For many business-to-business (B2B) companies, utilizing account-based marketing helps them improve lead quality, but making sure your efforts are paying off is a necessity. This article highlights three things to know when measuring your marketing efforts in HubSpot.
3 Ways to Track Your Account-Based Marketing Efforts in HubSpot
If you’re like other B2B companies, your marketing team uses account-based marketing (ABM) to target prospects that are a better match for your sales funnel. In other words, they’re more likely to convert. ABM is especially effective because it requires collaboration between your marketing and sales team, streamlining internal communication while weeding out less valuable prospects early on. With ABM, marketing and sales can skip right to what they do best: engaging, nurturing, and delighting the accounts that are the perfect fit for your product.
Once your account-based marketing efforts are in full swing, you’ll need a way to measure their efficacy. We suggest using HubSpot dashboards to track these three metrics: engagement, pipeline stages and conversion rate, and average deal value.
1. Measuring Engagement
ABM metrics are different from how you would measure traditional marketing efforts. ABM focuses on the quality of accounts you target, so engagement is your most important metric.
The content you create should connect with your target audience, so it’s a good idea to track phone calls, web visits, and email opens and clicks to make sure your content is resonating. If your engagement is low, you may need to tweak your content strategy, or you may need to reconsider which accounts you’re targeting in the first place.
We’ve found that 60-70% engagement is good for personalized landing page content for a given target group. You can get a sense of your numbers here with the following HubSpot reports:
- Sequence enrolls, opens and clicks, which provides a breakdown of opens, clicks, replies, and bounces for all of the ABM sequence emails you send out.
- Contacts with recent website visits, which are categorized by lead score and the total number of sessions.
- Contacts by HubSpot Score.
2. Tracking Pipeline Stages, Speed, and Conversion Rate
If you track pipeline stages, you’ll know right away if there is a breakdown in your sales process. If you have lots of contacts in the Marketing Qualified Lead stage but aren’t making it to the Sales Qualified Lead stage, it’s time to investigate why. You’ll also want to look at the speed that contacts move through the sales pipeline. Paired with your overall conversion rate for an ABM campaign, you can tell a lot about your sales process and if it’s time to change tactics.
We recommend these two reports for monitoring pipeline stages and conversion rates:
- The deal stage funnel with total deals and conversion rates gives you an excellent understanding of where deals land in the pipeline while showing the conversion rate from each stage to the next.
- The average time to convert created contacts into deals by source measures how long it takes for contacts to become deals while giving you visibility into the sources that produce the highest quality leads.
3. Viewing Close Rates and Revenue, Customer Acquisition Cost, and Average Deal Value
It all comes down to revenue, so this will probably be the most critical metric to executives or investors. Obviously, it’s a good sign if you close a high percentage of the accounts you engage with. However, it might indicate a disconnect if your close rates are low. Poor close rates can result from several issues like your target accounts not being a good fit for your product, content issues that need revision, or a sales cycle that’s too drawn out. Alternatively, if the close rates vary wildly from person to person, you might need to look at the respective performance of your sales team members.
ABM correlates to a higher deal value, so you’ll want to spend more time on accounts with a higher yearly or lifetime value. You should also note the cost and effort expended to close those deals, ensuring that the average deal value is higher than acquisition costs.
For this metric, we recommend tracking pipeline revenue against forecasted revenue and also closed revenue. You can create these using the Custom Report Builder. Be sure to look at your sales pipeline to help you identify which ABM campaigns are doing the best revenue-wise if you are running multiple campaigns.
Using Dashboards for HubSpot Account-Based Marketing
Of course, the HubSpot reports library has many other reports you can add to your dashboards, but these are an excellent start for ABM specifically. And remember that HubSpot allows you to customize reports or create your own if you can’t find what you’re looking for.
HubSpot dashboards are not only great for tracking the efficacy of your ABM efforts, but they’re also an excellent way to demonstrate success to executives or investors. We recommend creating a separate dashboard with a high-level overview for this exact purpose. Just be sure to include high-priority metrics and leave out the kind of detail a sales or marketing manager would need to know.
For more information on how to measure your Account-Based Marketing efforts with HubSpot dashboards, don’t hesitate to contact us.