On-Demand Webinar: Unfiltered take on AI in Account Planning: Meet DemandFarm’s KAM AI Analysts’ Predictions of AI for Sales, Account Management and Sales Enablement in 2023
Artificial intelligence (AI) is a rapidly evolving technology that is transforming various industries. Sales, account management, and sales enablement are no exception. According to a recent report, the global AI market in sales is projected to reach USD 12.4 billion by 2025, up from USD 1.3 billion in 2019. This rapid growth in the use of AI in sales and account management underscores the technology’s importance to businesses worldwide. Imagine you’re a sales manager for a large retail company with hundreds of sales representatives operating in different regions. Your job is to ensure that the sales team hits their targets every quarter. You must also provide regular updates on the team’s performance to the executive team. Imagine how challenging it is to keep track of each sales rep’s performance and to provide actionable insights to help them improve. This is where AI comes in. With AI, you can automate various processes such as lead generation, customer segmentation, and sales forecasting. It also becomes easier for you to guide and coach your team to improve their performance. If you want to know how AI will shape the world of sales in 2023, this article will help. Discover the latest predictions made by leading industry analysts on the role and impact of AI in sales, account management and sales enablement. Read More: Harness the Power of Big Data to Surge in Key Account Planning & Account Growth Overview of the Current State of AI in Sales, Account Management, and Sales Enablement AI has been transforming the sales and account management landscape for several years now. With the ability to process vast amounts of data, analyse patterns, and make predictions, AI helps in improving business performance and aids sales growth. Recent data shows that when AI is used to aid sales processes, leads increase by 50%, call times and overall costs are reduced by about 60%. A brief history of AI in Sales, Account Management, and Sales Enablement AI has been a buzzword in the technology industry for many years, but its practical application in sales and account management has gained momentum only recently. Sales and account management professionals have been using AI to automate tasks and optimize performance. For example, sales teams use AI to generate leads, personalize sales pitches and forecast sales. Account managers are using AI to segment customers, monitor contract renewals, and upsell or cross-sell. Sales enablement tools use AI to deliver personalized content, track engagement and improve sales reps’ productivity. Current State of AI Implementation in Sales and Account Management The use of AI in sales and account management is growing at a rapid pace. AI can automate repetitive tasks like data entry, lead prioritization, and follow-up emails. It can also provide insights into customer behavior predicting the likelihood of churn, the probability of purchase, and the optimal time to connect with customers. AI-powered chatbots are becoming more prevalent in sales and account management, providing instant support to customers and prospects. Close to 70% of users enjoy the speed at which chatbots answer. Overview of Sales Enablement Technologies that Use AI Sales enablement tools have been integrating AI to improve their functionality and deliver better results. AI-powered sales enablement technologies can help sales teams with lead scoring, sales forecasting and personalization. They can also assist with content creation, management and distribution. Over 40% of marketers agree that using AI for email marketing generates higher market revenue. AI can also provide insights into content performance, enabling teams to adjust their sales strategy and approach based on what’s actually working. AI can also help sales reps prioritize their leads and opportunities, ensuring focus on the most promising leads. Ebook: AI-Assisted Account Planning – Conversations of the Future Part 1 Revolutionizing Sales and Account Management: The Emerging AI Trends As AI continues to make significant inroads in sales, account management and sales enablement, new trends and applications will continue to emerge. Some of the most promising and exciting developments in AI for these fields include chatbots and virtual assistants, predictive analysis, machine learning (ML) to improve customer experience, and AI-powered sales performance monitoring and improvement. AI-powered chatbots and virtual assistants: In recent years chatbots and virtual assistants have become increasingly popular in sales and account management. Through extensive use of natural language processing (NLP) and machine learning (ML), these tools can automate routine interactions, answer commonly asked questions and even make product recommendations. According to Grand View Research, the global chatbot market is expected to grow at a compound annual growth rate (CAGR) of 25.7% from 2022 to 2030 and reach USD 3.99 billion by 2030. Predictive analytics for sales and account management: Predictive analytics can help sales and account management teams identify potential customers and personalize their outreach. Through the analysis of data including purchase history, website behavior, and social media activity, predictive analytics tools can identify which prospects are most likely to convert. They are also