to consider when looking at account based metrics is how much ground you cover. Do enough people know who you are? Of those people who know who you are, how many are your ideal clients? You can have thousands and thousands of hits on your website every day, but if they are all from the wrong segment, you won’t see progress. Account based metrics help to monitor the quality of your leads and website traffic. This helps with website content creation, account-based marketing, social media marketing, event preparation, and much more.
The final two metrics that you need to understand tend to go hand in hand: the reach you have and the influence you make. First, you need to understand whether or not your target accounts are actually being reached. You can track success in many ways, depending on what your marketing strategies are.
Once you are sure that you are reaching people, you want to ensure that you are making an impression on those people.
Account Based Metrics For Sales Teams: It All Matters
With account-based marketing, more traditional sales metrics still have their uses. Concentrating on the metrics that matter gives your team a clearer understanding of what success means and what it doesn’t mean – without getting false positives or negatives. Instead, your team will be able to create common measurements that they need to hit to declare something a success.
Primarily, activity is a major metric for your sales teams: are the doing things correctly. Look at what each member of the sales team is doing on a daily basis (making phone calls, writing emails, completing key tasks, etc.) and whether they are leading to meaningful conversations and, ultimately, conversions – these are the outcome-based metrics that you need to measure. Not only should you track conversions, but pipeline length, revenue generated, and even relationships forged from those efforts.
Looking For Account Based Metrics That Are Easy To Understand & Show You What You Want (And Need) To See? Contact MRP Today.
At MRP, our software and tools help you to perfect your account based marketing process, turning your target accounts into closed deals. At the same time, we help to provide you with detailed, insightful metrics that can help you to make key decisions in an instant. CLICK HERE for more information about sales qualification, account-based marketing, and how to streamline your process.