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Fishing With Spears: All About Account-Based Marketing
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Account-based marketing (ABM) is quickly becoming the next big thing in B2B marketing. In fact, the ITSMA says that “ABM delivers the highest Return on Investment of any B2B marketing strategy or tactic. Period.” If you support sales teams selling six- and seven-figure deals, then this is the presentation for you! Download this presentation to see why ABM is generating so much buzz, and to get practical tips for launching or scaling your ABM programs. 1. How ABM is different from traditional demand generation (fishing with nets) 2. Best practices for understanding target accounts, orchestrating integrated account plans, and measuring the impact of your ABM efforts 3. The right ways to market to current customers for cross-sell and retention Key takeaways include: Account-based marketing coordinates personalized marketing and sales efforts to land and expand specific accounts ABM = focus = zero waste, better results ABM delivers the highest ROI of any B2B marketing strategy or tactic Great ABM requires great account knowledge Create content that the right people in your target companies actually like to read and share There is no magic campaign; success comes from a mix of integrated tactics The “law of large numbers” breaks down in account-based marketing; measure ABM success via engagement and lift
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Fishing With Spears: All About Account-Based Marketing
- Fishing With Spears: All About Account-Based Marketing Jon Miller, Founder and CEO @jonmiller
- Agenda ABM Market Map The 7 ABM Processes From Leads to Accounts
- @jonmiller From Leads to Accounts
- Different Demand Types SiriusDecisions Account Based Marketing Demand Generation Account Type Pipeline KPI Averages Large: Strategic Enterprise Named/Territory Small/Midsize and Non-Named Influenced: 60-75% Sourced: 15-25% Influenced: >75% Sourced: <10% Influenced: 50-60% Sourced: 25-45%
- @jonmiller Salespeople never talk about how many leads they’ve closed. They talk about how many accounts they’ve closed.
- @jonmiller Account Based Marketing A strategic approach that coordinates personalized marketing and sales efforts at named accounts.
- @jonmiller Account Based Marketing A strategic approach that coordinates personalized marketing and sales efforts at named accounts. ABM targets specific accounts
- @jonmiller Account Based Marketing A strategic approach that coordinates personalized marketing and sales efforts at named accounts. a way of doing business, not a campaign or tactic
- @jonmiller Account Based Marketing A strategic approach that coordinates personalized marketing and sales efforts at named accounts. focus = more insights = more relevance
- @jonmiller Account Based Marketing A strategic approach that coordinates personalized marketing and sales efforts at named accounts. a close collaboration required for success
- ©2016 Engagio, Inc. All rights reserved. Nets versus Spears Demand Generation Account Based Marketing
- Demand Generation Land and Expand Account Based Marketing
- Zero waste strategy! How does ABM return on investment (ROI) compare to other marketing initiatives? % of respondents (N=38) The more practical ABM payoff (2014 results) Significantlyhigher Somewhathigher Same 42% 42% 16% DataSize 26% CloseRate 75% Velocity 7% © March 11, 2016 Engagio, Inc. All rights reserved.
- ABM Today is Like Like Lead Nurturing in 2008 • Returns on inbound flattening • Marketing and sales ready to work together • Technology is emerging The Next Big Thing? Google Trends
- @jonmiller The Seven ABM Processes
- ABM planning starts with the account, not the offer ©2015 Engagio, Inc. All rights reserved. #FlipMyFunnel What do we want to say? (offers) Who should we say it to? (segments) Who are we trying to reach? (accounts) What should we say? (content) Where should we say it? (channels) Where should we say it? (channels) DEMANDGENABM
- ACCOUNTS CONTACTS INSIGHTS CONTENTINTERACTIONS ORCHESTRATION MEASUREMENT ABM Market Map WHO WHAT WHERE
- ACCOUNTS CONTACTS INSIGHTS CONTENTINTERACTIONS ORCHESTRATION MEASUREMENT ABM Market Map WHO
- Tier # of Accounts Insights Tactics “Classic” Tier 1 5 to 50 [Tens] Full profiles Quarterly updates • Bespoke 1:1 Campaigns “Lite” Tier 2 ~200 [Hundreds] Basic account profiles Annual updates • 1:Few Campaigns Tier 3 1000s [Thousands] Industry or segment • Traditional Marketing with Account Targeting • MQAs Styles of ABM
- Level 1: Reps Self-Select Level 2: Basic Data Level 3: Advanced Level 4: Predictive Analytics Sophisticated predictive scoring and modeling. Adding purchased data and more advanced scoring or modeling Adding in manually collected data and simple scoring Based on intuition and experience.
- Manual Build Your Database With the Right Contacts for Each Persona at Target Accounts ©2015 Engagio, Inc. All rights reserved. Purchase Predictive Representative companies; not exhaustive
- ACCOUNTS CONTACTS INSIGHTS CONTENTINTERACTIONS ORCHESTRATI ON MEASUREMENT ABM Market Map WHAT
- With #ABM you need to knock on people’s doors. – @jonmiller ©2016 Engagio, Inc. All rights reserved.
