This is how to measure your ABM efforts

It's widely acknowledged (or at least it should be) that ABM is not a quick fix. Much like marketing in general and brand building, it demands persistence and repeated exposure before you become top-of-mind. Yet, patience tends to run thin among many CEOs and CMOs who are eager to see immediate results.

That's precisely the reason I make it a point to establish clear expectations around the metrics we can track and the timing for each of the measurements. So, here's essentially what we're zeroing in on:

The Importance of Early Metrics (First Few Months)

The Initiation Phase: As you kick off your ABM activities, the initial data might seem basic, but it's golden. Keep your eyes peeled for:

• Account Engagement: From your total ICP, how many accounts have engaged with you (With ads, emails, meetings, events). The idea is to increase the number of accounts engaging with you on a monthly basis. A rule of thumb for a paid campaign, for example, would be to have 25% of the accounts you target, clicking on the ads. Any less, and you're off with either your messaging or targeting, or both....
• Engagement Depth per Account: Beyond just clicks and time, how deep does the engagement go? Are key people from your account engage with your social media efforts? Are certain accounts downloading your whitepapers or signing up for webinars? For example, finding that 30% of a targeted account's stakeholders have interacted with your high-value content can signal strong engagement.
• Email Sequences Open & Reply Rates: For targeted personas, track not just the initial open rate, but also the follow-through in email sequences. Are they engaging over time? A steady increase of email clicks and replies is expected if you're engaging with your accounts on an ongoing basis.

Mid-term Assessment (3-4 Months into ABM)

The Evaluation Phase: As your ABM strategy starts to mature, additional insights to look out for are:

• Ratio and Quality of Sales Meetings: It's not just about more meetings (though it is); it's about better meetings. Are the meetings with targeted accounts more productive, perhaps quicker to get to the point, or featuring higher-level decision-makers? This qualitative data can be as telling as quantitative metrics.
• Account Penetration: How many contacts within one targeted account are you engaging with? ABM isn't just about reaching an account but penetrating it deeply. Seeing a rise in the number of engaged contacts within an account can indicate growing interest and influence.

Long-term Impact (6-7 Months into ABM)

The Maturation Phase: When ABM starts showing its true colors, consider these additional metrics:

• Accelerated Opportunity Creation: Did you see an uptick in both the quantity and velocity of new opportunities within targeted accounts? This demonstrates ABM's efficacy in quickly aligning your offerings with the needs of the most relevant prospects.
• Enhanced Opportunity Value: ABM also significantly impacts the average deal size from targeted accounts versus non-targeted ones. This underscores ABM's ability to focus your sales efforts on more lucrative segments, optimizing your marketing spend and sales efforts for higher returns.

The Long-Haul (12 Months+ Into ABM)

Optimization and Expansion Phase. Leveraging the insights, relationships, and successes to further refine and scale the ABM strategy:

• Customer Advocacy: Are any of the targeted accounts turning into advocates for your brand? This could be through testimonials, case studies, or referrals. Such advocacy is a strong signal of ABM success beyond just revenue.
• Lifetime Value (LTV) Increase: For customers won through ABM, is there an increase in LTV compared to other acquisition channels? This might actually take longer to measure but is a crucial indicator of the quality and fit of ABM-acquired customers.

Setting the Right KPIs

As you navigate your ABM journey, setting KPIs that reflect both industry best practices and your unique insights is key. This dual focus will ensure you're not just on track, but also innovating and refining your approach based on real-world feedback and results.

Account-Based Marketing (ABM) isn't a quick dash to the finish line; think of it more as a carefully planned journey that unfolds over time. It's all about staying patient, diving deep into the details, and being alert to both the clear-cut and the subtle signs along the way. To really get ABM right, widen your lens to consider a variety of metrics and stay flexible in your definition of victory. The secret to winning at ABM lies in grasping its enduring nature and diligently monitoring every phase of the journey. So, keep your focus sharp and your energy high for the extended adventure ahead.