My Terminus ABM Journey: Don't Make the Mistakes I Did
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This document discusses account-based marketing (ABM) with Wyng. It provides an overview of how Wyng identifies target accounts, expands into those accounts through advertising and tools, and engages accounts through various channels including personalized content. Charts show that after implementing ABM, Wyng saw a higher percentage of bookings from target accounts, as well as a 20% increase in average order value, demonstrating the effectiveness of focusing marketing efforts on the right accounts.
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My Terminus ABM Journey: Don't Make the Mistakes I Did
- 1. Account-Based Marketing with Wyng Jeff Soriano Senior Director of Demand Generation at Wyng
- 5. Are we doing ABM?
- 8. IDENTIFY - ICP Verticals = Retail, CPG, M&E Annual Rev= >$50M Titles = Social, Digital, Brand ACCOUNT BASED ADVERTISING Madison Logic LinkedIn Leadspace Terminus
- 9. EXPAND Salesify – Account Gap Analysis Terminus RainKing ENGAGE – OMNI-CHANNEL Terminus BWG Marketo Calling Campaigns Triblio
- 11. NO TOUCH ENGAGEMENT MODEL
- 12. FRAMEWORK
- 13. PLAYBOOK ç
- 14. MID-TOUCH – RELEVANT CONTENT Hello First Name, As the Title at Company, I’m curious if you face any of the following challenges: Dynamic content based on title Here are some great examples of how we have worked with other Industry companies to overcome those obstacles. Dynamic content based on industry If any of this peaks your interest please…
- 15. HIGH TOUCH – PERSONALIZED CONTENT
- 16. BEFORE ABM 46% of bookings from ICP accounts AFTER ABM 66% of booking from ICP account 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Before After No ICP Agency Mid-Market Large Strategic
- 17. 20% INCREASE IN AOV Focused on the right accounts and the right people Before After AOV
- 18. • In addition to ABM there is ABA • ABM is an omni-channel strategy • Develop a model for potential and align it to engagement models
- 19. Questions
Editor's Notes
- Foundation of challenges but Sales wants good Leads, UNICORNS All have similar challenges, reaching prospects has gotten harder and harder Inboxes are flooded, social feed inundated with sponsored posts and retargeting Traditional methods are not as effective as they were even 12 months ago Sales still wants quality and quantity, not crazy But want thousands of magical leads from big name companies, in a buying cycle, VP or C-Level, hate all competitors
- Ask if people relate, boss asking if we’re doing ABM in this context How many can relate to this? And who else is expected to generate unicorns with flat budgets and headcount allocations? We’re doing a of the traditional stuff and it wasn’t working And when we did generate good stuff it wasn’t converting to SQOs (which is our goal) So one day in a meeting while discussing all of this my boss said the three letter we have all come to know…ABM And this was the context of how he said them
- Boss doesn’t know what it is, I don’t know where to start, today is about my journey and not making same mistakes “are we doing ABM?” Honestly I don’t know if my boss, our CEO, really even knew what ABM was but based on all of the hype he knew enough to ask if we’re doing it So the answer was no, and candidly while I knew what ABM was I didn’t really know where to start. I figure many of you have been there too So today I thought I would take you on my ABM journey so you could learn from the ups and lots of downs that I had.
