If you are a marketing professional, you must be familiar with the term ‘Account-Based Marketing.’ It is an excellent and exciting strategy being deployed by marketers and organisations worldwide.
Using ABM, the whole organisation can channel their efforts into nurturing high-value accounts rather than wasting time and money on lower priority accounts.
Rather than formulating broad branding strategies which might not prove fruitful in every case, you shift your focus towards an account-based approach. You modify all the communication and branding strategies to suit the specific account.
ABM will help your marketing and other teams identify which campaigns and communication strategies increased your revenue and the ones that proved unfruitful. Moreover, such systems will allow the teams to determine why specific campaigns did not work.
Here, ABM attribution or revenue attribution plays a significant role. It helps the organisation connect various activities such as marketing, sales and customer access with revenue generated from the prospects.
You will have credible revenue-related data and insights into the customer journey by introducing revenue attribution.
Here is how a revenue attribution model can help your ABM.
- A deeper insight into the customer journey
Once you onboard an ABM attribution solution, it will present all revenue data from a specific account. It will capture all the aspects of the consumer’s buying journey. This will help you identify and correct any faults in the marketing or other activities. Thus, you will get a holistic view of your accounts nurtured prospects throughout the pipeline.
Once you know the quantifiable data about the customer journey, you will optimise your processes.
- Help you assess your channels
When you reach out to a lead or prospects, you employ different channels or marketing tools to convert the lead. The revenue data of each channel will signify their performance. This will enable better decision-making, and you will be able to cut down on specific channels that are not performing up to the mark.
- Aligns all the different departments involved
The marketing, sales, and customer-servicing departments must all be aligned for the ABM system to work effectively.
The revenue attribution model will bring all these teams together by presenting each department’s data in the reports. You can access all the data from each department using a revenue attribution platform.
- It helps you calculate your time to revenue
When you are engaged in a business-to-business platform, generating revenue from a client might take some time as the B2B model is more complex than a B2C model.
The concept ‘Time to revenue’ refers to the time taken for a lead to become a customer, from the first touchpoint to the delivery.
In b2b models, you can not judge the efficiency of your channels every month if a prospect is being converted in three months. So, a revenue attribution platform will give you the average time to revenue.
This can help you alter your strategies to shorten the time to revenue for increased profitability.
So, this is how a revenue attribution platform will support your ABM systems.