Growth Glossary: ABM Edition
by Growth Marketing Firm, on Feb 2, 2023 8:45:00 AM
(Updated July 31, 2023)
Sharing terms so that no one ever feels left out of conversations is part of what it means to be a true partner to clients.
In that spirit, we put together some industry terms that we sometimes use when discussing issues around sales, marketing, and website development. In this edition, we're sharing terms that apply to Account-based Marketing (or ABM for short).
Account-Based Marketing—ABM—is a strategy that offers businesses and organizations a way to get directly in front of their target accounts with both marketing campaigns and content as well as sales conversations.
An A/B test compares two versions of a webpage, landing page, CTA, etc., to determine which one performs better with users. Performing an A/B test allows data analysis to inform improvements in digital marketing.
Tracking data and creating meaningful patterns from it that inform future marketing endeavors. The data can come from website traffic, conversions, social media, etc.
This is the tool that lets you automate your Account-based marketing campaigns. Through lead nurturing, behavior-based strategies, and more, you can use automation to send the right marketing messages to the right people at the right time.
The starting point from which comparisons are made for analysis, performance improvement, forecasting, and strategy creation.
Bottom of the Funnel (BOFU)
The last stage in the buying process. At this stage, leads are fairly ready to buy and are highly interested in a demo, a call, or a free consultation.
When thinking about specific products, services, and activities of a company—both in a practical and emotional way—the brand is the idea or image people have in mind when they think of a business or person.
Brick and Mortar
A business (usually client-facing) with a physical store instead of (or in addition to) an online store.
A business that provides products or services to other businesses.
A business that provides products and services to consumers.
The active research process a potential buyer goes through before making a purchase. The stages of this journey include: 1) becoming aware of a need, 2) considering different solutions to fulfill that need, and 3) making a decision between the different solutions.
The buyer persona is a specific representation of your ideal buyer that helps marketers and sales define their ideal audience. It is developed through the analysis of market research, data, and hypothesis.
In ABM, the CTA tells your audience what specific action you want them to take. Examples of a CTA are: “See it in action, get a quote, contact us, join today.”
Click Through Rate (CTR)
A number that represents the actual “clicks” inside an ABM campaign a prospect took divided by the number of “clicks” a prospect could have taken.
In sales, this means calling or approaching a prospect by phone or face-to-face without having any prior interactions with them before.
In sales, this means emailing a prospect without having any prior interactions with them before.
Written, imagistic, video, or audio information created to inform, educate, or influence people.
In ABM, conversion occurs when a target company representative completes a desired goal. For example, a prospect converts to a lead when they engage with a call-to-action. If they purchase something, they convert from a lead to a customer.
The path a prospect goes through to become a lead. Actions along this path can include clicking on a link, a call to action, a lead form, a thank you page, or downloading content.
The percentage of targets who become leads through their engagement with the desired goals of the ABM campaign, such as downloading content, requesting a quote, signing up for a newsletter, or any other activity. A high conversion rate is a strong indicator of a successful ABM strategy.
The specific symbols, colors, logos, etc., that constitute the public image of an organization.
Cost Per Lead (CPL)
In marketing, the total cost that it takes to acquire a lead.
Customer Acquisition Cost
A measurement that allows you to assess the cost of scaling up your business.
It can be calculated by dividing the time and money spent on customer acquisition for a specific period of time by the number of new customers gained.
(Money + Time Spent)/Number of New Customers
Software that helps you organize all of your marketing and sales activities, including storing contact information, tracking emails, storing deals, and more.
A term used to describe a prospect who no longer responds to any type of communication.
(Example: Ms. Jones went dark.)
A prospect agrees to purchase a product or service and completes a sales transaction.
The person in a position to make the final choice about buying a product or service.
A specific profiling aspect that takes into consideration age, gender, income, family life, class, etc. It’s often used in segmentation or as a focal point in marketing and advertising strategies.
Marketing to a target audience solely via the Internet. It could involve inbound marketing, email marketing, content marketing, etc. Account-based Marketing in a subset of digital marketing.
The very first call with a prospect. The purpose is to find out if they’re a good fit to work with your organization.
A list generated from several sources, including users who have signed up for your newsletter, opted into a free offer, or have shown an interest in your brand in some way.