able to determine which messages will resonate with them. With over 50% of companies worldwide leveraging advanced and predictive analytics, the benefits are obviously widespread. Machine learning for customer experience improvement: ML is used by sales and account management teams to better understand their customers and improve customer experience. By analyzing data from emails, chat logs, and social media, ML algorithms can identify patterns and threads in customer behavior. With these reports sales teams can receive personalized recommendations and tailor their approach to each customer. A study by Salesforce shows that almost 90% of customers believe that the experience offered by a company is equally significant to its products or services. Automation in sales and account management: In sales and account management, automation helps with streamlining workflows, helping teams focus on high-value tasks. By automating tedious and time-consuming tasks like data entry, lead prioritization and follow-up emails, sales teams can save time. Thus efficiency is also improved. This helps to free up time for more productive activities like lead generation and nurturing. Research by McKinsey Global Institute has shown that over one-third of
Harness the Power of Big Data to Surge in Key Account Planning & Account Growth
The use of big data and artificial intelligence (AI) in account-based marketing has revolutionized the way organizations approach their marketing strategies. Predictive analytics that utilizes historical data to identify future trends and behaviors, can help organizations optimize their communication strategies and make data-driven decisions to drive growth to stay ahead of their competitors. The big data edge Predictive analytics through big data and AI is a game-changer for key account planning. By utilizing predictive analytics, organizations can better understand consumer behaviors and trends and predict future shifts. This empowers them to develop more effective communication strategies, optimize resources and spend, qualify and prioritize leads, and retain customers. With the integration of advanced communication tools and measurement capabilities, organizations can stay competitive and drive growth in today’s data-driven environment. In the past, organizations relied on data-driven communication to understand the long-term impact of their campaigns on sales. However, with the evolution of communication analytics, organizations are now able to move beyond aggregate data and understand user-level interactions. Multi-touch attribution (MTA) models, for instance, enable organizations to gain a better understanding of consumer paths to purchase. The need for predictive analytics and big data With predictive analytics and big data, organizations can understand consumer behaviors and trends better, and predict future shifts with better accuracy. By leveraging machine learning and AI, organizations can combine insights generated through various datasets, algorithms, and models to develop more effective communication strategies. There are three primary models associated with predictive analytics: cluster models, propensity models, and recommendations filtering. These models enable organizations to segment audiences, evaluate consumer likelihood to act, and understand where there might be additional sales opportunities. They can enhance effectiveness by updating their playbook to provide a better overview of consumer behavior, optimize resources and spend, qualify and prioritize leads, and retain customers. With so much data available, organizations require advanced communication tools and measurement capabilities to take full advantage of predictive analytics. Unified communication measurement, communication analytics software, and AI and machine learning are essential features that enable organizations to act on insights in real-time and serve dynamic content automatically. Developing a key accounts-focused culture As every customer or account has a unique persona and behavior, developing an account-centric culture is a top priority for every company. However, tracking progress can be challenging without effective processes. Initially, companies relied on CRM for opportunity management, but account planning tools have since been created to provide intelligence into their key accounts. With the evolving environment, these tools have also had to adapt to new opportunities and help enterprises resolve their existing challenges. Analytics can play a precise role in account centricity by providing detailed insights to prepare proposals/quotes depending on each key account’s requirements. Enterprises can also review target achievements and create reports that facilitate decision-making and strategy formulation. Analytics can identify future trends and opportunities in the industry, as well as insights on the non-captured value of a customer, which may add to the economic value derived from customer profitability analysis. AI for leveling the playing field Businesses of all sizes are recognizing the need to adopt a digital approach to key account management. Small B2B organizations, in particular, face a tough challenge as they do not have the same resources or brand equity as their larger competitors. As a result, they often rely on building strong relationships and trust with their clients through great work and word-of-mouth referrals. However, the COVID-19 pandemic threw a wrench in this approach, as remote