- Overview of ICP, ABM becomes strategic imperative, Gap analysis, Kelly “Lists are resources not Lead sources” Light bulb, doing it wrong So my journey started back in Q3 of 2015 when we gathered our executive team to re discuss our ideal customer profile. We wanted to get really aligned around who would make a good customer for Offerpop, and that exercise would ultimately define marketing’s focus and spend In doing so the phrase ABM started coming up over and over, and it became a “strategic imperative” that we launch our first ABM program at the start of Q4. We quickly started developing our named account lists and reviewing Salesforce to see how many of those accounts existed, how many contacts we had on each, and did gap analysis on which were missing the key roles and functions that we want to sell to We then did the natural next thing, we starting looking for a vendor who could fill those gaps. This is where I took my first wrong turn Yes doing gap analysis on your accounts and plugging those holes is the right thing to do, but how we executed wasn’t really ABM We created a very generic email nurture campaign for these people and simply because they worked at companies we wanted to target we called it ABM In reality what we had did was bought a list and built a nurture stream And as one of my mentors, Kelly Ford who you will hear from later today always tells me, list vendors aren’t a lead source they are a resource. To that point she even wrote a blog about it so she could really call me out. You’re the best Kelly! The key learnings were that these were essentially cold conversations, that were super generic, and it was all happening in a singular channel, email And most importantly we weren’t driving results This is when the light bulb went off, and by light bulb I mean Kelly told me...your doing this wrong I started doing more research on ABM and this is when I was introduced to the concept of flipping my funnel
- Differences between ABA & ABM (Rodrigo ABA, Joe Chernov ABM example) I had built a plan to identify people, a bad one, but certainly didn’t have one to expand, engage or drive advocacy I had to go back and think about this differently, and specifically think about lead generation within target accounts vs account penetration within those companies Borrowing a term from a peer of mine, Rodrigo Fuentes from ListenLoop, I needed account based advertising AND account based marketing. ABA is about lead gen, or driving people from target accounts into the top of the funnel While, in my humble opinion, ABM is about progressing people through the funnel, expanding reach in an organization, and therefore aligning content to where they are in the journey. For example, I would like to thank Joe Chernov for these great socks. I got a direct mail piece from InsightSquared that both called out the value prop of their platform and aligned it to the fact that I’m in their sales cycle longer than average, tying it to a DM piece saying don’t get cold feet Each is super important, ABA and AMB, but need to be thought of differently, and require different technology and partners to support success
- Overview of ABA about making convos warmer and expanding Lets start with ABA, this about working with vendors and tech to find the best ways to specifically target people from named accounts in order to get them to become a new lead. The importance of this vs my first stab at ABM is that now these people are not completely cold, and there is a relevant reason to have a conversation with them To do this we leveraged LinkedIn and a content syndication vendor Madison Logic They were able to help us drive inbound leads specifically from the companies we had identified It is important to note that at the same time we were still doing more traditional ads targeted by job function, role, industry, job level etc because ABM and Inbound marketing can coexist and together help you achieve your goals To ensure this aligned to our ABA/ABM strategy we leverage a tech partner called LeadSpace that enriches Leads when they come into our db. We are able to get info like Industry, employee count, annual revenue, etc without asking those questions of forms If someone matched our ICP criteria they would get moved to our ABM programs...more to come on that Between these two approaches we were able to hit our MGL goals, and over 60% of our new leads were either in our ICP or at named accounts Once they were in our db we then moved from ABA to ABM This is where we went from identifying people to expanding our reach within those organization
- Overview of ABM vendors, move to scalable and relevance, introduce potential Before I get more into the model we built for our ABM programs here is a quick overview of the technology and partners we are leveraging to tackle the expand and engage portion of flipping our funnel With these tools in place we knew we were ready to successfully take on ABM Now there is no question that ABM has to be personal, meaningful, and relevant but there are different levels of personalization and relevance And some are scalable and some are not, but some accounts are worth more, or have more potential than others, and therefore need to be treated differently This is important to note, so determining a way to understand potential is important
- How you determine potential, some examples, correlate to engagement models You need to have that understanding of potential and then build engagement models to support potential. And the more potential the more customized, personal, and relevant you make the campaigns I’m not going to break down how we determine potential 1) because I can’t give away all of my secrets 2) because not everyone has the same ways of determining it But I will give you some examples Tech someone uses, geography, revenue, advertising spend, size of certain departments. Etc So once you have a model in place to understand potential you need to build engagement models The more potential the more custom the ABM program is We correlate potential to High Touch, Mid-Touch, No-Touch
