Market View
Beyond MQLs: Reframing success in B2B marketing
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Kirsty Mitchell
Head of Practice Marketing and Events at FreeAgent
About Kirsty Mitchell
Kirsty Mitchell works for FreeAgent, an accounting software company, as the leader of the team responsible for partner marketing with accountants and bookkeepers. In her role, she focuses on building partnerships where accountants become FreeAgent partners at no cost to their practice. These partnerships are crucial as they generate revenue for FreeAgent when these accountants add licences for their clients to use the software. Mitchell's job involves not just securing these partnerships but also nurturing them to ensure they contribute to the company's revenue, highlighting the significance of the post-MQL (Marketing Qualified Lead) phase in her work.
How has the shift towards account-based marketing (ABM) influenced the way marketing is measured at FreeAgent?
The shift towards ABM has truly transformed how we approach marketing measurement at FreeAgent. A couple of years ago, we began building out ideal customer profiles based on our most successful partnerships. We then strategically reached out to a select group of potential larger practice partners to gain a deep understanding of what would resonate with them and ultimately convince their key decision-makers that FreeAgent was the optimal choice.
This targeted ABM approach has gained significant momentum this year, and we're seeing those efforts bear fruit as larger clients sign on to become our partners. Crucially, we've fostered a close alignment between our marketing and sales functions, to the point where we now share the same revenue targets. Our "new revenue team" is tasked with driving revenue within the first year of each new partner relationship. It's not common for marketing to be measured so directly on revenue, but it keeps us intently focused on sourcing high-quality leads that will convert into profitable partnerships.
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Revenue is now our primary marketing KPI, shared with our sales counterparts.
What are the top KPIs that marketing is held accountable for at FreeAgent?
Revenue is now our primary marketing KPI, shared with our sales counterparts. But we also closely monitor a couple of other key metrics. For our existing base of smaller practice partners, our aim is to maintain their engagement to ensure consistent revenue generation. We specifically track the number of client licences these practices are adding.
We take a somewhat different approach with our larger practice group. While they are fewer in number, they serve a more extensive client base. In addition to revenue and licence targets, we keep a pulse on an engagement score for these enterprise partners. This score encompasses various touch points such as their last interaction with an account manager, email click-throughs, webinar attendance, product logins, and new client additions. It serves as a barometer for their level of engagement, which we've found directly correlates with their propensity to expand their client base with us.
In essence, our top three marketing KPIs are revenue, licence additions, and engagement scores. By consistently monitoring these metrics, we ensure our initiatives are moving the needle on company growth.
How have you achieved tight alignment between marketing and sales at FreeAgent?
Aligning marketing and sales has been a top priority, and it really starts with leadership. The close partnership I've built with our Chief Sales Officer has been instrumental. When we sit down to craft our annual strategy, there's no separate sales plan and marketing plan. Everything ladders up to the unified company strategy laid out by our CEO.
From that foundation, sales and marketing collaborate to identify how we'll jointly contribute to those overarching objectives. We establish a set of strategic anchors that guide all of our team roadmaps and plans for the year. I have my senior marketing managers work hand-in-hand with their sales manager counterparts to develop a shared sense of ownership over each component of the strategy.
Organisationally, I report to our CMO but also have a dotted line to the CSO. Balancing that dual reporting structure can be challenging at times, but the tight alignment with sales has been game-changing. My primary focus is ensuring we maintain equal alignment with our brand and cross-functional marketing channels.
The key to our successful sales-marketing partnership has been open communication, mutual respect, and recognition of each other's expertise. By modelling this collaborative behaviour from the top down, we set the standard for how our teams work together towards our common goals. Developing that shared language and sense of purpose across the organisation has been pivotal to executing our strategy efficiently and effectively.
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The key to our successful sales-marketing partnership has been open communication, mutual respect, and recognition of each other's expertise.
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When I envision the future of B2B marketing at FreeAgent, I see ABM at the forefront, reshaping how we engage with clients, measure success, and drive results.
If budget were no constraint, where would you invest to take FreeAgent's B2B marketing to the next level in the coming years?
In our market, we're in a solid fourth place position, but we're up against some formidable competitors with deep pockets. We've always had to be nimble and find innovative, cost-effective ways to drive growth. But if we had an unlimited budget, I would absolutely double down on scaling our ABM initiatives.
We're already witnessing promising results from the targeted ABM campaigns we're executing to acquire new partners and grow existing relationships. With additional resources, I would establish a dedicated ABM centre of excellence where focused teams could pour all their energy into refining and expanding our ABM programs without distractions.
There's immense untapped potential to elevate our ABM to world-class levels and dramatically accelerate growth, particularly with larger enterprise practices. Having the resources to capitalise on that opportunity would be transformative. While there are numerous other areas I'd love to invest in, ABM stands out as the most impactful way to propel our marketing forward.
When I envision the future of B2B marketing at FreeAgent, I see ABM at the forefront, reshaping how we engage with clients, measure success, and drive results. It's not just a tactic; it's a fundamental shift in mindset that puts client needs at the centre of everything we do. And that client-centric, insight-driven approach is what will ultimately fuel our long-term growth and success.
About FreeAgent
FreeAgent is an innovative accounting software company that provides comprehensive financial management solutions designed specifically for small businesses. The company offers a user-friendly platform that enables small business owners to manage their finances, complete tax returns, and handle other administrative tasks efficiently. FreeAgent operates on a SaaS (Software as a Service) model, allowing businesses to subscribe and use the software online. Additionally, FreeAgent collaborates closely with accountants and bookkeepers through its partner marketing model, which facilitates these professionals in using the software to serve their clients effectively. This partnership approach not only enhances the functionality of FreeAgent for end-users but also creates a collaborative ecosystem that supports business growth and financial management.
About 6sense
6sense is on a mission to revolutionise the way B2B organisations create revenue by predicting customers most likely to buy and recommending the best course of action to engage anonymous buying teams. 6sense Revenue AI is the only sales and marketing platform to unlock the ability to create, manage and convert high-quality pipeline to revenue. Customers report 2X increases in average contract value, 4X increases in win rate and 20-40% reduction in time to close deals. Know everything, do anything, with 6sense.
