Account-based marketing (ABM) might just be the best thing since sliced bread. In fact, 81% of marketers found the ROI of ABM to be higher than all other marketing initiatives (source: Lenati). Can I assume that you’re dipping your toes in the water, or it’s on your radar?
If you’ve already gotten started, you’re likely investing in technologies, programs, and tactics to help your team select and engage your target accounts. But how do you define the success of your account-based efforts? Do you know if your investments are generating a profitable return? How is your account-based strategy working compared to a lead-based approach?
Marketers should not fly blind with ABM. Marketing can and should be measured effectively.
With a multi-touch attribution solution in place, you can finally gain insight into marketing’s influence on the buyer’s journey. You can align with sales on an effective go-to-market strategy, and you can effectively launch, measure, and improve your account-based marketing program.
Check out the three key reasons why attribution measurement is crucial for ABM success.
1. Multi-touch attribution provides full-funnel visibility.
If you’re currently leveraging a CRM like Salesforce, you’re likely familiar with first-touch attribution. But while the CRM is an incredible solution for sales teams, it was not built for marketers.
With first-touch attribution in your CRM, you are able to see “opportunity contacts” that have been sourced by a marketing activity. For example, if your webinar caught the attention of John Smith, who then filled out a form, attended the webinar, and later became the main contact on an opportunity, this webinar would receive full pipeline credit for sourcing the opportunity.
The reason this attribution math is not accurate is because there are likely several additional buyers involved in this opportunity who are engaging with marketing collateral and haven’t been added as “opportunity contacts” by the sales rep. Within your CRM, the marketing engagement associated with those buyers and influencers will remain unaccounted for.
Account-based, multi-touch attribution solves this visibility gap.
An attribution solution like BrightFunnel will account for all successful marketing touches on contacts and leads at the account level. With lead-to-account matching and account-based contact analysis, an attribution solution will provide the visibility marketers need.
With full-funnel visibility, you’ll gain a clear understanding of how your efforts have impacted your target accounts at various stages of the buyer’s journey. Once you can measure the impact of every marketing activity, you’ll have everything you need to confidently build an effective account-based strategy.
2. Account-based attribution enables alignment with sales.
In addition to measuring the impact of your marketing tactics and programs, account-based attribution enables you to identify opportunities for marketing and sales to come together to drive more revenue.
Marketing and sales should work together like a well-orchestrated relay race. The buyer’s journey is made up of a number of engagements coming from both sales activities and marketing initiatives. Marketing should be prepared to alert sales when there’s a surge of engagement from a target account, and, in turn, sales should be able to identify when an account needs some extra TLC from their marketing counterparts.
Take a peek at the screenshot below. Imagine a salesperson has applied a filter on her assigned target accounts. She has filtered the data to see which accounts are “surging” with marketing engagements but lacking in sales activity. With this account-level attribution data, this salesperson is armed with the insights she needs to prioritize her efforts and accelerate her pipeline.
By pinpointing and correcting the process gaps in your buyer’s journey through account-based attribution, marketers and salespeople can work hand-in-hand to drive deals across the finish line faster.
3. Marketing attribution provides the insights necessary to optimize and improve.
Now that you understand the visibility that attribution can provide, let’s dig into how you can start taking action.
By measuring how every marketing campaign, channel, and initiative, both offline and online, is impacting your target accounts, you can identify what’s truly resonating with your prospects. Simply put, you can start doing more of what’s working and less of what’s not working. Ba-da bing, ba-da boom!
By leveraging these metrics, you can begin to answer key questions like:
- What campaigns are working best with each persona? With each seniority level?
- What campaigns are working best at each stage of the buyer’s journey?
- I can only invest in two trade shows next year. Which ones had the greatest ROI last year?
- How are my marketing programs influencing my named target accounts? How are they performing with non-target accounts?
Attribution insights enable you to answer specific questions that are of value to your business, as well as identify underlying trends that will inform your future strategies.
Marketing should not operate in the dark. Instead, you should be armed with full visibility into your funnel so you can ensure your efforts are driving meaningful value.
Data-driven marketers know that if they want their ABM efforts to be worthwhile, it’s not a matter of wishful thinking (and spending). It’s a matter of gaining useful insights with multi-touch attribution, knowing how to report the metrics that really matter, and delivering true ROI.