Simple and Effective ABM: Proven Strategies for Success in High Value Accounts
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You’ve probably heard the buzz around ABM and how effective it can be for B2B companies. ABM is a great strategy if you have a complex deal cycles, multiple buyers, and are focused on high-value accounts. Makes sense, right? But how do you get started and what tools are required for driving successful outcomes? In this presentation, Salesforce/Pardot and Engagio reveal how you can get started with ABM and drive immediate impact. -Quickly get an account-centric view of accounts for marketing and sales -Understand where marketing and sales should focus efforts -Run scalable and personalized programs -Measure early to late stage program activity to know what is working or not -And more! 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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Simple and Effective ABM: Proven Strategies for Success in High Value Accounts
- 1. @renniksn @HeidiBullock Simple and Effective ABM
- 2. @renniksn @HeidiBullock What You’ll Learn 1. Why ABM, why now 2. Three top challenges to ABM 3. 7 Steps to successful ABM 4. The best ways to measure ABM Heidi Bullock CMO Engagio @HeidiBullock Nate Skinner Vice President of Marketing Salesforce, Pardot @renniksn
- 3. The Rise of Account-Based Marketing (ABM)
- 4. Account-Based Marketing is One of The Hottest Topics 92%86% 19% Source: Constellation Research, Inc. All rights reserved. B2B Marketer Inquires About ABM Have a plan to start an ABM program in 2017 Are confident in their ability to execute properly
- 5. And B2B Marketers Are Adopting Account-Based Marketing Account-Based Marketing Broad-Based Marketing
- 6. Account B Account C Account A Account-Based Marketing Delivering Account-Specific Content, Offers, and Experiences
- 7. And Done Well, ABM Increases Pipeline Quality and Revenue Attract Everyone Convert Close Broad-Based Marketing Approach *Average Conversion Rate: 2.35% 100,000 40,000 ~ 40% 940 2.35% Attract Target Accounts Convert Close Account-Based Marketing Approach 25,000 ~ 40% 10,000 ~ 10% 1,000 Average Conversion Rate: 10% Source: ABM Leadership Alliance, Research by TOPO
- 8. Lead Management Accounts Contacts Opportunities Forecasting Custom Workflows Identify Key Accounts Develop Account Specific Content Account Specific Campaigns Measure, Modify & Optimize Account Lead Scoring Level Cross-Channel Engagement Sales Force Automation Fragmented ABM Tools But, Sales & Marketing Data, Tools, and Processes Are Fragmented
- 9. So how can you implement a winning ABM strategy?
- 10. Understanding The Four Pillars of a Successful ABM Strategy Identify the right accounts Improve customer engagement Align marketing & sales Measure & optimize
- 11. Leverage The Most Complete CRM for An Effective ABM Strategy Guided Selling Advertising Budget & Event Management Apps B2B Marketing Automation Predictive Lead Scoring Marketing Analytics Mobile Apps for Marketers Collaboration & File Sharing Account Based Customer Support Build Pipeline Upsell & Retention Nurture & Close All the tools you need on a single, integrated platform
- 12. @renniksn @HeidiBullock Don’t count the people you reach; reach the people that count. – David Ogilvy
- 13. 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
- 14. @renniksn @HeidiBullock ABM Helps Here
- 16. @renniksn @HeidiBullock Data is spread across systems. 16 Challenge #1 Marketing Automatio n Corporate Email Web Visits • Challenging measurement • Bad routing • Poor coordination • Limited marketing & sales alignment
- 17. @renniksn @HeidiBullock The metrics for ABM are different. 17 Challenge 2
- 18. @renniksn @HeidiBullock ABM historically is manual and hard to coordinate. 18 Challenge # 3 Drive awareness ‘air cover’ • Brand campaign • Digital advertising – targeted display, website personalization Engage key individuals • Invite to a dinner - Need Sales to invite the right people from target accounts Set up meetings • Plan to use ADRs for this but they have other priorities too. What if there are account blockers? Did the right out reach happen from Sales? Did they follow-up? How can I track that?
- 20. @renniksn @HeidiBullock #1 - Set goals • Have a hypothesis – We think this set of accounts in the health care vertical makes sense for us to pursue. –Higher ASP –Faster sales cycle –More up-sell potential 20
- 21. @renniksn @HeidiBullock • Better results – ex: higher ASPs • Expand Deal Size • Sales Cycle is Shortened • Eliminate unqualified buyers right away. Your focus will be on accounts most likely to buy. • EASIER to work with marketing! Sales Buy- in: Why should I do this? • Shared incentives/ compensation • Run a pilot • Identify your sales champion Why? How?
- 22. Account-based marketing and sales involves many teams from your organization. #2 - The Players Sales Sales Dev. Marketing Customer Success Exec. Mgmt. Solutions Eng.
