The B2B tech arena is taking big leaps each day, and staying one ahead is the need of the hour! Alongside this, there are different strategic approaches that stand as the cornerstone of B2B marketing. ABM Metrics Account-Based Marketing is one such solid approach to targeting high-value clients rather than focusing on the whole population. It’s a powerful approach for taking your lead generation game to the next level. According to the source, companies ally 29% of their total marketing budget to Account for marketing.
As we commence 2024, it’s important to track the effectiveness of your ABM strategic marketing. Worry not! Dive through the blog and we’ll explore the top 5 key metrics in ABM that cannot be overstated! It will help you in driving success to your campaign in the new year!
What’s Account-Based Marketing All About?
Account-based marketing is a strategic and holistic approach to lead generation that fosters a specific set of high-fit target accounts rather than a broad-scale market. Its prime goal is to create personalized experiences for clients, to help build a long-lasting relationship, and to upscale your business. ABM is the outcome of the collective efforts of sales and marketing folks to create value-driven results. By fully personalizing the journey of buyers – for example, content, and campaigns tailored to the client’s needs, the conversion rate reaches another notch.
After all, measuring success is essential. Below are some of the key Account Based Marketing metrics to track in 2024.
Sharing the Key ABM Metrics to Keep a Track On
- Customer Acquisition Cost
Considering the highly personalized nature of ABM, it costs more than other tactics of marketing. Thus, it’s vital to make a note of and monitor the total CAC cost for specifically targeted accounts. It can be calculated by summing up the total cost of marketing divided by the total number of new customers gained. This will give you an overview of whether your budget is allocated wisely.
- Conversion Rate
One of the most dynamic and crucial metrics to watch ABM’s success is conversion rate. Calculate the number of targeted accounts converted into customers. Furthermore, you can prioritize conversion rate by channel, which means the channels to focus on for future campaigns and which to give lower priority.
- Account Engagement Score
Gauging the engagement of your targeted accounts with respect to different channels is important. Engagement score is the collection of a range of interaction metrics. This will help you to know if your ABM efforts are working well or need further improvisations. Make sure to monitor the number of website visits, social media visitors, clicks, and more.
- Customer Lifetime Value (CLV)
One of the cutting-edge ABM metrics to keep an eye on in 2024 is the customer lifetime value. It’s all about the revenue you as a B2B company expect from the clients doing business with you. This metric is basically a good option for businesses that need to foster a long-term relationship with the accounts or clients.
- Sales Velocity Metrics
While you may not immediately track the sales velocity. However, it’s a vital Account Based Marketing metric to consider. When you see a significant boost in the win rate, meaning if accounts targeted through the ABM strategy are working well with the sales strategy, it’s time to calculate the sales velocity.
- Customer Satisfaction Metrics:
Satisfaction of customers is the key to B2B success. Ask and showcase customer testimonials and positive works from your effective ABM strategy. Kind and positive words from clients not only help to enhance credibility, moreover, also serve as a backbone to future aligned goals.
Over to You
In any of the B2B lead generation approaches, measuring success is the best option. It helps to analyze your weaknesses and take action accordingly. With the upcoming year 2024, ABM as usual stands as a game-changing strategy for lead generation success. Thus, tracking ABM’s success shouldn’t be left behind. The key metrics mentioned in the above blog guide you in stepping towards the right decisions and aligning the goals accordingly. Start with ABM marketing strategy today and build a fruitful relationship with the high-fit clients. Stay updated with our blogs to explore more insightful content on B2B marketing success.