Budgeting for Account-Based Marketing: A Practitioner’s Story
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According to SiriusDecisions, 92% of marketers call Account-Based Marketing (ABM) a B2B must-have; and according to eMarketer, 41% plan to increase spending on ABM. With 2018 right around the corner, what’s your plan for funding an ABM strategy? Join Blackline and Demandbase to hear two every-day ABM practitioners dive into how they budget for an ABM strategy. It might surprise you to learn how you can create efficiencies and free up budget you never thought existed. In this webinar you’ll learn: - Why marketers are prioritizing ABM in 2018 - ABM basics needed to start planning your budget - Creative ways marketers are developing ABM budgets - How ABM is influencing marketing strategies for 2018
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Budgeting for Account-Based Marketing: A Practitioner’s Story
- 1. BUDGETING FOR ACCOUNT-BASED MARKETING Brandee Sanders | Dir. of Digital Marketing & Analytics, Blackline John Dering | Dir. of ABM Technology and Strategy, Demandbase A PRACTITIONER’S STORY
- 2. © 2016 DEMANDBASE / SLIDE 2 THE RISE OF ACCOUNT-BASED MARKETING ABM in 2015 SiriusDecisions: State of ABM 2015 of B2B companies have ABM program older than 1 year 20% of B2B companies have a skills gap for ABM 47%
- 3. © 2016 DEMANDBASE / SLIDE 3 THE RISE OF ACCOUNT-BASED MARKETING ABM in 2016 SiriusDecisions: State of ABM 2016 of B2B companies have ABM program older than 1 year 41% of B2B companies have staff partially or fully dedicated to ABM 70%
- 4. © 2016 DEMANDBASE / SLIDE 4 THE IMPACT OF ABM ABM provides much greater benefit than traditional approach ABM and traditional are same Traditional approach benefit is much greater 3.98 4.00 4.02 4.14 4.20 4.31 4.64 1 2 3 4 5 Customer Retention Rate Initial Contract Value Close Rate Return on Sales & Mktg. Investment Upsell/Cross-sell Overall LTV Alignment Between Sales & Marketing ABM OUTPERFORMS TRADITIONAL METHODS B2B Marketers Are Realizing Greater Benefits From ABM Across Multiple Areas TOPO: ABM State of the Market
- 5. © 2016 DEMANDBASE / SLIDE 5 THE IMPACT OF ABM 3.89 3.81 4.12 4.15 3.70 4.23 4.44 4.17 4.18 4.30 4.32 4.38 4.39 4.87 1 2 3 4 5 Customer Retention Rate Initial Contract Value Close Rate Return on Sales & Mktg. Investment Upsell/Cross-sell Overall LTV Alignment Between Sales & Marketing 1 yr+ <1yr TOPO: ABM State of the Market ABM provides much greater benefit than traditional approach ABM and traditional are same Traditional approach benefit is much greater ABM BENEFITS INCREASE OVER TIME The Benefits Of ABM vs. Traditional Marketing are more Pronounced as you Scale your Efforts
- 6. © 2016 DEMANDBASE / SLIDE 6 THE IMPACT OF ABM ABM DEDICATION INCREASES BOOKINGS TOPO: ABM State of the Market A Main Driver for Adopting ABM is Increasing ACV $71,941 $195,294 $0 $50,000 $100,000 $150,000 $200,000 $250,000 Pre-ABM ACV Post ABM ACV ACV: Before & After ABM 171%
- 7. © 2016 DEMANDBASE｜SLIDE 7 No line item or don’t understand how to find new budget? Don’t know which programs to adopt, drop or keep Measuring deep funnel metrics takes time CHALLENGES YOU’RE FACING IN BUDGETING
- 8. © 2017 DEMANDBASE # 8 5 Ways Marketers Are Finding Budget for ABM Top-down directive is in place Use innovation budget to test Partner with other teams to fund programs Roll up under other Initiatives Shift and reallocate budgets from existing programs $ $
- 9. © 2017 DEMANDBASE # 9 WAYS TO BUDGET FOR ABM ABM Budget Directive Determine what areas are ready for ABM § Processes § Technologies § Program/Channels Identify a starting point Prioritize under performing areas first{