work made it challenging to engage with clients physically. To address this challenge, many small B2B organizations have shifted their focus to digital key account management. This approach involves creating and implementing a digital account and relationship strategy to retain and grow key relationships in a remote world. Here are some factors that businesses should consider when making this shift. Data-driven approach to relationship strategy and management should be a top priority. Businesses should collect data and use it to inform decision-making that produces positive outcomes for their organization. This approach is already used by consultants to help clients be successful, and businesses can turn that lens on themselves to see how they can increase their and customer lifetime value. Culture and people change during a digital approach requires proactive and sustained communication across a variety of stakeholder groups. To be successful, businesses must influence broad behavioral change across their company and make it stick by aligning incentives and measurement with the business outcomes that they value. Conducting quarterly business reviews (QBRs) with key accounts can shed light on the importance of the process, and sales teams can prime the rest of the organization for the same. Enabling teams with the right tools is a critical factor in making the shift to digital key account management. Even with a strong approach and workforce, businesses must have the infrastructure and tools in place to make the shift successful. Investing in infrastructure that uplifts the workforce and removes roadblocks and overhead is crucial to supporting this change. Despite the benefits of digital key account management, making the shift can come with its set of challenges. For example, businesses may face resistance to change or struggle to adopt new processes. It’s crucial to identify and address these challenges early on to ensure a smooth transition. Adopting a digital approach to key account management is essential for businesses looking to compete in a remote world. By prioritizing a data-driven approach, culture and people change, and investing in the right tools and infrastructure, businesses can make a successful transition to digital key account management. While challenges may arise, addressing them early on can help ensure a smooth and successful shift. Watch Now: Stories on Successful Digital Key Account Management Transformation Challenges to big data adoption in Key Account Management Big data has the potential to significantly improve key account management by providing insights to make better decisions. However, challenges can arise when collecting and managing large amounts of data. One of the main challenges
16% growth through Stakeholder Visibility in Pharmaceutical Sales!
A Pharmaceutical Manufacturing company was experiencing an inability to identify and track key decision-makers in their high-value accounts. DemandFarm’s Org Chart helped them in relationship mapping & planning, identifying relationship gaps in their key accounts within the Healthcare industry leading to a 16% increase in growth revenue. Download the Case Study to learn more about how the Org Chart helps in boosting Opportunities. Read the Case Study here
Case Study: Healthcare Industry Company Boosts Strategic Account Revenue by 30%
A Mental Health services company from the Healthcare industry was looking for a solution to enhance their pipeline visibility. They were also looking for ways to capture information on deals with customers operating multiple business units. DemandFarm’s Account Planner addressed the key challenges and helped streamline their account management processes to achieve a strategic account revenue boost of 30%. Check out the Case Study to learn more about how the Account Planner Starter helped out. Read the Case Study here
Case Study: 1.5x Increase in Upsell Revenue for IT & Services Company with Account Planner
A mid-sized AI, Cloud computing and cyber security company was finding it difficult to make informed business decisions and drive revenue. DemandFarm’s Account Planner empowered the client to overcome their account management challenges & drive significant growth with its powerful insights and actionable data. The IT & Services Company experienced an increase in upsell revenue by 1.5 times. Download the Case Study to find out more. Read the Case Study here
QBR Playbook for Sales and Account Management Leaders
Introduction to the QBR Playbook The QBR (Quarterly Business Review) Playbook for Sales and Account Management Leaders is a comprehensive guide. It can be used to conduct regular performance interviews and analyze results to drive sales and account management success. The QBR process is designed to provide a structured approach to evaluate and improve the performance of sales and account management teams on a regular basis. By conducting regular reviews, leaders can stay abreast of industry trends, customer feedback and other relevant data that impacts the performance of their teams. The QBR process helps leaders identify areas of improvement, set measurable goals and create action plans to achieve them. This then helps teams improve their performance continuously and ensure that the whole organization is moving towards achieving its sales and revenue targets. The QBR process is an opportunity for leaders to gain insight into the effectiveness of their sales and account management strategies