Account Based Marketing 101: How to Get Started & Succeed with Heidi Bullock
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ABM is hot, but there's a lot of noise right now. How do you break through to really understand what ABM is all about, and get started? Join Heidi Bullock, CMO of Engagio, in this webinar to understand: –What works (and doesn't) in ABM –The new metrics to use in an ABM strategy –The first things you need to do to get started You'll walk away with the information you need to support your game plan to launch your Account Based Marketing successfully. Download Engagio's Clear and Complete Guide to Account Based Marketing at Engagio.com/guide Learn more about Engagio at Engagio.com Twitter.com/Engagio Linkedin.com/Company/Engagio Facebook.com/Engagio
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Account Based Marketing 101: How to Get Started & Succeed with Heidi Bullock
- 1. @HeidiBullock @Engagio Account Based Marketing 101: How to Get Started & Succeed Heidi Bullock, CMO
- 2. @HeidiBullock @Engagio Why ABM? 2 Not enough of the right types of leads Poor quality – 80% never convert to Sales Sales alignment - Poor efficiency Issues with churn and retention Missed Targets
- 3. Copyright ©2016, Engagio Inc. Marketing Strategies AND Fishing with nets. You don’t care which fish you catch as long as you catch enough fish. The fish always swim towards you. Demand Generation Fishing with spears. You care deeply about which fish you catch, and you’re going to proactively go pursue those fish. Account Based Everything
- 4. @HeidiBullock @Engagio ABM Helps Here Higher Value Accounts Longer Sales Cycles Land and Expand Strategy Selling to a Buying Center
- 5. @HeidiBullock @Engagio Measure Engagement Create Engagement Establish Foundation 1 2 3 OK, so how do I actually DO ABM?
- 6. @HeidiBullock @Engagio 1 - Establish Foundation
- 7. @HeidiBullock @Engagio Building Your ABM Foundation 7 1-Entitlements • Styles and Tiers 2-Organize Data • Unify Account Data • Lead to Account Matching 3-Select Accounts • Fit • Engagement
- 8. @HeidiBullock @Engagio 5-50 accounts (“tens”) Engagio: up to 2 per AE $250K – $1B+ 5-50 accounts (“tens”) Engagio: 5 per AE $100K – 250K 50-1,000 accounts (“hundreds”) Engagio: 93 per AE $50K – $100K Style 1a Lighthouse 1,000+ accounts (“thousands”) Engagio: About 2,000 $25K - $50K Style 1b Strategic Style 3 Programmatic Style 2 Scale
- 9. @HeidiBullock @Engagio Program Entitlements for Target Accounts Type of Program Accounts Tier 1 –Style 1 Strategy Tier 2 –Style 2 Strategy Tier 3 - Style 3 Strategy Direct Mail High value Post card – lower value Post-card lower value Engagio analytics for reps Yes Yes Yes Field Events Lunch and learn + dinners + onsites Lunch and learn Lunch and learn Tradeshows Special dinner Playmaker sends Yes Yes Yes Database sends In some cases OK Yes Yes Digital Yes + tailored content Yes + industry Yes – generic? Content Syndication Yes – verticals and key companies Yes – verticals Yes -verticals Sales outreach Yes (calling campaigns, drive attendance) Yes (calling campaigns, drive attendance) No Appt Setting Yes Yes No Intent data for outbound with personalized plays Yes Yes Yes Contact Discovery Yes Yes No Customer content Custom streams Yes (tier 1 and 2) Limited No
- 10. @HeidiBullock @Engagio Organizing Data – Historically really hard to do • Challenging measurement • Bad routing • Poor coordination • Limited marketing & sales alignment 10 Marketing Automatio n Corporate Email Web Visits
- 11. @HeidiBullock @Engagio Answer: Start with an Account Foundation Lead to Account Matching (L2A) Algorithm Presentation Marketing Automation Corporate Email Web Visits Engagement Minutes Model
- 12. @HeidiBullock @Engagio 12 •Lead to Account Matching
- 13. @HeidiBullock @Engagio Account Foundation Enables Engagement 13 Engagement Minutes
- 14. @HeidiBullock @Engagio 14 Note: List turnover limited to 25% per quarter Target Account Selection: Marketing Driven, Sales Owned Reps choose ~100 total from scored list of 300-350 in their territory Data quality matters! Technographics Score = Fit + Engagement
- 15. @HeidiBullock @Engagio 2 - Create Engagement
- 16. @HeidiBullock @Engagio 16 Most Effective Tactics for ABM 34 36 38 40 0 10 20 30 40 50 60 Executive engagement Custom thought leadership Strategic 21 23 47 49 0 10 20 30 40 50 60 Custom collateral Executive engagement E-mail marketing One-on-one meetings Scale 23 30 30 60 0 10 20 30 40 50 60 Direct mail Account advertising One-on-one meetings E-mail marketing Programattic One-on-one meetings and email dominate Source: ITSMA, Account Based Marketing Benchmarking Survey, March 2016 What specific tactics are most effective for ABM? Choose up to three.