- Opt out, tune out, toss out
- Outbound Does Not Mean Interruption Account-based marketing applies best concepts from demand generation to outbound prospecting: • Content driven • Helpful and valuable • Focused on the buyer, not the company • Personalized and relevant ©2016 Engagio, Inc. All rights reserved. No Cold Calls
- Market * Company * People * Relationships History * Connections * Door Openers ©2016 Engagio, Inc. All rights reserved. Three most important factors in enterprise decision: • Knowledge and understanding of my unique business issues • Knowledge and understanding of my industry • Fresh ideas to advance my business ITSMA “75% of executives will read unsolicited marketing materials that contain ideas that might be relevant to their business.”75% 25% Yes No
- Content Personalization Spectrum ©2016 Engagio, Inc. All rights reserved. “Persona plus Industry is where the magic happens.” Johan Sundstrand, Freya News
- ACCOUNTS CONTACTS INSIGHTS CONTENTINTERACTIONS ORCHESTRATION MEASUREMENT ABM Market Map WHERE
- Account Based Marketing Channels • Events (Owned and 3rd Party) • Direct mail • Account development / SDR • Online advertising • Web personalization
- Events Are a Big Part of ABM Tip: executive invites come from someone with an equal or higher title ©2016 Engagio, Inc. All rights reserved. • Owned events • Meetings at 3rd party events
- Direct Mail ©2016 Engagio, Inc. All rights reserved.
- ABM Sales Development ©2016 Engagio, Inc. All rights reserved. Tip: measure quality of interactions, not just quantity Human email is the most important channel for outbound account based marketing
- ©2015 Engagio, Inc. All rights reserved. Display Advertising • IP-Based • Proactive Retargeting • LinkedIn • Facebook • … more Example: Custom Content + Facebook
- Orchestration: It’s not about any one tactic; it’s the MIX of touches that drive success.
- BUYING CENTERS JOURNEYS PLAYS TACTICS Accounts have one or more buying centers Buying centers go on Journeys towards a Goal Plays synchronize Tactics and activities into coordinated plans to achieve Goals Tactics are specific marketing programs or activities
- SELECTION CONTACTS INSIGHTS CONTENTINTERACTIONS ORCHESTRATION MEASUREMENT ABM Market Map
- ©2016 Engagio, Inc. All rights reserved. • Account-centric metrics • Quality, not quantity • Long development cycles • Influence
- Engagement • Higher engagement means deeper commitment • It’s about time: use the number of minutes that someone spends with your brand • Track everything, online and offline ©2016 Engagio, Inc. All rights reserved. Concept 1
- Lead to Account Matching ©2016 Engagio, Inc. All rights reserved. Concept 2 Leads Leads in SFDC are not connected to the Account object Account • Routing problems • Can’t tie activity to the right account • Hurts campaign attribution
- Lead to Account Matching ©2016 Engagio, Inc. All rights reserved. Concept 2 Leads Account • Fuzzy logic • Powered by Leadspace
- Coverage Do you have sufficient data, opt-in contacts, and account plans for each target account? ©2016 Engagio, Inc. All rights reserved. “Big 5” ABM Metrics (1a)
- Coverage How well are you adding new / engaged people to the database? Director-level and above? ©2016 Engagio, Inc. All rights reserved. “Big 5” ABM Metrics (1b)
- Awareness ©2016 Engagio, Inc. All rights reserved. “Big 5” ABM Metrics (2) Which target accounts have any awareness of us? Are they visiting the website?
- Engagement ©2016 Engagio, Inc. All rights reserved. “Big 5” ABM Metrics (3a) Are the right people at the account spending time with your company? Is that engagement going up over time?
- Engagement ©2016 Engagio, Inc. All rights reserved. “Big 5” ABM Metrics (3b) Is that engagement going up over time?
- Engagement ©2016 Engagio, Inc. All rights reserved. “Big 5” ABM Metrics (3c) Marketing Qualified Account (MQA): An account (or discrete buying center) that has reached enough aggregate engagement. Which accounts are engaging the most?
- Don’t count the people you reach; reach the people that count. – David Ogilvy
- Program Reach ©2016 Engagio, Inc. All rights reserved. “Big 5” ABM Metrics (4) FOCUS %ofsuccessesfrom targetaccounts COVERAGE % target accounts with a success Are marketing programs reaching the target accounts? How much waste is there?
- Program Impact ©2016 Engagio, Inc. All rights reserved. “Big 5” ABM Metrics (5) • “Top 25% engagement = 18% faster sales cycles.” • “Accounts with >three engaged contacts = 15% higher contract values.” • “Accounts that attended that dinner = 16% more movement to next opp stage.” How are the ABM activities improving sales outcomes such as deal velocity, win rates, average contract values, retention, and net promoter scores?
