There’s a new kid on the block. A mysterious kid. A kid who people have heard of but don’t know much about. Maybe you’ve heard of this kid. Maybe you’ve seen this kid. Maybe you’ve even rubbed elbows with this kid at a party once.
You don’t know much, but hey, this new kid is going to be big!
This new kid is Account Based Selling.
Account Based Selling is new sales technique; the new approach for striking gold. And you have to react quickly before the crowd comes, over-saturates the market and ruins the party.
Here’s what you need to know to use targeted account selling to your advantage.
Account based selling (and marketing) is a new and evolving space. There’s no set playbook circulating around the Internet. This method for selling is made possible by advancing technology, increasing availability of data in the public domain and the need to find a new, effective way to sell.
This new approach is evolving quickly, so you better get started now.
Whether you just launched a company and are still looking for your first few customers or you’re a seasoned sales team leader with a solid track record, success in sales requires a methodical approach.
A scattered approach might get you started, and you certainly have to start somewhere. But without properly structuring your sales process, tracking your activities and adjusting your approach based on the results, you won’t get far.
Account based selling provides that structure.
WHAT IT IS AND WHY SHOULD YOU CARE
Account based selling (sometimes also called targeted account selling) focuses on selling at the account level, rather than at the lead level. This approach to selling requires identifying key accounts, learning as much as you can about them and then targeting them with persistent sales communications until they become customers.
These key accounts are usually “whales,” meaning large accounts that can dramatically boost the bottom line. However, they typically have longer sales cycles with multiple stakeholders, thus making it a more complex sale.
You may be wondering why you should consider account based selling when your business seems to be doing fine? In short — lots of money. For example, there is a huge difference between closing a deal worth $500,000 and closing a deal worth $5,000. Yes, it takes more planning, skills, and resources to close these bigger accounts, but not 100X more. Of course, the perfect, targeted account is different for every company. A $5,000 deal may be really big for a small startup, whereas a $100,000 deal may be small for a large enterprise.
THE 3 MUSKETEERS
Account based selling requires a unified effort between sales, marketing and customer success. This is all predicated on strategic planning. On the sales front, it’s about the quality of communication, relationships and contacts into the account, rather than a traditional quantity approach. Marketing will be required to provide support with research, sales collateral and nurture campaigns. Once the deal closes, it’s imperative that customer success provides on-boarding and support to help the newly closed/won account to be successful.
Following the account based selling playbook means investing time and energy into the necessary research to execute a complex plan with many moving parts. At first, you may be doing things that might not really feel like selling. You might even question whether it’s the best use of your time.
It is. The more you can zero in on who your ideal accounts are, the more you can learn about them and what could motivate them to buy your product, the more success you’ll have when you actually begin your campaign.
Starting a sales campaign without taking these initial steps can put your entire operation at risk.
ACCOUNT BASED SELLING PLAYBOOK
So how do you architect and execute a great account based selling strategy? We covered it in depth in depth this week in the following webinar. You should absolutely watch it:
On the webinar, you’ll discover:
- How to create an Ideal Account Profile
- How to make a list of target account that match that profile
- How to find decision makers within each account
- How to build a sales campaign that gets results
- How to stay on top of leads throughout the campaign
These aren’t trade secrets. Your competitors are probably using some of the same tactics. We’re going to get you up to speed, and then tell about some of our best secret tips, trick and tactics that will give you the edge.
There’s no excuse for skipping this on-demand webinar, unless you’re ok with being second. But of course you’re not! Thanks why you’re reading this post, doing your homework, and executing hard on what you’re learning.
Recommended webinar: Fishing with Spears: All About Account-Based Marketing