The traditional approach to sales is a one-size-fits-all model where companies cast a wide net and hope to attract a large number of potential customers. However, with the rise of account-based marketing (ABM), companies are increasingly shifting towards a more personalized and targeted approach to sales. Account-based sales (ABS) is an extension of ABM and involves creating customized sales strategies for specific target accounts. In this blog post, we will explore the key components of an effective account-based sales model and how to craft one for your business.
Identify the Right Accounts
The first step in creating an effective account-based sales model is identifying the right accounts to target. These accounts may be large companies with complex sales processes or companies in a specific industry that you have expertise in. Identifying the right accounts also involves analyzing your customer base and identifying the ones that have the highest potential for revenue growth. Businesses exist to generate revenue. All the good an organization hopes to do stops if they don’t have revenue. Because of this, it is important to find companies who not only have the potential for growth, but who have the desire to grow.
Once you have identified your target accounts, it's important to gather as much information as possible about them. This includes their company size, industry, budget, decision-makers, and pain points. If you can identify persistent pain points, then we will have their attention. A company’s goal will be to alleviate that persistent pain so if resolved, we can create a motivated buyer. This information will help you create a customized sales strategy that resonates with the specific needs of each account.
Create a Cross-Functional Team
Creating an effective account-based sales model requires collaboration between various teams in your organization. This includes sales, marketing, customer success, and product development. Each team brings a unique perspective and skill set that is essential in crafting a successful ABS model.
Sales teams are responsible for identifying the right accounts and creating customized sales strategies. Marketing teams are responsible for creating targeted content and campaigns that resonate with the specific needs of each account. Customer success teams are responsible for ensuring that the needs of the customer are met after the sale is made. Product development teams are responsible for creating products that meet the specific needs of each account. Because collaboration is essential, it is important that leaders develop teams that are well trained and highly disciplined in each of these areas.
Develop a Personalized Sales Strategy
Once you have identified your target accounts and created a cross-functional team, the next step is to develop a personalized sales strategy for each account. This involves creating a customized sales pitch that addresses the specific pain points and challenges of each account. This may involve conducting research on the company's industry, competitors, and current challenges.
It's also important to identify the decision-makers within each account and tailor your sales pitch to their specific needs and priorities. This may involve creating multiple sales pitches for different decision-makers within the same account. When creating a sales pitch, remember that it needs to be 60 words or less. The first 60 words you speak are more important than the next 60,000 words.
Leverage Technology
Technology plays a crucial role in creating an effective account-based sales model. This includes using customer relationship management (CRM) software to manage customer data and track sales progress. It also includes using marketing automation software to create targeted content and campaigns.
Another key technology to leverage is sales enablement software. This includes tools that help sales teams create customized sales proposals and presentations. It also includes tools that provide sales teams with real-time information about the status of their sales pitches.
Measure and Optimize
The final step in creating an effective account-based sales model is measuring and optimizing your results. This involves tracking key metrics such as revenue growth, customer acquisition cost (CAC), and customer lifetime value (CLTV). It also involves gathering feedback from customers and making changes to your sales strategy based on their feedback.
One key metric to track is the win rate of your sales pitches. This measures the percentage of sales pitches that result in a closed deal. At Griffin Hill, as part of our coaching, we do case study. Case study involves taking a case and breaking it down and seeing in what areas we were successful and in what areas we might have failed or come short. By doing case study and tracking your win rate, you can identify areas where your sales strategy may need improvement.
Another key metric to track is the time it takes to close a deal. This measures the average time it takes from the initial sales pitch to the closed deal. By tracking this metric, you can identify areas where your sales process may be slowing down. The numbers will tell you how you are doing with productivity and proficiency and where you can make changes to improve efficiency.
In conclusion, creating an effective account-based sales model requires identifying the right accounts, creating a cross-functional team, developing a personalized sales strategy, leveraging technology, and measuring and optimizing results.
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