Marketers Given Marginal Grades for ABM-Driven Revenue Growth
CMO Council Releases Year-End Scorecard of B2B Marketing Effectiveness In Finding, Winning and Growing Key Customer Accounts
SAN JOSE, Calif., Jan. 23, 2024 (GLOBE NEWSWIRE) -- Seeding and harvesting the sales pipeline — the process of acquiring, capturing, qualifying and converting business opportunities — are essential to the growth and profitability of B2B marketers across every industry and geographic sector. Marketing is largely responsible for driving this business process, yet nearly two-thirds of lead gen and engagement strategies are underperforming.
A new Chief Marketing Officer (CMO) Council report, produced in collaboration with WM America, entitled “Fire Up Your Revenue Generation Engine,” covers critical aspects of lead generation and engagement. This includes models and metrics for tracking and measuring performance, best practice demand-gen execution, ways to score effectiveness, and more.
The latest CMO Council research finds scores of marketers falling behind in lead scoring, account-based marketing, accelerated pipeline, and intention-based marketing. Key findings from a Q4 survey of over 170 B2B marketing, sales, revenue, growth, demand gen and campaign execution leaders include:
63% say marketing must own and optimize a company’s revenue-generation engine
64% say their lead gen and engagement strategy underperforms
78% of highly evolved marketers are satisfied with their accelerated pipeline, compared to only 15% of lesser evolved marketers
“In today’s competitive data-driven environment, marketers should no longer be satisfied with paltry returns on their sizable lead-gen and ABM investments,” the report notes. “It’s time to turn the tables on inefficient, ineffective, and outdated practices for anticipating, adapting, and responding to customer needs and opportunities.”
Download the report at: https://www.cmocouncil.org/thought-leadership/reports/fire-up-your-b2b-revenue-generation-engine
Based on the research findings, the CMO Council provide a year-end scorecard that ranks proficiencies in critical areas of B2B marketing execution and demand gen operations:
Overall ABM effectiveness in finding, winning, and growing big customers | C- |
Strategic account-based marketing (ABM) practices | B |
Scoring the most actionable leads and prospects | C |
Moving deals more efficiently from contact to closure | C- |
Finding buyers already seeking your type of product | C |
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“Marketers must climb the evolutionary ladder and leave behind outmoded and dated practices,” notes CMO Council executive director, Donovan Neale-May. “Using AI-derived, intention-based buyer data and advanced sales intelligence are among the ways growth marketers bring more precision, predictability, and performance to B2B account marketing investments.”
The CMO Council’s research revealed the top five skill sets contributing to improved ABM-driven business outcomes:
Better segmentation and precision targeting of buyers and influencers
On-demand customer business intelligence and personal buyer insights
Tighter integration of demand gen, channel, direct sales, and support teams
Greater utilization of tools and data sources for richer prospect profiling
Proactive and timely pre-sales follow up and cultivation strategies
The CMO Council has uncovered widening gaps in performance between highly evolved marketers and lesser evolved marketers. Gaps are occurring in four core capabilities: lead scoring, account-based marketing, accelerated pipeline, and intention-based marketing.
This report tiers factors that make up a model for better identification, engagement and conversion. The model coincides with the CMO Council and WM America’s thought leadership initiative to advance lead revenue science practices through a certified Lead Evaluation and Assurance Process, or LEAP model. “Marketers will need to take a few LEAPs of faith in the coming months, because sticking to the status quo is just not practical or possible anymore. As data becomes more critical than ever before, CMOs need to extend their visions for innovation and forward-thinking strategies,” according to Lee Salem, WM America’s Vice President of Sales.
Methodology
The report is based on a survey of over 170 heads of B2B marketing, sales, revenue, growth, demand gen and campaign execution in Q4 2023. It also included content from in-depth interviews with executives from Netline, Autodesk, T-Mobile, NTT, ABM Consortium, TechTarget, IBM, B2B Marketing, Reachdesk, Momentum ITSMA, and Xometry.
About the CMO Council
The Chief Marketing Officer (CMO) Council is dedicated to high-level knowledge exchange, thought leadership and personal relationship building among senior corporate marketing leaders and brand decision-makers across a wide-range of global industries. The CMO Council’s 16,000+ members control more than $1 trillion in aggregated annual marketing expenditures and run complex, distributed marketing and sales operations worldwide. In total, the CMO Council and its strategic interest communities include over 65,000 global marketing and sales executives in over 110 countries covering multiple industries, segments and markets. Regional chapters and advisory boards are active in the Americas, Europe, Asia Pacific, Middle East and Africa. The Council’s strategic interest groups include the Customer Experience Board, Digital Marketing Performance Center, Brand Inspiration Center, Marketing Supply Chain Institute, GeoBranding Center, and the Coalition to Leverage and Optimize Sales Effectiveness (CLOSE). To learn more, visit https://www.cmocouncil.org.
About WM America
WM America is a leading B2B marketing company specializing in targeted in-market demand generation. The intent database at WMA tracks the intent behavior of over 75 million business professionals globally, 24X7. The database is segmented into 3,300 categories. WMA keeps around-the-clock track of buying signals from each category in this database. Based on this extremely strong foundation of data points, the company delivers precisely targeted prospects for focused marketing. Accurate keyword search enables deriving of active content consumption and opt-in content downloads. WMA's deep search ensures accurate and targeted information delivery that helps craft successful, cutting-edge marketing strategies. For more information, visit www.wmamerica.com
Media Contact:
Kevin Sugarman
ksugarman@cmocouncil.com
