ABM marketers have tremendous opportunity with offline marketing campaigns, but quantifying success may prove elusive without someone to walk you through the right approach. The metrics you’re using online may mean something different in an offline environment, and there are also some new metrics to consider to help you gauge success. This article will walk you through how ABM marketers can measure the success of their campaigns in an offline environment.
Why ABM Marketing Performance Measurement Is Different
In the past, marketing teams relied on broad metrics such as impressions and clicks to measure the success of their campaigns. But ABM requires a more targeted approach. Instead of measuring the success of a campaign based solely on the number of clicks or impressions it generates, ABM marketers need to focus on metrics that directly tie to revenue and business outcomes, with a focus on which campaigns help build long-term relationships with key accounts. This requires a different approach to tracking metrics, one that goes beyond just measuring the number of leads generated or the conversion rate of those leads.
In ABM, metrics need to be aligned with the objectives of the campaign, which could be anything from increasing brand awareness to closing deals with key accounts. For example, if your objective is to increase brand awareness, you might track metrics such as the number of impressions, reach, and engagement rates. On the other hand, if your objective is to close deals with key accounts, you might track metrics such as the number of meetings booked, the size of the opportunity pipeline, and the conversion rate of those opportunities.
Tracking metrics also allows you to identify the most effective channels and tactics for engaging with your target accounts. This can help you optimize your campaigns and allocate resources to the channels that are delivering the best results.
Online ABM Performance Marketing Metrics for Offline Campaigns
Account-Based Marketing (ABM) may involve offline and online tactics, but that doesn’t mean marketers can’t use the same metrics to measure their success. After all, both online and offline campaigns aim to get the attention of the target audience and persuade them to take action. In this section, we’ll provide a brief overview of some of the metrics commonly used in online marketing and explain how they relate to ABM.
Account Selection Metrics
ABM marketers need to identify the right accounts to target. Account selection metrics help marketers evaluate and prioritize target accounts based on factors such as revenue potential, fit with the company’s product or service offering, and strategic alignment with the company’s business goals. This is why OneScreen.ai provides account targeting support through AI-driven research – so you can ensure your offline marketing expenditure is going toward the right accounts.
Reach, Frequency, and Impressions
Reach is an important metric in offline marketing because it determines the potential size of the audience that can be targeted. For example, if a company wants to target a specific region or city, the reach metric will give an estimate of how many people in that area can be reached by the campaign.
Frequency, on the other hand, measures how many times an advertisement is seen by the same person. This metric is important because it helps to determine how many times an ad needs to be shown to a person to make an impact. For example, a campaign targeting high-value accounts may need to show the ad multiple times to the same person to ensure it is memorable and effective.
Impressions are a measure of the overall impact of a campaign. This metric is important because it indicates how many people have been exposed to the advertisement, and it can be used to determine the overall success of the campaign. However, it is important to note that impressions alone do not provide insight into the effectiveness of the campaign or the impact it had on the target audience.
In ABM campaigns, reach, frequency, and impressions can be applied to offline marketing channels such as OOH advertising and events. By using these metrics, ABM marketers can measure the potential impact of their campaigns and make data-driven decisions about how to optimize them.
Click-Through Rate (CTR)
Click-through rate (CTR) measures the number of clicks an ad receives relative to the number of times it was shown (impressions). CTR is a crucial metric for online marketing because it indicates how engaging the ad is to the audience. A high CTR means that the ad is resonating with the target audience, and a low CTR indicates that the ad may need some tweaking.
In ABM, measuring CTR can help marketers understand which ads are most effective at driving clicks and ultimately visits to the company’s website. However, unlike online advertising, offline ads are not usually clickable. Instead, marketers can use location data and geospatial technology to track how many people were exposed to the ad and if they visited the advertiser’s website.
Conversion Rate
Conversion rate measures the percentage of people who take a desired action after clicking on an ad. The desired action could be anything from filling out a form to making a purchase. Conversion rate is a crucial metric for online advertising because it measures the effectiveness of an ad campaign in terms of driving actual revenue or leads.
In ABM, measuring conversion rate is essential because the goal of the campaign is to convert target accounts into paying customers. Unlike online advertising, where conversion tracking pixels can be used to measure the effectiveness of the campaign, ABM campaigns often involve offline advertising, making it more challenging to track conversions. However, by using geospatial data and advanced analytics, marketers can track the movement of target accounts and determine if they visited the advertiser’s website or made a purchase.
Attribution Metrics
Attribution metrics help ABM marketers understand which marketing and sales activities are contributing to their success. By tracking the source of leads and opportunities, marketers can optimize their campaigns and allocate their resources more effectively. Luckily, this online tactic can just as easily be applied to offline marketing campaigns, which OneScreen.ai enables with the measurement component of their platform.
Combine Metrics for Comprehensive Measurement
Combining metrics from different channels will give you a more complete view of your target accounts, and help you optimize your campaigns to generate more revenue. This will involve tracking and measuring the right metrics at each stage of the funnel so you can make data-driven decisions that improve conversion rates and revenue, and aligning your marketing and sales teams around common goals and objectives. To do this, you’ll need to take the metrics we discussed above into consideration alongside another set of metrics. Here are the ones we recommend continuing to look at in conjunction with those listed above:
Account Coverage: The percentage of target accounts that have been engaged with your marketing activities. This metric helps you understand the reach and penetration of your ABM campaigns.
Engagement Rate: The percentage of target accounts that have engaged with your marketing activities. This metric helps you understand how effectively your campaigns are engaging your target accounts.
Velocity: The speed at which target accounts move through the marketing and sales funnel. This metric helps you identify areas where you can accelerate the buying process.
Win Rate: The percentage of target accounts that have closed as won deals. This metric helps you measure the overall effectiveness of your ABM strategy in generating revenue.
Account Engagement Score: A score that indicates how engaged a target account is with a company’s marketing and sales efforts. This score is calculated based on the number of interactions with the account, such as email opens, clicks, website visits, and content downloads.
Account Growth: The percentage of target accounts that have grown their revenue or engagement with the company over a certain period of time.
Customer Lifetime Value: The estimated amount of revenue that a customer will generate over the course of their relationship with the company.
Customer Acquisition Cost: The cost of acquiring a new customer, including all marketing and sales expenses.
To build a comprehensive ABM strategy, you need to combine metrics from online and offline marketing channels to optimize your campaigns, measure success, and generate more revenue. By tracking and measuring the right metrics at each stage of the marketing and sales funnel, you can make data-driven decisions that improve conversion rates and revenue. With the right metrics and methodologies in place, you can build a successful ABM campaign that delivers measurable results for your business.