- 23. @renniksn @HeidiBullock • Your Core ABE Team 23 Example ABM Roles Role Sample Responsibilities ABE Leads (marketing/sales) • Spearheads the initiative • Develops playbooks and tech infrastructure for successful initiative • Tracks the metrics and communicates the program’s successes Field Marketer • Works with the ABM marketers to execute plays at the local level ESAM (Sales Development Reps) • Helps research the account and build contacts • Reaches out to the account to build relationships • Crafts account-specific emails and messages • Nurtures relationships over time • Supports the Account Executive as needed Strategic Account Manager (AE) • Drives the plan forward with the team and at the account • Helps shape the ABE strategy and each account plan Executive Sponsors • Deal / customer support to drive engagement
- 24. @renniksn @HeidiBullock #3 - Identify Target Accounts – Key vertical (ex: healthcare, entertainment, construction) – Historical data – (where have you had success?) – Firmographics – (size of company, revenue, geography) – Other signals – intent data, hiring patterns, etc. 24 Fundamentals
- 25. @renniksn @HeidiBullock What companies are the best fit for you? 25 Current Customers 1 Identify your ICP – Ideal Customer Profile • Key vertical (ex: healthcare, entertainment, construction) • Historical data – (where have you had success?) • Firmographics – (size of company, revenue, geography) • Other signals – intent data, hiring patterns, etc 2 3 Figure out the TAM – Total Addressable Market • How many accounts in my database fit that profile? • How many in GEOs we support (location)? • What is the white space? Prioritize Accounts • Can use predictive scoring (account scoring) + intent data • Sales input • Historical data (closed won analysis) Current Total Available Market (TAM) Current Target Market
- 26. Example 5-50 accounts (“tens”) Rich account plans Every touch personalized 50-1,000 accounts (“hundreds”) Light research + data build out Personalized touches to key personas 1,000+ accounts (“thousands”) Automated touches OK Industry and persona customization Style 3 Programmatic Style 2 Scale Style 1 Strategic
- 27. @renniksn @HeidiBullock Example of Target Account Tiers 27 Group A (Best – Strategic Accounts) – 20 total Group B (Great Accounts) - 100 total Group C (Good Accounts) – 500 total How these were selected These accounts are logos we care a lot about – they are large global fortune 500 companies. These accounts are a great fit with our product and are in the top 3 verticals we care about. We have seen success here. Used data driven approach to prioritize. These accounts are in the next set of verticals we care about. Each rep has a set of these. Used data-driven approach to select accounts. What we do These accounts get the white glove treatment. Top marketing programs. These accounts get vertical specific plays. Includes key events, detailed content, pitch deck. These accounts get our scalable ads, select content assets, and reps can do one lunch and learn program. Light vertical content.
- 28. @renniksn @HeidiBullock Programs for Target Accounts Type of Program Accounts Tier 1 Tier 2 Tier 3 Direct Mail High value Post card – lower value Post-card lower value 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 Contact Discovery Yes Yes No Customer content Custom streams Yes (tier 1 and 2)
- 29. @renniksn @HeidiBullock #4 - Set up Data Related Processes • Identify WHO in the org does this • Lead to account matching (L2A) • Account build out for key titles (enriching data, accuracy) • Parent – child relationships • Label accounts (tagging in CRM) • Ongoing data process – for dupes, etc. 29 Fundamentals
- 30. @renniksn @HeidiBullock # 5- Identify Key People 30 Buying Centers
- 31. 31 Content Personalization Spectrum Style 1 Strategic Style 2 Scale Style 3 Programmatic Inbound Spears Nets Messaging and Content
- 32. #6 – Channels and cadence Awareness ads entire account Email T: Head of Sales F: ADR Direct Mail Key personas Email T: Head of Marketing F: ADR Checklist Package received? Phone T: Head of Sales F: ADR
- 33. Marketing Orchestration Scale benefits of automation and personalization benefits of the human touch Your Target Accounts Marketing Direct Mail Ads Sales Emails Events Executive Touches 1 2 3 4 5 Marketing Sales Execs Customize Launch Channels People Play
- 34. @renniksn @HeidiBullock # 7 – Measurement for ABM •Focus on quality not quantity •Track accounts not leads (MQAs not MQLs) •Time spent (engagement minutes) •Track impact and influence more than try to apportion ‘credit’ (team effort) 34
- 35. @renniksn @HeidiBullock Challenge: Account Based Analytics are different 2002 2017
- 36. @renniksn @HeidiBullock Impact: Are ABM activities improving key sales outcomes? Do you have sufficient data, contacts, and account plans for each target account? Coverage: Are the target accounts aware of your company?Awareness: Are marketing programs reaching target accounts?Reach: Are the right people at the account spending time with your company? Is that engagement going up over time?Engagement:
