Putting ABM into marketing ROI
As digital channels have increased, so too have the metrics and science behind them – how many of us are now a dab hand in spreadsheets, web analytics and statistics?
As part of Momentum's ABM Innovation Lab we’ve been working with a few customers that are in varying stages of adopting account-based marketing. One of our first points of call was to look at how marketing ROI is measured, by examining key metrics.
Here’s what they included:
- Website visits
- Prospects converted to sales leads
- Conversion rates
- Likes and followers
- Lead to close ratio
- Clickthrough rates
- Cost per lead
- Conversion of pipeline opportunity
We took away three things from this.
Firstly, these metrics are very volume orientated.
Secondly, they focus on the interim steps towards ROI measurement, but without demonstrating overall customer profitability.
Thirdly, where is the customer in these metrics?
ABM lets you introduce metrics that make more sense in customer-centric context.
So as well as web clicks and conversions, we ask: How many strategic projects are your sales teams now involved in? What is the impact on customer satisfaction? What is the customer’s lifetime value?
This lets you balance a more traditional view of marketing’s impact with long-game metrics that gauge relationship strength, brand advocacy and customer perceptions.
As a taster here are a few success metrics our clients have seen with ABM:
- Increased win rates by 22%
- Accelerated team ramp up time 30%
- Improved value of marketing to sales by 90%
As the old aying goes: ‘what gets measured, gets done’. By adding ABM metrics to the mix, you start to drive activity around customer profitability and relationship sustainability.