and make necessary adjustments. It involves: Preparation Review and Analysis Communication and Presentation Action Planning Follow Up and Tracking Preparation: As with all other successful processes, preparation is an important part of the QBR process. It sets the foundation for a successful review. To prepare for a QBR, leaders should consider a systematic approach that includes several key areas. The first step at this stage is goal-setting. These goals must align with the overall objectives of the organization and the sales and account management teams. Setting clear goals will help leaders focus their efforts and determine the key areas to be reviewed during the business review. Leaders should then identify key stakeholders to be included in the QBR process. This could include senior management, sales and account management teams, and other relevant departments. Identifying key stakeholders allows leaders to tailor the review process to the specific needs and expectations of each group. There is awareness among those involved in the review process and they can prepare accordingly. The next step is to gather the data and information to be reviewed – including sales data, industry trends and customer feedback. Collecting and analyzing data is a crucial step in the preparation process because it helps identify the issues and areas to be addressed. It also helps leaders track progress and evaluate the effectiveness of sales and account management strategies. Care must be taken that the data gathered is accurate and as up-to-date as possible. The relevance of the data will affect the effectiveness of the review. Finally, an agenda must be created including specific topics and questions to be addressed. The agenda must be shared with all key stakeholders invited to attend the QBR to allow them to prepare accordingly. The agenda should cover all the key areas of the review process. A review of the goals and progress, data and information analysis, discussions around any issues or areas that need to be addressed – are all key areas to be addressed. Review and Analysis: At this stage of the QBR process leaders evaluate the performance of their sales and account management teams, identify areas of improvement and develop strategies for improvement. At this stage, leaders gain insight into the effectiveness of their sales and account management strategies and make necessary adjustments. To start, leaders should focus on key metrics and KPIs that are relevant to the performance of their sales and account management teams. These metrics and KPIs should align with the goals of the organization and the sales and account management teams. Some metrics and KPIs that need focus are revenue, customer acquisition and retention, sales pipeline metrics, and performance evaluations of team members. Analysis of the quantitative data can give leaders a better picture of the performance of their teams. When qualitative data is analyzed it allows insight into areas like customer experience and the performance of individuals in the team. This allows leaders to plan how customer experience can be improved and what training and development support can be offered to teams. When the review and analysis stage is complete, it’s time to develop strategies for improvement. These should always be based on the data and information collected. While ensuring that these are aligned with organizational goals and the goals of the sales and account management teams, they must also take into account any industry trends, customer feedback, and other relevant data that may impact the performance of the sales and account management teams. Read More: Essential QBR Metrics to Track For Account Growth Communication and Presentation: At this stage, leaders share the results of the review and analysis stage with key stakeholders. Effective communication and presentation of QBR results are key to gaining buy-in and support from key stakeholders. When the findings are presented, successes and opportunities for improvement can be identified, and specific recommendations for addressing any issues can be provided. Leaders must take care to avoid jargon and use clear, concise language that is easy to understand. Using visual aids such as charts and graphs can also help leaders effectively communicate and present data and analysis. Visual aids provide a clear and concise representation of data making it easier for stakeholders to visualise, understand and interpret. It is important, at this stage to highlight successes and opportunities. These are the positive aspects derived from the previous stage and add an optimistic outlook to the business review. A thorough review and analysis stage will also highlight areas to be addressed. This could involve current concerns or future challenges. Addressing these proactively indicates a willingness to work on possible solutions that may even circumvent the anticipated problems. Another aspect, that leaders may want to consider is delivery. Irrespective of the duration of the meeting, you will need it to be engaging. One way of doing this is to solicit participation through questions and conversation. Asking open-ended questions could throw up suggestions, opinions and feedback that you have otherwise not received. Another way to increase participation is to listen attentively. The feedback and opinions may not always be what you’re expecting. But being
The 2025 Practical Guide to Sales Opportunity Management
