Jon Miller is the CEO and founder of Engagio, an all-in-one platform for account-based marketing (ABM). He was a recent guest on our B2B Nation: Smarketing podcast in which we discussed the growth of ABM, how that growth parallels marketing automation, FlipMyFunnel, and some of the biggest challenges facing the industry.
Here are the biggest insights from our conversation:
The hype surrounding ABM creates confusion:
“So many vendors are hearing all the ABM hype and jumping on the bandwagon. There’s nothing wrong with that, but the side effect is that it creates confusion for the buyer. People have a hard a time trying to figure out which vendor does what. What needs to happen is clarification: there’s more than one kind of ABM vendor, and they all do different things.”
Account-based marketing is difficult to measure:
“When people start doing account-based marketing, they’re used to the old ways of measurement — using leads and opportunities. But basic counting doesn’t work in ABM. What companies find is that they need a new set of metrics that focus on quality and the depth of the relationship.
“Marketers also need to ask if they are connecting with the right people at the right accounts. Without those metrics, people could look at their ABM efforts and say, ‘I have no idea if I’m doing the right thing or if it’s working.'”
Marketers should focus on five key metrics for ABM:
- Impact: Find the correlations between what you do and the outcomes you care about. For example, if you hold an event, do the win rates change for accounts that attended ?
- Coverage: How well have you mapped your target accounts? If you don’t know who the right people are, you can’t reach out to them.
- Awareness: Do those accounts know who you are? Do they have any basic level of activity with you?
- Reach: Are your programs reaching the right people at the right accounts? That’s a measure of how focused they are.
- Engagement: This is the most important metric. Are your target accounts spending time with you and your content? Is the relationship deepening over time?
“As a corollary to the engagement metric, there’s an entity we refer to as a marketing qualified account (MQA). The MQA parallels the MQL of traditional demand generation, except it’s account-centric instead of lead-centric.”
Blend “human emails” with other ABM tactics:
“Sending emails is the single most important channel for account-based marketing. Whether that’s an SDR prospecting into an account, a salesperson trying to close a deal, a customer success manager on-boarding a new client, or even an executive doing a personal invite to a dinner, these are all human interactions done over email.
“It’s a really terrible process today in Gmail and Outlook with a lot of copy and paste. We’ll start to see a lot more discussion about ‘human email’ and how it blends with account-based marketing.”
In a recent article for PFL , Miller explains further: “The challenge that marketers face, and the opportunity for Engagio, is the orchestration of all these tactics together to actually achieve your account goals. As an example, your ads run two weeks, then you drop the direct mail piece. As soon as that happens, you kick off a series of emails and calls from your account execs. That kind of process, an account-centric play like that, is too hard today. We’re working to make it easier.”
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