- 17. @HeidiBullock @Engagio Three most important factors in enterprise decision: • Knowledge and understanding of my industry • Knowledge & understanding of my unique business issues • 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
- 18. @HeidiBullock @Engagio ABM Plays Require a Different Process 18 Marketing is a player that passes a MQL to Sales and then involvement is limited. Marketing is the coach. Customer facing teams work together in a coordinated and ongoing way for success in an account. Old: The Hand-Off New: Marketing Orchestration
- 19. @HeidiBullock @Engagio Example: Engagio Integrated ABM Play (Scale) • Pre: Ads for Awareness (50% A/B test) • Day 0: Package sent + Email • Day 2: Package delivered + Custom Email • Day 4: Phone call • Day 6: Phone call • Day 7: Phone call + LVM + Email • Day 10: Email from Jon cc’ing play • Day 11: LinkedIn InMail from Jon • Day 13: Email • Day 15+ FU’s to other personas Goal: get an introductory 1:1 meeting with target account
- 20. @HeidiBullock @Engagio From CEO Personalized by an SDR Leveraging account and person insights
- 21. @HeidiBullock @Engagio 21 Execs Can Approve from Anywhere!
- 22. @HeidiBullock @Engagio Integrated ABM: Results to Date 350 276 74 34 1 Mtgs Opps Deal(so far) AwarePkgs 21% Meeting Rates Books only: 34% Ads and Kindle: 21% Ads and Books: 20% Kindle only: 18% Not significant Web Traffic Visitors Ads +43% +47% No Ads +22% +8% Directionally meaningful but not significant 25.0x pipeline to spend
- 23. @HeidiBullock @Engagio Personalized Plays vs Automated Campaigns 23 Event Executive Breakfast Manager Lunch Invites Personalized via Playmaker 96 Plays Launched Broad Marketing Automation 652 Emails Sent X 2 From Step 1 from Account Owner Step 2 from Executive (reply) Step 3 from AO to Executive Assistant Blast 1 = From events@engagio.com Blast 2 = From sandra@engagio.com Response 10 Replied Yes, I’ll Attend 33 Replied No (starts conversation)! Response Rate: 43% 21 Registered No declines - just crickets! Response Rate: 3% Attends 9 CMOs and VPs 12 Managers and Directors
- 24. @HeidiBullock @Engagio MQA Aware NoEngagement Opp Customer Renewal ABM is for All Stages of the Funnel Integrated ABM Deal Nurturing Expansion & Success
- 25. @HeidiBullock @Engagio Deal Nurturing Engagio Deal Nurture Tracks • Need access to decision maker • Need to make a key hire • No budget • “Not a priority” / early • "Gone dark”
- 26. @HeidiBullock @Engagio Customer / Expansion Plays •User Onboarding •90 Days From Renewal •Declined Use •Net Promoter Follow-up •New Executive •Executive Alignment
- 28. @HeidiBullock @Engagio 3 - Measure Engagement
- 29. Time is Money
- 30. @HeidiBullock @Engagio Engagement: Target Accounts = 10X Increase 30 1,600 minutes 17,000+ minutes 989 Target Accounts, June 2016 to May 2017
- 31. @HeidiBullock @Engagio Account Journey Tracking • Define the Account Funnel • Track movement • Measure the key metrics •Flow •Balance •Conversion •Velocity A quantifiable ways of showing results through a potentially long sales process
- 32. @HeidiBullock @Engagio Marketing Qualified Accounts (MQAs) •Depth and breadth of engagement 32
- 33. @HeidiBullock @Engagio • First Touch • Last Touch • Equal Weight • Position Based • Time DecayUse the entire Account: Leads and Contacts Include ALL activities, not just Marketing Campaigns Account Based Attribution
- 34. @HeidiBullock @Engagio Type Metric Description Accounts Engagement Am I creating and deepening relationships with my target accounts? Journeys Outcomes How do accounts move through their buying journeys towards the outcomes (pipeline, revenue) we care about? Programs ROI What is the marketing return on investment on my programs (multi-touch attribution)? ABM Metrics Summary
- 35. @HeidiBullock @Engagio 4 - Final Thoughts
