ABM TIP: “Apply ABM to your field marketing strategy to ensure no revenue is left behind”
As a field marketer how often do you get forwarded a steady stream of event requests from your sales team and the rest of the organization? Are you continually pinged to research an event that will surely be the silver bullet to marketing success? Typically the reasons they want you to sponsor go something like...”It is in my territory”, “I have a prospect attending” or “This looks like somewhere we should be.” So how do you ensure you are indeed putting dollars where they belong and prioritize your field marketing efforts? The key is ABM.
We know that after selecting our ABM target accounts, we are able to get all kinds of amazing insights. By defining the list in advance we are able to unearth various details that help us make sure that our precious event budget is producing the highest ROI possible.
Here is how we do it at Radius:
1. Build a master event list: Our yearly planning starts off with a comprehensive list of sponsored event opportunities where our target personas would potentially visit. It is comprised of EVERYTHING that has been suggested or we have sponsored, in our case it is over 100 events. This not only provides us the ability to track and justify why we are investing in a particular event but also reaffirm why we are not focusing on an event.
2. Prioritize events for research: After an initial scrub of removing previously low performing events or obvious mismatches with our strategy, we whittled it down to a mere 80 events to research. At this point we use a high, medium, and low criteria to rank them which allows us to prioritize the must-attend events and the nice-to-have ones, that we can scale depending on available budget.
3. Prioritization Criteria: The high, medium and low criteria are based on these 3 factors:
Overlap with target account list: Most sponsored event vendors will provide a list of accounts that attended from last year or registrations to date. We take this list and run a percentage overlap with our target account list to determine the strength of getting in front of our targets.
Past performance: We also look at two factors in past performance, pipeline sourced from the event and pipeline influenced. Since many events help influence and accelerate existing deal cycles we look at both.
Geography: Next we look at where our target accounts fall across the country and prioritize events based off of the largest concentration using a heat map.
4. Create master plan and share with team: Finally, a master plan is presented to the team and outlined on a centralized marketing calendar so there is visibility into our field event schedule across the organization. Of course, 10% of the budget is allocated to opportunistic field programs that may arise with partners or otherwise to keep some agility to the process.
This level of transparency and strategy allows us to focus the rest of the year on executing our field events flawlessly and working the best opportunities with our sales counterparts. The added time and focus on execution enables both marketing and sales to focus our spend on the right accounts that make the biggest possible impact.