Sales success is crucial for B2B software products, as it not only brings in revenue but also helps build long-term partnerships with prospects. Managing the sales cycles of prospects is important to ensure that the right opportunities are selected and nurtured, leading to successful closures. Sales team members, however, have to be ready at all times – every conversation with a potential customer is the possibility of a contract in their case. While it seems all pervasive, sales opportunity management is usually referred to the stage in the sales pipeline where sales qualified leads transition to paying customers. Considering that in sales, no deal is a done deal unless payment has been made, it becomes necessary for sales reps to be able to identify and nurture sales opportunities that are more likely to pay for the product or service. What is sales opportunity management? Sales opportunity management is the process of identifying sales opportunities qualifying deals worth chasing and nurturing them that improves the chances of winning them. It involves selecting the right opportunities to pursue and understanding the prospect’s organization structure better in order to close the sale. This includes analyzing the prospect’s current needs, as well as identifying any potential future needs that the software product can address. The management of the customer from identifying the opportunity to closing or losing a deal maximizes the opportunity, and product sales teams introduce their product in front of the prospect, with favourable communication that leads to a purchase. Sales teams identify the right people to interact with, identify the issues they are currently facing, zero in on the messaging that need to be communicated, and showcase products in such a way that it leads to a quick decision to purchase. Guide: How to do Opportunity Management in Salesforce CRM Why is sales opportunity management important? Sales opportunity management processes allow accounts teams in product organizations to gain valuable insights into their prospects through whitespace analysis. From areas where they can expand their product offerings to customer pain points that can be addressed, this highlights areas that can increase revenue potential. Additionally, by understanding the prospect’s organization structure and future potential, organizations can build stronger partnerships and increase the likelihood of long-term success. An up-to-date org chart enables sales team members to tailor their messaging and communication approach to maximize results. Learn More: 8 Steps of Sales Opportunity Planning Making opportunity-specific strategies Common Sales Opportunity Management Strategies include utilizing organizational charts and product roadmaps. Understanding the prospect’s organizational structure and decision-making processes can help sales teams identify key stakeholders and decision-makers, making it easier to tailor messages and close the sale. Additionally, utilizing product roadmaps can help sales teams understand the product’s future capabilities and how they align with the prospect’s needs. Including sales teams in roadmap-led discussions can allow product organizations to craft customer-centric ways forward that keep in line with the product vision. Read Now: Opportunity Planner by DemandFarm boosts tracking capabilities in 65+ opportunities for Dairy MAX Strategizing based on emerging trends In the coming year, we are likely to see more companies using artificial intelligence and machine learning to automate and streamline their sales processes. Additionally, there is an increasing focus on customer experience, with companies placing a greater emphasis on understanding and meeting the needs of their prospects. Having a deeper understanding of upcoming changes is as important as understanding buyer’s decision-makers. 1. AI and ML: Artificial intelligence (AI) and machine learning (ML) are being used to automate and optimize various aspects of the sales process, such as lead scoring and forecasting. AI can analyze past sales data and identify patterns that can predict future sales opportunities. This can help sales teams prioritize the most promising leads and opportunities. Various data points can be analyzed to assign a score to each lead, indicating the likelihood of them becoming a customer. This can help sales teams focus their efforts on the most valuable leads. Sales teams can quickly and accurately qualify leads by analyzing data points such as company size, industry, and budget, while creating personalized sales messages and recommendations for each lead. Their repetitive tasks such as data entry and lead follow-up can be automated, freeing up sales teams to focus on more high-value activities. AI can analyze historical data to predict future sales performance, helping sales teams set realistic targets and allocate resources accordingly. With AI and ML, Sales teams can identify and prioritize the most promising opportunities, increase the efficiency and effectiveness of their sales efforts, and make better-informed decisions. 