Account Based Prospecting and Marketing and Metrics
Metrics to help measure the effectiveness of account based prospecting:
- Database Coverage
- Engagement Score
- Conversion Rates
- Volume Targets
A company-wide account based prospecting dashboard could look like this:
- Green: # and % of accounts that have engaged with your brand
- Blue: # and % of accounts with open opportunities
- Red: # and % of accounts who are existing customers
1. Database Coverage
The list of companies you target should be large enough to meet your sales goals for the year. Even with a very focused account based prospecting strategy, most companies do not close more than 4% of companies on a cold list. This percentage is only 1% for an unfocused, general marketing strategy. So, if you are looking to close 100 deals for the year, your list should include at least 2,500 companies.
Beyond companies, your list should also include contacts. Depending on your strategy (and your average contract value), you may want to prospect wider (few contacts per account, but many accounts) or deeper (many contacts per account, but fewer accounts). Typically, the number of contacts you’re aiming for ranges from two to ten contacts per account. For Adobe, we agreed on a minimum of two for mid-market accounts and four for enterprise accounts. Contacts should cover both the sales and marketing leadership of the account.
Track Metrics Such As:
- Percentage of accounts that have sufficient contacts.
- Percentage of accounts that have both sales and marketing contacts.
- Percentage of accounts that have VP-level contacts.
2. Engagement/Influence Across ICP Accounts
After you have built a complete and clean database that consists of companies and contacts that meet your ideal customer profile, you should find out when the right time is to reach out. While a company could be a perfect FIT for your solution, there could be many reasons that now is not the right TIME to speak.
Perhaps the decision maker is on vacation, or the company is distracted with an acquisition or large-scale technology implementation. However, you have a piece of information in your possession that could help: engagement scores.
You can use standard lead scoring mechanisms to figure out which accounts and contacts have engaged with your company or brand in some way, as long as you keep your score a pure measure of engagement (behavior) and do not mix in firmographic or demographic (static) information to score leads.
One of the main goals with ABM is to increase awareness of your solution across all the accounts in our ICP, therefore decreasing the amount of cold calls that sales needs to make. In a perfect world, 100% of our ICP accounts would have an ehttp://winningbydesign.com/cold-calling-isnt-dead-but-the-way-youre-making-calls-is-pissing-off-your-customers/ngagement score greater than zero and sales would never have to reach out to someone that had never heard of your company.
The effectiveness of marketing in an ABM model can be measured by looking at what percentage of target (good fit) accounts and key contacts have engagement score >0.
Of particular value to the ADR team is a view/report that shows the contacts and accounts with a change in lead score in the past 30 days.
The specifics of the lead and account scoring algorithm are much less important than getting the sales development teams to consistently use this information when prioritizing their time and for marketing to strive to get all accounts (and key decision makers) to have a lead score>0 so that SDRs never have to make a cold call anymore (but all in ICP have interacted with your solution in some way).
3. Conversion Rates
Account Based Prospecting (ABP) is about the quality of the conversations as much as it is about the quantity of the conversations. Instead of getting an industry-average 1% of target to deal you can reach 4% with ABP.
(For all deals, and broken out by source, and by market segment)
4. Volume Targets
Eventually, it’s all about the number of opportunities that your account based efforts yield. You could have high conversion rates, but if the volume of opportunities is not there, you will still miss your sales targets.
Demand generation is always a balancing act between quality and quantity of opportunities.