- 36. @HeidiBullock @Engagio ABM Maturity CATEGORY CURRENT ABM MATURITY WHAT TO DO NEXT Beginner You may not even have defined target accounts yet. • Start with the basic account foundation — L2A matching and engagement scoring • Pick accounts (can start small) • Run a starter play: SDR + marketing air cover • Set a baseline for measurement Intermediate With your accounts in place, you’re ready to run and measure integrated plays. • Implement additional styles of ABM • Evolve all your metrics to be account-based • Measure – optimize – refine Advanced You run more sophisticated plays — customized with deeper account insights. • Use ABM for all phases of the customer journey • Compare program ROI via multiple attribution models Pilots are great ways to show short-term successes and get the entire company to buy into ABM’s benefits.
- 37. @HeidiBullock @Engagio Planning for ABM versus Demand Gen Most ABM programs start by layering on top of current demand gen processes: • Pilot: test ABM for a few accounts • Segment: Implement ABM for one or more segments (e.g. Enterprise accounts or Healthcare vertical) • Focus: Target existing programs (e.g. outbound sales development) on specific accounts • Transfer: Move budget from poorly performing programs to fund ABM 37
- 38. @HeidiBullock @Engagio 2018: Create your Plan 38 $$$ Revenue Goals Pipeline Required (sources can vary marketing, sales, partner) How can we bring in the BEST quality pipeline most efficiently? ENT Segment – Need Z% POR GOAL Mid-Market Segment – Need Y% POR GOAL Small-Business Segment – Need X% POR GOAL Example: inbound marketing model Example: Programmatic ABM Example: ABM What is our optimal strategy to get there (mix of DG /ABM- programs, tactics) This breakdown should be the optimal mix to most effectively hit revenue targets
- 39. @HeidiBullock @Engagio Checklist for Building Alignment DO know why you’re doing ABM DO position it as a strategic initiative DON’T describe ABM as ‘the next big marketing campaign’. DO sell it to Sales DON’T tell Sales which accounts to go after. (They don’t want to be told who to sell to) DO agree on resources committed to each style of ABM accounts DON’T expect results overnight; big wins in ABM can take a while DO over-communicate to let everyone know what’s happening 39
- 40. @HeidiBullock @Engagio People 40 ABM Task Existing Staff Determine ideal customer profile Product Marketing Build account data foundation Marketing Operations Research accounts Sales Development Design and execute orchestrated plays Revenue Marketing / Field Marketing Coordinate with Sales Field Marketing Measure results Marketing Operations
- 41. @HeidiBullock @Engagio Evolving the team over time 41 Pilot –% of team for discreet time Goal – Showcase early wins, prove hypothesis Dedicated % of team for ongoing time Goal – Scaling success for key segments Dedicated people or ABM demand center Goal – Larger roll outs (global) Time Results example
- 42. @HeidiBullock @Engagio • Start your ABM journey by building a strong foundation of unified account data • Create engagement with relevant, human interactions over email and in-person • Implement deal nurturing to accelerate stuck opportunities – but don’t blindly automate • ABM measurement is about quality, not quantity; use engagement as a leading indicator to revenue • Account based attribution lets you connect the dots between account engagement and revenue • Pilots are a great way to get started and build alignment Tweetable Takeaways @heidibullock
- 43. @HeidiBullock @Engagio engagio.com/Guide Get your free copy today! The Clear and Complete Guide to Account Based Marketing
Editor's Notes
- Three top challenges to ABM ABM fundamentals for getting started The best ways to measure ABM
- High value accounts - >$20K deals Longer sales cycles - months Land and expand – when renewal, upsell, cross-sell into diff depts matters Buying centers – when user and buyer are not the same
- evolve from a Lead-centric mindset to an Account-centric one
- Entitlement
