You already know the drill for approaching target accounts with the correct ABM strategy. Therefore, after Identifying your target accounts and Understanding the decision-maker group in this account through account mapping you might have adopted a personalized approach. But, have you measured your success metrics? This is perhaps the final and most crucial step to ensure the best-fit ABM strategy for businesses. Here is why –
Continuous Analysis for Bigger Deals
ABM is exponentially proving to be the perfect answer to click more complex and bigger deals that come with a longer sales cycle. Thus, keeping no room for conventional marketing strategies that makes you wait until the deal is closed and then to analyze what worked or which didn’t. So, it’s essential to continuously track at what stage the account is in – Identified, Researched, Connected, Warm, Hot or Signed. Today, if you want it big then you can no longer trust traditional top-of-funnel statistical metrics but strictly on metrics on-the-go to gauge success during the entire marketing cycle and thereafter. You need to know how well you have penetrated into an account both in terms of depth and spread. Here Account mapping helps as it gives you visualization of the target accounts.
Quality Numbers & Not Quantity
ABM is not limited to quantity but significantly focusses on a quality number of target accounts. This signifies the need to start answering these questions from the preliminary stage – What are the number of accounts that you have reached? How many among them are relevant? Could your offerings engage them? Are your offerings aligned with their requirements? If you keep re-evaluating the entire process by answering the above, you can be assured of having the correctly measured success metrics of your ABM approach. In due course, you’ll also be stapled with quality numbers of engagement and not only quantity.
To Understand Velocity, Size & Rate
A continuous measure of your success metrics also tracks how many accounts have moved from one stage to another indicating your success in nurturing the accounts. Essentially, it also helps you to track the “BANK” score, Budget, Authority, Need, and knowledge connections in the account. The score indicates how qualified that account is to target and hence the priority. You’ll be empowered to leverage the success metrics based on 3-key metrics - sales velocity, deal size, and conversion rate. You need to know if you are able to penetrate into target accounts faster and with excellent quality of conversations which are need based and long term.
CLICK HERE to explore a holistic ABM approach that doesn’t allow you to compromise the quality of the in-depth intelligence that you need at the account level.