Any aspect of your website, sales, services, or operations that is hard to understand, distracting, or causes prospects or leads to leave or buy elsewhere.
Segmenting a group of audiences based on where they live or where they are located. Imperative work for an ABM campaign.
The type of customer who meets all the criteria you’re looking for in a prospect. In other words, your perfect client.
Marketing your company by creating thought leadership in your industry via content, podcasts, video, eBooks, email broadcasts, SEO, social marketing, etc., rather than through paid advertising. ABM works best when paired with inbound marketing.
A type of social media marketing that utilizes endorsements and product or service posts from influencers. Influencers are people who have at least 10K followers and are viewed as experts in their niche.
A means to measure the performance of various factors, from employee functions to marketing tactics. Tracking KPIs helps your organization achieve its goals.
A page on your website that houses a form that prospects will fill out and exchange their personal information for a lead magnet or free offer (such as an eBook, demo, or consultation).
An individual or a company that has shown interest in one of your products or services. This could be either an MQL (Marketing Qualified Lead) or an SQL (Sales Qualified Lead).
Activities with the purpose of generating interest in your product or service.
These activities may include content marketing, advertising, referrals, and partnerships.
Engaging and building relationships with potential customers through a variety of marketing techniques.
Determining whether a client fits your organization’s vision of the ideal customer.
Lifetime Customer Value
A prediction of the net profit attributed to the entire future relationship with a customer.
Marketing Qualified Lead (MQL)
A lead that is ready to be handed over to the sales team. A person or business that recently had a positive interaction with your company: a discussion, a download, etc., that deems them worthy to move to the next level of the sales funnel.
Marketing + Sales Alignment
The alignment of marketing and sales is the hallmark of any workable ABM strategy. Without it, it’s not possible to ensure your best-fit accounts will receive the best buyer experience (and thus may not move toward the decision phase along their buyer journey at all).
High-intelligence research and development of a specific industry for the betterment of sound business decisions.
Middle of the Funnel (MOFU)
This is the stage of the sales funnel that a buyer enters after they have identified that they have a problem that needs solving. This is the point at which you position your business as the solution to their problem.
A very specific segment of a market that requires a very specific approach to marketing.
North Star Client
The company or individual that is the best fit for your business based on revenue, values, and goals.
This term can refer to introducing a new customer or client to your services or products, or it’s used to describe best practices for effectively welcoming a new employee into your organization.
This is a gated asset that you’ll offer prospects on a landing page in exchange for their contact information. The offer is designed to help you generate leads, and it can include everything from a webinar, eBook, checklist, template, demo, and more.
Pay Per Click (PPC)
A method of advertising on the internet where you only pay when someone “clicks” (or engages with) your ad.
The term “pipeline” in marketing and sales points to the stages a sales rep moves through to convert leads into customers. It is a system that shows where things really are in terms of sales and what’s being done at each stage.
Stages in a sales pipeline are:
- Lead generation
- Lead nurturing
- Lead qualification as marketing-qualified or sales-qualified
- Post-sale relationship building
Point Of Contact (POC)
The decision-maker/facilitator for an organization in terms of marketing and sales.
A lead that is qualified meets your company’s criteria or buyer persona attributes and is more likely to buy. A marketing-qualified lead meets marketing objectives, while a sales-qualified lead meets sales objectives.
The entire sales process as a whole—from prospect to paying customer—and all marketing, advertising, and sales processes in between.
A group of customers toward which a business has decided to aim its marketing efforts and merchandise.
Top of the Funnel (TOFU)
Where Bottom of the Funnel (BOFU) prospects are in the ready-to-buy stage, TOFU customers are at the initial stages of the buying process. They are looking for answers to a problem they just realized they have.
A series of web pages that are connected, beginning with a homepage, and generally includes other pages like “contact,” “about,” and “services.” A website should be strategically designed to attract visitors, convert users into leads, and then turn leads into customers.
An automated process designed to send information, tasks, emails, and more to leads based on a set of rules. Workflows are powerful ABM assets you can use to nurture leads, learn more about prospects, segment lists, and much more.
At Growth, we use agency-level tools to make ABM work smarter, not harder - and it works. Want to get in talks with your North Star clients quickly? Book a meeting with Will below to find out more (or begin today!)
We're ready; are you ready?