- 1 – Data is spread across disparate systems. It is difficult to start on this journey when people, accounts, and activity data are reside in different places. Leads – which are historically owned by marketing – do not roll up to Accounts (at least in Salesforce.com). This divide is also reflected in the current marketing automation systems. It means you could have thousands of people in your database who work at your target accounts and customers, but have no way of tying them to the right company. You could be generating dozens of leads a week at target accounts, but the account owner might not even be aware of them! It is especially a problem with new leads, including website visitors and other marketing programs.
- Once we have combined all of your data, Engagio will match all of the right people and activities to your accounts, making you look like a superhero.
- At Engagio, we covert Leads to Contacts for Accounts
- “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.”
- “Automate what you can, orchestrate human interaction where you can’t.” An account based strategy doesn’t just live inside your CRM or marketing automation software. It’s not just a targeting strategy for your ad channels or a more deliberate approach to field marketing. An account based strategy is a multi-department effort to identify, sell, and keep the right customers. It’s a team effort. Account-centric Team based Personal Full life-cycle
- So what is a play? Imagine a football play. There are 11 people on our side and 11 people on their side. Each person has a responsibility in the play. Most tools out there now focus on one lead or contact at a time… “Single Player”. Engagio plays are “Multi-Player” and work with multiple people on your team and the account. <CLICK>
- Conversion rates… Engaged = >5 minutes of engagement since play start
- Pre-designed Plays are a way to ensure that all reps follow best practices throughout their account development work – from the first touch to the last –
- Quantifying Account activity can be difficult which is why Engagio uses TIME as the metric to help you understand Account engagement. The more time an Account spends researching your products and services, the more likely they are to become a customer or grow as an existing customer. So using TIME as a way to measure activity is how Engagio helps marketing measure Account quality.
- Many companies that deploy ABM successfully start their journey with pilots. The benefits are clear: Learn how ABM works for specific accounts types Lower the risk of early efforts Iron out issues before you scale Earn stronger executive and stakeholder support Lessen change management challenges Find a sales person or group that is willing to work with you. Many pilot structures are effective, including: One sales rep and one marketer target five accounts Three reps and a marketer target one industry sector A full ABM commitment in one territory or region A full ABM program for one product line
- Know why you’re doing it Be clear why you’re adopting an account-centric approach in the first place. Hint: it should be to solve business challenges (more pipeline, improved alignment, better deals, more customer expansion, etc.). Don’t adopt ABM just because it’s the new trend. You probably can’t achieve your goals simply by doing more of what you have been doing. Scale – How many accounts will be in your program? How big are the deals? What resources are available? Scope – Will this be an intensive, high-touch approach for a few big accounts or a more scalable effort targeting more companies? Strategy – Is ABM’s goal to grow existing accounts, win new logos, or both? Position it as a strategic initiative Create buy-in with executives by positioning ABM as a business-led initiative, not a marketing-led one. Test other terminology: Try calling it an “account-centric approach,” “Account Based Sales and Marketing” or even “Account Based Everything”. Don’t let ABM be seen as simple “sales support”. Sell it to Sales Even if you have senior executive support, you still need buy-in from individual reps and others on the ground. Bring Sales on board by showing how ABM meets their needs (what’s in it for them): Less time wasted on unqualified buyers Larger deals Shorter sales cycles Easier to work with Marketing