2. Data and analytics: Sales teams are increasingly using data and analytics to gain insights into customer behavior and preferences, and to identify new sales opportunities. By analyzing customer data, such as demographics, purchase history, and online behavior, businesses can segment their customer base into different groups with similar characteristics. This allows them to tailor their sales approach to specific segments and increase the chances of closing deals. Their lead scoring efforts get a boost too, with the ability to assign a score to each lead based on their likelihood of becoming a customer. This allows sales teams to prioritize leads and focus on the most promising opportunities. Predictive analytics are used to identify patterns and check the veracity of decisions about future sales opportunities. They can plan ahead and proactively target potential customers. Customer sentiment analysis through feedback, reviews, and social media posts gives businesses insights into how customers feel about their products and services – paving the way to address any issues and improve customer satisfaction. Messages and the product can be personalized to the specific needs and preferences of each customer, increasing the chances of closing deals. 3. Social selling: This process involves using social media platforms to connect with potential customers and build relationships, and is becoming more popular. It allows salespeople to connect with potential customers and build relationships through social media platforms. This can help salespeople identify potential leads, establish credibility and trust, and stay top-of-mind with
10 Best Practices to Run Highly Productive Quarterly Business Reviews
Quarterly business reviews (QBRs) are an essential tool for driving success in any organization. These regular meetings provide a platform for you and your customer to review progress, assess the performance of your product or service, identify areas for improvement and discover growth opportunities. By conducting QBRs, your company can stay on track to achieve your goals, stay competitive in the market and ensure you’re meeting your customers’ needs. You can use this platform to listen to feedback from your customers and then use this information to make improvements to your offerings. You can thus remain relevant to your customers and build closer ties with them. One of the key benefits of QBRs is that they provide an opportunity to quickly identify and address problems or challenges that may have arisen. You can promptly address these, thus avoiding bigger problems and a negative impact on your business. It also helps with retaining your best customers. QBRs are a great tool for communication. By inviting and encouraging open and honest feedback and allowing your customers time to address concerns and challenges you build trust and foster collaboration. Through these sessions, your customer can share their ideas and concerns and you can work with them to develop workable and relevant solutions. They are a great way to compare progress against the goals and objectives set. You’re able to demonstrate how your product or service has helped your customer achieve success in their goals. By understanding their future plans, you can tailor your product so it continues to be a part of their triumph. Quarterly business reviews when done right are time-consuming and need a lot of planning and preparation. After all, you want to make the most of this one-on-one time with the key stakeholders of your customer’s business. If their only interaction has been with your product, you will want to establish a connection and develop a long-term relationship with them. So, make sure you are prepared to impress them at that meeting. Read More: Essential QBR Metrics to Track For Account Growth Here are 10 best practices that will help you make your quarterly business reviews effective, impressive and productive. Choosing Your Customers Defining Objectives And Goals Inviting Participation From Key Customer Stakeholders Creating and Circulating An Agenda Effectively Using Data and Metrics Encouraging Active Participation Reviewing Progress Against Previous Goals And Objectives Sharing Updates From The QBR Session Leveraging Technology and Data-Analytics Planning For The Next Quarter Learn more: QBR Playbook for Sales and Account Management Leaders 1. Choosing Your Customers Since you need to invest time, energy and resources in planning and conducting quarterly business reviews, you need to make a wise investment. Choosing the right customers is an important step in ensuring the success of these meetings because they can provide valuable feedback and help you identify areas for improvement. When choosing who you want to conduct quarterly business reviews for, you can consider the following: Your most valuable customers. These can be your oldest customers, those that generate the highest volume or those who have a high lifetime customer value. These key accounts can provide valuable feedback and insights, and their opinions are important to the success of the company. Highly engaged customers. Choose customers that have recently been in contact with your company, those that have heavy engagement on your social media or have a history of providing relevant and helpful feedback. Engaged customers are more likely to actively participate in the QBR process. Customers with diverse perspectives. Look for customers across industries, geographies and company sizes. Getting feedback from different perspectives will give you a more comprehensive view of your product and will help identify areas for improvement. Make sure to get permission from your customers before inviting them to participate in a QBR. Emphasize that the session presents an opportunity for them to be heard and to influence product upgrades and improvements. 