- Coverage: Awareness: Engagement: Reach: Impact: Do you have sufficient data, contacts, and account plans for each target account? Are the target accounts aware of your company? Are the right people at the account spending time with your company, and is that engagement going up over time? Are marketing programs reaching target accounts? Are ABM activities improving key sales outcomes?
- Impact: Coverage: Awareness: Reach Engagement: Are ABM activities improving key sales outcomes? Do you have sufficient data, contacts, and account plans for each target account? Are the target accounts aware of your company? Are marketing programs reaching target accounts? Are the right people at the account spending time with your company, and is that engagement going up over time?
- @jonmiller ABM Market Map
- May 2016 Oct 2015 EOY 2016
- @jonmiller engagio.com/Guide Get your free copy today! The Clear and Complete Guide to Account Based Marketing
- • Account based marketing coordinates personalized marketing and sales efforts to land and expand named accounts • ABM delivers the highest ROI of any B2B marketing strategy or tactic • Outbound does not necessarily mean interruption; use account-specific content to reach out • There is no magic campaign; success comes from a mix of integrated tactics • Leads are insufficient to measure account-based marketing; measure via coverage, awareness, engagement, reach & impact Tweetable Takeaways @jonmiller
Editor's Notes
- ABM is an investment in time and resources so you MUST focus on accounts with highest ROI
- ABM is an investment in time and resources so you MUST focus on accounts with highest ROI
- Why now? What about mobile, social, cloud, etc. makes this inevitable? Harder than ever to reach decision makers with traditional tactics New ways to reach buyers (individually-addressable touch-points, real-time ad buying) Shift from campaign-marketing to “always on” mindset requires integration Big data / predictive analytics allow marketers to understand the complexity of relationships and buyer context, and match personalized content accordingly Buyers delaying engagement with sales ; harder to reach CXOs {happened in velocity, needs to happen in XYZ} Decomposition of the nice/clean customer funnel… no longer just awareness, familiarity, consideration, etc. Useful model, but. Really a set of nodes, interactions (through a connected device) New ways to reach buyers Proliferation of “connected customers” and customer data -- smart phones, smart devices (50B connected devices) behind every device is a customer → data proliferation From campaigns to “always on” Big data / predictive (understand the complexity of the relationships, context) Needs new ways to measure
- Wrong: what we want to say, how we want to say it target the right people RIGHT: who we want to target what and how to say it
- ----- Meeting Notes (8/4/15 13:26) ----- account-based on Sales and Success; not marketing open to influence as a metric demandbase: vertical audiences T1: 300 top accounts (whales) T2: 300 next
- ----- Meeting Notes (8/4/15 13:26) ----- account-based on Sales and Success; not marketing open to influence as a metric demandbase: vertical audiences T1: 300 top accounts (whales) T2: 300 next
- ----- Meeting Notes (8/4/15 13:26) ----- account-based on Sales and Success; not marketing open to influence as a metric demandbase: vertical audiences T1: 300 top accounts (whales) T2: 300 next
- Need to LISTEN
- “You’re going to have to spend some money to be really good at account based marketing. But it’s OK because it’s the accounts that will make you the most money.”
- ----- Meeting Notes (8/4/15 13:26) ----- account-based on Sales and Success; not marketing open to influence as a metric demandbase: vertical audiences T1: 300 top accounts (whales) T2: 300 next
- Many of the best high-level executive events include unique, ‘money can’t buy’ experiences. Earn the list of attendees For marketing invites, list should be 4-5x desired attendance
- Offer charitable donation, or ipad, or airline voucher in exchange for a meeting Don’t ignore the team
- Targeting outreach campaigns by account enables Cloudera SDRs to research individual accounts and buyers and speak to their exact pain points. As a result, these campaigns produce a 60% open rate, 31% response rate, and massive increases in both net-new opportunities and add-on business from current customers.” TOPO: Cloudera Case Report, September, 2015 Sales Development – or Prospecting – is the heart of every ABM program. It combines email, phone calls and the personalized end of social media interactions into a coordinated series of engagements that develop and deepen relationships. use all the account insight you’ve generated to prove to the prospect that you understand their challenges and have a unique approach to solving them
- More = Google PPC targeting now, future Uber cars
- “It takes an average of 9.82 touches to engage with a prospect. We also find that senior executives are 2.5 times more responsive to quality multi-touch campaigns than are junior executives.” Dan McDade President & CEO, PointClear ----
- ----- Meeting Notes (8/4/15 13:26) ----- account-based on Sales and Success; not marketing open to influence as a metric demandbase: vertical audiences T1: 300 top accounts (whales) T2: 300 next
- The “law of large numbers” breaks down in narrow funnel -- can’t use vanity metrics, can’t count on volumes Only need one deal to make a program ROI look good – noisy data
- Including MEETINGS
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