What’s not to like about a solution that helps businesses sell more? That’s exactly what account-based selling does. It helps both individual sales representatives, and entire sales teams sell more by allowing them to better target accounts and prospects. It has the added benefit of enabling teams to create more personalised sales engagement and execution plans that leverage technology to drive higher close rates. They do this through a combination of big data and predictive analytics that deliver insights enabling a laser focused targeting on opportunities that are the best fit for your business.
It’s simple really. In the same way personal shoppers at high end department stores provide customers with a tailored retail experience through the use of data and insights into their shopping history, the same can be done for sales. Successful account-based sales teams employ data, insights and science in equal measures to better prospect and close specific targeted accounts. Not only that, but prospects are now expecting that level of personalisation when they are looking to buy – tailored to their needs.
In sales days gone by, sales representatives would call a prospect up to ten times, interrupt them constantly and push for a follow-up face-to-face meeting – not only is this exchange a total waste of time and an unpleasant experience for the prospect, but it’s also often futile for those selling. What’s worse, those prospects were usually not interested in speaking to the rep and often individuals the business had no real interest in speaking to either! Often either the wrong level, in the wrong department, or at a totally irrelevant company.
Account-based selling is gaining prominence as a targeted and strategic sales approach – mostly due to the fact that it is helping increase efficiencies within the sales department. As reported in InsideSales’ most recent Business Growth Index, one way successful companies are driving growth is by going upmarket, by pursuing larger deals with larger companies. In parallel, companies of all kinds are working to make their overall sales and marketing investment more efficient.
So which businesses can benefit from account-based selling? Firstly, those where there are a couple of different decision makers. CEB research indicates that the average B2B buying group includes 5.4 individuals. If you’re dealing with that number of decision makers so close to closing a sale, you most likely require an account-based selling approach. When you’re speaking to that many people – the more scientific and factual you can be the better. The better a sales experience you can give the decision makers, the more likely you are to succeed – so meet them in the middle and give them what they want.
You’re also looking to take an account-based sales approach to those deals which are bigger (usually over £500,000) and to sales which have a longer sales cycle – normally over 90 days. If the sales cycle is so complicated that it takes over 90 days, it’s usually the prime candidate for an account-based approach.
The best sales development teams of today all make the most of technology to help them sell faster, more – and ultimately smarter. The sales revolution has happened, cold calls are a thing of the past and the way business is conducted has totally transformed. As a result, prospects expect a more personalised sales experience than ever before. The only way to truly give them that is through account-based selling.