2. Defining Objectives And Goals You need to clearly define the objectives and goals of your quarterly business review in advance and share them with all those you expect to attend. Having clear objectives and goals helps to ensure that the QBR is focused and productive. It provides structure and direction to the discussion. All attendees understand the expected outcomes and this ensures the review stays on track and doesn’t veer off into tangents or unproductive discussions. Clear goals and objectives also provide a framework for evaluating the success of your QBR. Sharing the goals and objectives with all attendees in advance helps them come prepared for the meeting. Thus resulting in more targeted and efficient discussions during the meeting. It’s important to set specific and measurable objectives and goals. For example, the goal of ‘increasing customer satisfaction’ is too broad and generic. It can be better defined as ‘increasing customer satisfaction by 10% within the next quarter’. This makes the goal easier to measure and progress easier to track. 3. Inviting Participation From Key Customer Stakeholders Inviting key customer stakeholders to participate in QBRs is an excellent way to ensure the success of these meetings. Stakeholders can include decision-makers, key influencers, product users and other individuals who play an important role in the relationship between you and your customer. Don’t be afraid to invite people across the company. If they can provide relevant and helpful feedback on your product and service, invite them! Different perspectives only mean more robust feedback. Key stakeholders can provide valuable information about the usage and perceived value of your product. You can gain insight into your customer’s experience, their priorities and needs, their future goals and plans. This allows you to better shape your strategy and plans and tailor your products to meet the needs of the market. The QBR helps foster better relationships with your customers. Highlighting the role your product played in achieving success for your customer will help them better appreciate your alliance and product. Seeing their opinions and feedback given due attention and incorporated makes them feel valued. This leads
The 2025 Essential Guide to Quarterly Business Reviews (QBRs)
It’s 2024! The memories of the midnight revelry have probably faded. The resolutions you made when the clocks ushered in the New Year are now looking less appealing. But what you can’t afford to ignore are processes and strategies that will help your business stay competitive and grow in the year ahead. One such essential, and probably highly underrated tool, is the Quarterly Business Review (QBR). This 2024 Essential Guide to QBRs will provide you with the knowledge and tools you need to conduct effective and efficient QBRs, and help you unlock the full potential of your business. Read More: Essential QBR Metrics to Track For Account Growth What is a Quarterly Business Review (QBR)? As the name suggests, QBRs are business reviews conducted with your customers every quarter. The main purpose of this exercise is to review the impact your products or services are having on your customer’s company, how you are facilitating their progress and discuss future plans and upcoming targets. By regularly reviewing and assessing key performance indicators (KPIs), businesses can identify areas of strength and weakness, set measurable goals, and make informed decisions to drive success. A QBR ensures regular communication about the value you provide and can facilitate a seamless renewal process. Learn more: QBR Playbook for Sales and Account Management Leaders QBRs – Purpose and Objectives To implement effective QBRs, it is first important to understand their purpose and objectives. These business reviews should be used to assess the performance of the business as a whole, as well as the performance of departments and teams. They should also be used to identify and prioritize opportunities for improvement, and to set measurable goals for the next quarter. A QBR has to include and involve key stakeholders from your customer’s business. It’s important to involve stakeholders from various levels of your customer’s organization because of the valuable insights and ideas for improvement that people at all levels bring. For the most benefits out of your QBRs, make sure to set a clear and consistent agenda. This could include a focus on financial performance or customer satisfaction. Or you may want to review employee engagement. It may even be a mix of various parameters. It’s important to set aside time for open discussions and brainstorming to identify new opportunities and address any challenges that may have come up. One important aspect of QBRs is tracking progress and following up on action items. It’s important to establish a system for tracking progress on goals and action items, so you can measure your success and identify areas where additional support or resources may be needed. Read Now: 10 Best Practices to Run Super Productive Quarterly Business Reviews The Components of an Effective Quarterly Business Review When you’re setting the agenda for your quarterly business review, check if you’ve included one or more of the following: 1. Review of product implementation or usage goals This will help you understand if your product is being used for the purpose it was intended for. It can also help you identify gaps because of which there isn’t much perceived value for your product. When these gaps are identified you can work on closing them and demonstrating the actual value of your product to your customer’s business. 