As with any investment, there is a need for constant analysis of progress and adjustments. Marketing is consistently exceeding their SMART goals; return on marketing efforts and progress towards key performance indicators (KPIs) are simple to track; and sales and marketing work side by side as a well-oiled machine. Whereas the goals of account-based marketing (ABM) campaign are to create success for your organisation with precision and create long last engagement with targeted accounts.
While there 3 key aims of ABM’s success as below:
- Relationship: Has the account changed how it relates to your business or your content? Has your access to top-level executives increased?
- Reputation: Has your brand awareness increased within the target account? Have you earned the support of the target prospect for your vision, or positioning as the present or future market leader?
- Revenue: Which part of the purchasing process have your accounts reached? Have you closed any deals? Did you get a larger or smaller deal? Has the effort opened other opportunities within the account?
While these are eventually required for a successful account-based marketing campaign, there may be challenges that a typical marketer faces on a daily basis. Here are a few examples:
- Inadequate visibility into marketing attribution and understanding of which channels are appropriate for their organisation
- Inadequate historical data to properly establish benchmarks and KPIs
- Inadequate technology to coordinate marketing and sales efforts
- Insufficient time to be proactive rather than reactive in marketing
We can overcome many of the aforementioned roadblocks by being more strategic with our marketing strategy and spending. Account-based marketing is an important strategy to include in the mix (ABM).
Fixing your Account-based marketing approach to evaluate the campaign:
- Identifying roadblocks in ABM
- Measuring The Success Of Your ABM Campaign
- Well-defined and implemented ABM strategy
1. Identifying Roadblocks in Account-Based Marketing
Account-based marketing is one of several effective marketing strategies that aim to break down data, technology, and team barriers. Not only that, but ABM is a critical component of achieving a return on investment (ROI) on your marketing spend and forces your marketing team to think strategically.
ABM give an opportunity for the enterprise to create a custom journey and communication plan for high-value accounts based on their needs in the market. Creating a personalised Buyer’s Journey and tailoring all communications, content, and campaigns to those specific accounts will result in an incremental relationship, reputation and eventually revenue.
2. Measuring the Success of Your ABM Campaign
The success of your ABM campaign is only as good as the data you have available. It is equally important to be methodical in your planning and execution as it is to be thoughtful in your continuous review of your results. Using a marketing platform like HubSpot or Marketo allows you to track and execute everything in one place.
Most importantly, keep in mind that your campaigns will be iterative, and you can continue to evolve your tactics based on the ebbs and flows of performance. You will see success if you take the time to plan, measure, and align your teams so that you present a unified front with your account-based marketing strategy.
3. Well-Defined And Implemented – To be precise, an ABM strategy helps your team reap the following benefits:
1. Attribution-A detailed analysis of marketing Return on investment and attribution
2. Alignment: various team alignments, marketing and sales alignments, and technology alignments are all examples of alignment.
3. Being Proactive-Taking a proactive approach to marketing (rather than reactive)
4. Increased visibility: improved brand relationships and awareness because of increased exposure to key stakeholders and accounts.
5. Reporting KPIs-Consistent monthly reporting and tracking of key performance indicators (KPIs) so that your team can set benchmarks and track progress accordingly with smarter spending of your future budget.
Planning Your ABM Strategy encourages account engagement and cross-functional relationships with various teams. Create a mechanism for measuring campaign metrics, channels, and attribution for all campaigns to ensure campaign success.