Discover how AI-enabled tools and software can help with strategizing ABM metrics for increasing conversion rates.
Table of contents
- 7 Strategies to Track ABM Metrics With AI Software and Tools
- To Sum Up
In the ever-evolving landscape of B2B manufacturing, the combination of artificial intelligence (AI) and account-based marketing (ABM) has ushered in a new dawn of efficiency and effectiveness in converting target audiences into clients. As B2B businesses strive to reach and engage with their customers, AI-enabled technologies play a pivotal role in reshaping ABM metrics. AI implementation creates opportunities to make ABM strategies more efficient by personalizing, optimizing resources, and automating repetitive tasks.
Read on to learn how AI can be effectively combined into ABM metric strategies to drive good results and gain a competitive edge.
7 Strategies to Track ABM Metrics With AI Software and Tools
Tracking the right metrics is critical for a successful ABM campaign since it ensures that the sales and marketing teams focus on effective sales methods to optimize return on investment (ROI) and improve the ABM process. It opens the channel of customer lifetime value (LTV), which estimates the revenue a customer or a group of customers will contribute throughout their entire lifecycle.
Here are seven techniques for measuring ABM metrics, ranging from engaging the correct target audience to churning these key performance indicators (KPIs):
1. Engaging the Right Target Accounts
When initially starting the ABM process, marketers must engage the right people effectively by establishing an ideal customer profile and tracking down the number of people linking the content to their target audience. AI comes as a savior by analyzing the correct people by identifying patterns and learning which qualities correlate with high-value accounts. Still, it also creates precise content for personalized communication.
For example, Terminus is an ABM platform that helps create a pipeline for target accounts and execute personalized campaigns. Its multi-channel ABM provides a connected account experience, which increases engagement through numerous creative and personalized emails, chats, advertisements, and websites. Terminus is a one-stop shop where the sales and manufacturing teams can manage and access all accounts by segmenting, running, and analyzing campaigns.
2. Social Media Engagement
Numerous KPIs fall under social media engagement, like engagement time, website visits, page views, and click-through rate. With the help of AI-enabled analytics tools, text and visuals can be analyzed through algorithms to target accounts through the company’s social media. After account-based engagement, the next step is to direct prospective buyers to the website. This process can be conducted easily by using AI website analysis tools to get an understanding of the time the contacts are spending on the websites, the page visits per session, and content engagement.
Let’s consider the example of Demandbase, an ABM tool that automates manual tasks like searching for social media details and engagement. It incorporates detailed and reliable account-level insights and data to help the sales and marketing teams reach highly valued leads at any stage of ABM metrics. As a result, the team can send revelatory and personalized information to get the customer’s attention.
3. Monitoring Sales Velocity
Sales velocity is an important ABM metric as it helps the marketers move the prospect through the marketing funnels (top of the funnel (TOFU), middle of the funnel (MOFU), and bottom of the funnel (BOFU)) and start generating revenue. Nowadays, with the availability of different software platforms and tools, velocity monitoring can be conducted through AI-powered tools to track down the key metrics and conversion rates and take action to increase sales velocity for an optimized sales process. A sales team can then take a step forward and close the deal to drive revenue growth.
For instance, Aviso AI enables the sales team to accurately calculate sales velocity, track trends, and optimize sales performance. By reducing sales velocity over time, the team can enhance their speed and efficiency in moving customers through the sales cycle, increase their deal closure, and drive revenue growth.
4. Form Completions by Target Audience
The fourth key metric for a successful ABM is the form complement rate, which means the percentage of target accounts who completed the form vs. all target accounts who visited your website. This shifts the emphasis from expanding reach to prioritizing meaningful and high-quality engagement, as customers can now resonate well with your product or service and want to know more about it. Through this process, the sales and marketing teams can connect with the leads for an engaging session.
Leadfeeder, an ABM platform, is a good example where leads can be filtered and segmented into many feeds based on parameters like form complementation and browsing behavior. The platform tracks people visiting the website and the sales and marketing teams immediately through email alerts, which allows them to take quick follow-ups.
5. Conversion Rate Is More Win Rate
Tracking closed conversion rates helps in monitoring opportunities when it comes to developing a robust ABM strategy. The ABM metric tracks down the number of marketing-generated leads that become sales-qualified leads and also gives an idea of how many target accounts are converted into customers. Rather than conducting it manually, the sales and marketing teams can analyze the data with the help of AI and machine learning algorithms and make predictions about future customer behavior.
ABM tools like Triblio and Alyce are AI-powered ABM platforms that have features that can analyze spending, monitor conversions, and determine ROI. Further, it calculates conversion probability based on user intent and account activity.
6. Track Average Deal Size
The average deal size is the total sales that the company receives from selling products or services to a customer. Sales and marketing professionals need to know the average deal size to get an understanding of the amount of revenue they can expect from each customer. To convert a customer into an LTV customer, the team can develop strategies to optimize by providing additional products or services.
Nektar is one of the best deal-tracking software, which uses advanced algorithms and machine learning to identify risks in real-time so that the sales team can focus more on creating the right ABM strategies. The software also allows the user company to set up an automated workflow that moves leads through pipelines based on the customer’s behavior and actions.
7. Upsells and Referrals
ABM does not stop once the sales team closes the target account. The sales team should create a strong relationship with ideal customers through the funnel, which makes tracking upselling one of the best ABM metrics.
When it comes to ABM measurement, customer referrals are the hardest metrics to track. Sales teams and B2B companies can set up referral reward programs to reward customers for referrals and track new customers’ buying journeys.
To Sum Up
In today’s dynamic B2B marketing landscape, the synergy between ABM and AI entails automated task generation and nurturing. AI can undertake repetitive tasks, freeing up sales and marketing professionals to focus on more strategic initiatives. AI-enabled ABM platforms require a human touch to connect the data sets and decide what solutions customers are seeking, and how they plan to persuade them in case of partnership.
As technology advances, the function of strategic ABM metrics will become increasingly important, allowing B2B organizations to build stronger relationships with their target clients and achieve unparalleled company development.
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