- 10. © 2017 DEMANDBASE # 10 WAYS TO BUDGET FOR ABM Use innovation budget to test Find a test that will make a difference Be sure to measure for a successful test Be cautious and conscious of test time frames { $
- 11. © 2017 DEMANDBASE # 11 WAYS TO BUDGET FOR ABM Partner with departments to fund Sales and Marketing Alignment is a 2-way street Sales needs more than leads, they need target account insights like: § Anonymous buyer activity § Product interest alerts § Stalled deals visibility {
- 12. © 2017 DEMANDBASE # 12 WAYS TO BUDGET FOR ABM Roll up under other initiatives What other initiatives will ABM support? § Website Redesign § Customer Experience Enhancements § Marketing Automation {
- 13. © 2017 DEMANDBASE # 13 WAYS TO BUDGET FOR ABM Be honest about what’s working and what’s not Start with your list of budget areas to determine where you can make changes Shift or Re-allocation Budgets { $
- 14. © 2017 DEMANDBASE # 14 HOW TO THINK ABOUT PROGRAMS FOR MARKETING MIX Where are you currently spending? Narrow options for consideration Start with Low hanging fruit Set Baseline Performance Evaluations/Threshold Make decisions on spend and programs
- 15. © 2017 DEMANDBASE # 15 TOP B2B MARKETING BUDGET CATEGORIES FIELD MARKETING Hospitality Events WEBSITE CRM MAS/MAP DMPs Analytics Predictive TECHNOLOGY / INFRASTRUCTURE DEMAND GEN Sponsorships: Events Sponsorships: Content Digital Events: Webinars Advertising SEM Content Syndication/ 3rd party Networks Paid Social Direct Mail CONTENT MARKETING PRODUCT MARKETING PR/ANALYST AGENCY FEES Testing Design Paid Social SEM
- 16. © 2017 DEMANDBASE # 16 CATEGORICAL SPEND UNAFFECTED BY ABM WEBSITE CRM MAS/MAP DMPs Analytics Predictive TECHNOLOGY / INFRASTRUCTURE CONTENT MARKETING PRODUCT MARKETING PR/ANALYST AGENCY FEES Testing Design Start by ruling out areas you can’t cut
- 17. © 2017 DEMANDBASE # 17 THEN WHAT CATAGORIES CAN BE OPTIMIZED? FIELD MARKETING Hospitality Events WEBSITE CRM MAS/MAP DMPs Analytics Predictive TECHNOLOGY / INFRASTRUCTURE DEMAND GEN Sponsorships: Events Sponsorships: Content Digital Events: Webinars Advertising SEM Content Syndication/ 3rd party Networks Paid Social Direct Mail CONTENT MARKETING PRODUCT MARKETING PR/ANALYST AGENCY FEES Testing Design Paid Social SEM
- 18. © 2017 DEMANDBASE # 18 WHAT YOU HAVE TO WORK WITH FIELD MARKETING Hospitality Events DEMAND GEN Sponsorships: Events Sponsorships: Content Digital Events: Webinars Advertising SEM Content Syndication/ 3rd party Networks Paid Social Direct Mail Paid Social SEM Categories you can optimize for ABM
- 19. © 2017 DEMANDBASE # 19 SET BASELINES FOR PERFORMANCE Evaluating previous performance to set baselines and define threshold/metrics for cut vs keep (opp gen, target account ratios, pipeline acceleration, etc.) § Old evaluation metrics § New ABM ones How will measuring success change for each program? § Performance/attribution tracking § Cost tracking
- 21. © 2016 DEMANDBASE｜SLIDE 21 BUDGETING FOR ABM Step 1 § Defining expectations for the initial investment § Start with small tests to prove case for repeat investment § Plant the seed – manageable mini’s § Don’t expect an overnight ABM success tree
- 22. © 2016 DEMANDBASE｜SLIDE 22 BUDGETING FOR ABM Step 2 § Budget shouldn’t belong to just one dept § Shared costs is tied to shared benefits § Understanding value of spend prior to the ask § Clear goal around spend / anticipated returns
- 23. © 2016 DEMANDBASE｜SLIDE 23 BUDGETING FOR ABM Step 3 § Sales + Marketing = Partnered Activities/Spend § Communication is key § Know target audience § Identify KPI’s and in advance
- 24. © 2017 DEMANDBASE # 24 COST OPTIMIZATION vs OUTPUT 0% 20% 40% 60% 80% 100% 0 200 400 600 800 1000 2013 2014 2015 2016 Pipeline Generate Cost Per Opp Pipeline Count vs Opportunity Cost (Forecasted)