- We’ll start with no touch because it’s the easiest to understand, if you’re potential was in the lower left of our matrix you weren’t going to have any ABM programs or budget dedicated to you You would go into a standard nurture stream with scoring If a lead came in that wasn’t in our ICP we didn’t ignore it, but again we weren’t putting effort or budget into it
- Start with customer journey framework, is really for both mid and high but relevance and personalization is different When diving into our next two engagement models (mid-touch and hightouch) we first started by developing a framework for the customer journey We determined what questions people would have at each stage (industry and role specific is the ultimate goal) We then aligned our content to speak to those questions and developed our “tipping points”. In other words what would drive someone to the next stage In tandem we were discussing channels because obviously different forms of content work better or are more appropriate for each channel And while our approach, and levels of personalization, were different for mid-touch and high-touch the framework was essentially the same
- The playbook is about exactly what you do at each step, who does it, aligning messages, timing and cadence. Walk through it and tech involved Next we dove into our playbook, and this is something that everyone needs to develop It’s in your best interest to do this with your Sales leaders to ensure everyone is aligned to the cadence, goals, etc Again, while our approach and levels of personalization were different for the various engagement models the basic playbook was the same We didn’t want to introduce too many variables, and the larger numbers gave us statistical validity to any learning we would gain from the programs For the mid-touch playbook we automated email outreach from BDRs via Marketo and created tasks in Salesforce for them to call certain people based on their behaviors and actions. We scored things like content consumption within periods of time to understand intent. As someone moved through the journey they would then qualify to be in different Terminus campaigns that were built to expand our reach within each company/brand Those programs were also aligned to movement through the journey We created rules leveraging fields, like status, to measure the effectiveness of those programs in supporting pipeline movement On the other hand all of the outreach in the playbook for high-touch accounts was done by an actual person. The level of customization to emails, content, etc makes it impossible to scale a program like this, but it’s super impactful So on that note lets move into content
- Relevant but not personal, use data enrichment from Leadspace to increase relevance The content for the mid-touch program was vertical specific so it was definitely relevant, but certainly was not personalized. We would leverage supplemental data that we got from appending records via Leadspace to determine additional areas of relevance we could use to increase relevance For instance, some companies use things like what technology someone is using We would leverage things like job title/function to determine which emails got triggers for people We would update things like goals, KPIs, challenges based on those This made this engagement model scalable, and since there were quite a few accounts in this program we needed to use automation to handle a lot of the delivery, triggers, and cadence.
- Custom content If you were hightouch we actually created custom content specifically for that brand/company. An account executive would work the account, and you would get direct mail, and invites to hosted events, ads via Terminus It’s important to note that high-touch isn’t that scalable so you need to make the criteria for high touch pretty intense, it’s hard to have more than 10 accounts at this level at any one time This means working directly with executives and Sales leadership to clearly define the criteria, beyond just the potential calculation Our playbooks ensured Marketing, Sales, and our Biz Dev reps were only on the same page, with the same message, with the same goal. And for the record all of this took a huge mistake and 9 months to get to this stage. This isn’t an overnight program that can be thrown together, but rather requires a great deal of patience, planning, alignment, and proper execution.
- For us the end result has been an increase in the percentage of pipeline that is from our ICP and from our ABM efforts The sales teams have been extremely appreciative and they even say things like “that marketing campaign was great” I nearly fainted the first time it happened
- The other result that we say was that our AOV increase by 20% This was because we had really spent our time determining who truly was the best customer for Offerpop Once we were able to get into those accounts they recognized the value we could deliver making it a win-win for both sides. So as I said, this was a long journey and hopefully you can learn from a lot of my mistakes and trial and error
- If I had to give you all three key takeaways it would be this Before ABM there is ABA, it all starts with developing the right Lead Gen programs that drive the right leads...Identify being the first step in flipping the funnel Expanding your reach within those orgs requires an omni-channel approach and is all hands on deck Develop Engagement models, because not ABM is equal And don’t forget this journey took us over 9 months, and a lot of mistakes So hopefully today you learned some things that can help accelerate your ABM journey and help keep from making the same mistakes I did