- 37. Are they engaging with us? Solution: Account Based Analytics Marketing Qualified Accounts (MQA) Are they marketing qualified? Are my programs nets or spears? Program ImpactAccount Engagement ABM Campaign C&C Guide
- 38. @renniksn @HeidiBullock Example ABM Scorecard – Team, Executive, Board Tier # of Accounts Awareness MQA Sales Appt Opps Pipeline ACV Conversion to Opp C/W Deals C/W ACV Conversion to C/W Tier 1 # # # # # $ % # $ % Tier 2 # # # # # $ % # $ % Tier 3 # # # # # $ % # $ % Courtesy of VersionOne
- 39. @renniksn @HeidiBullock Mini-pilot: I don’t have 1 year to do this… 1. Map leads to accounts – this can be automated (L2A) 2. Prioritize your accounts – can start small – is there an important group you already have? Where is there an opportunity to pursue? 3. Messaging and content (pick a persona/ vertical or account profile) – Who / Top Pain / Your Value Prop 4. Simple program – Direct mail, hyper-focused webinar – Very personalized emails 5. Measure – optimize – roll out (want repeatability) 39 Getting Started - Fast
- 40. @renniksn @HeidiBullock Thank You Liked what you heard? Check out these resources as well to further your ABM knowledge: • https://www.salesforce.com/products/marketing-cloud/account-based-marketing/ • Engagio.com/ABM
Editor's Notes
- “
- Open to anything here
- ABM is a hot topic for B2B Marketers as 92% of them are planning to start an ABM program in 2017, but 19% lack confidence in executing. Some marketers are worried about data quality, they are confused by the tech landscape (there are thousands of tools out there), and finally marketers are worried about sales alignment and whether execution will work across departments. At the end of the day, though, every CMO in B2B is thinking about ABM because their CEOs are asking them what they are doing in the ABM department!
- 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
- But there are challenges…
- 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.
- 2 – The metrics for ABM are different – less about volume.
- Control is limited
- Now that we have talked briefly about marketing orchestration - what it is and why it matters – let’s get into the meat of the presentation.
- For ABM to be a success – just like anything - you need to first 1- Set Goals – have a hypothesis Good logos (strategic value) Competitor sells to? Better revenue potential (ASP, win rate, retention, x-sell)? Product/services fit?
- Account-based marketing and sales involves many teams. Who gets involved from your company? In her book Whale Hunting with Global Accounts, Barbara Weaver Smith explains that today’s buyer wants to meet the subject matter experts and everyone else on your team. This begs the question: if people want to buy from the whole team, why do we only expose them to certain members during certain times? Executive management provides the vision and contributes at key times Marketing finds and nurtures the leads, and delivers key insights Sales development qualifies and sets the stage Sales consulting gives a great demo Account executives negotiate and close the business Customer success onboards and trains Run a pilot and showcase a win to get teams onboard Have shared goals and incentives Be clear about who needs to do what and when Meet weekly Coordinate with technology
- Once you have goals in place – identify your target accounts. Many ways to do this but I think it’s important to help your sales team with a plan. It’s too hard for them to do something different with each account. How can you create ‘repeatable plays’? Key vertical (ex: healthcare, entertainment, construction) Historical data – (where have you had success?) Firmographics – (size of company, revenue, geography) Other signals – intent data, hiring patterns, etc.
- Benefits: Align focus of Sales Management, BDRs and Marketing Many downstream impacts predicated on account tiers: Influence BDR prospecting strategy and time allocation Increased Marketing support for higher tier accounts in CBU Standardize account ranking across all NA regions and globally Better communication across Sales team Tune Leadership prioritization and future account scoring
- Use data and rep knowledge! Lock for 6 months. Breaking out account tiers helps determine the entitlement each set gets Also provides valuable insight into what is working.
- Entitlement
- Critical and should be ongoing. Budget line item. WHO manages this.
- Phone and email are the most common types of touches, but in today’s complex B2B sales environment, having those in your toolbox are table-stakes. Prospecting must be multi-channel.
- Above all, engagement is about time. Before someone spends money with you, they’ll spend time with you. The more time they spend, the more interest they’re showing in doing business with you. That’s why, at Engagio, we enable customers to measure and score accounts by “Engagement Minutes,” tracking the most meaningful metric to demonstrate interest within a potential account.
- Quantity vs. quality Zoomed out crowd on left Zoomed in to a few people on right
- Add MQA and Program Impact
- We have spend most of our ABM effort on creating and accelerating pipeline ACV – actual cash value C/W – closed won
- But there are challenges…