2. Performance review for the previous or last financial period and assessing the value generated By doing this you can make sure that both parties are on the same page when it comes to the value being created by your product. You also become aware of any shortfall in performance and expectations, and can accordingly make any changes necessary for improvement. 3. Analysis of anticipated problems and complications Addressing and discussing these before they happen will allow both parties to be prepared if they do arise. Brainstorming about the steps that can be taken in the face of various challenges and obstacles is also helpful. This process may also help with finding solutions to avoid some anticipated issues. 4. Planning for the future Are you interested in being more than a vendor? If you’re looking to be a contributing partner to your customer’s success, then sharing plans for the future is a great way to take your association further. Taking the time to learn about your customer’s future business plans can help you develop a plan to continue helping and supporting them. This ultimately helps with customer retention. Sharing your plans for expansion or product development will help build interest. 5. Share planned product improvements This is your chance to showcase how you’re invested in product development and improvement. During this discussion or presentation, you should specifically focus on those product features that are being improved at the specific request of your customer. This also proves to your customers that their inputs are important to you. It makes them feel part of your growth and development. Learn More: The Do’s and Don’ts of Quarterly Business Reviews (QBRs) What a Quarterly Business Review is NOT a Substitute for While it’s important to understand what a QBR is and what it includes, it is equally important to understand what it should not be focused on. Although these business reviews will help you understand how well your product or service is being used, the focus at these meetings is on the customer. The customer is the ‘hero’. Your product or service is in a supporting role, helping the ‘hero’ achieve success. 1. Do not use the QBR to sell This could include upselling, cross-selling or even promoting a newer product or service. This does not mean that you shouldn’t talk about new features or improvements in your product. Just don’t use this session as a back door to sell more stuff. 2. ‘Business’ is the primary word Don’t treat this meeting as a social interaction. And don’t take the time set aside for this review for granted. It is an important business meeting. One that will allow you to demonstrate the value you bring to the partnership. Use your
11 Crucial Account Management KPIs that Dictate Success
Key Account Management can be a difficult process. The biggest challenge to selecting the right account management strategy is focusing on too many things too soon. Ideally, the focus should be on only a few impactful components or Key Performance Indicators (KPIs) that can set you apart from your competitors. This has the potential to grow your key accounts exponentially. What are KPIs in sales? Key Performance Indicators, or KPIs, in sales, are measurable values that demonstrate how effectively a sales team is achieving its key business objectives. By using KPIs, organizations can assess their sales performance, identify areas for improvement, and make informed decisions to drive growth. KPIs can cover various aspects of the sales process, from lead generation to closing deals, and provide valuable insights that help teams strategize effectively and gain customer retention. Sales KPIs can vary widely based on the specific goals of the organization, but some common examples include: Sales Revenue: The total income from sales, which reflects the effectiveness of the sales team in generating profit. Conversion Rate: The percentage of leads that are converted into actual sales, indicating the effectiveness of sales tactics. Customer Acquisition Cost (CAC): The total cost spent on acquiring a new customer, which helps in understanding the return on sales investment. Average Deal Size: The average revenue earned per deal, useful for setting sales forecasts and targets. Sales Growth Rate: The rate at which sales revenue increases over a specified period, providing insights into business health and market demand. By carefully selecting and monitoring relevant KPIs, sales teams can enhance their performance, optimize processes, and achieve greater success in their endeavors. Take a look at the top 11 Account Management KPIs that require focus for long-term success. 1. Customer Lifetime Value (CLV) Customer Lifetime Value is the total revenue that a business can generate from a single account in the entire course of the arrangement. It is calculated by: Customer Lifetime Value = (Customer Value) x (Average Customer Lifespan) Importance of Customer Lifetime Value Instantly tells your most revenue-generating buyer personas. Gauges the potential of individual key accounts. Identifies common factors that drive the most profitable customers. Analyzes the ability of account managers to engage existing clientele. Lowers customer cost per acquisition and maximizes profitability. 2. Referenceable Clients How likely are your clients to refer you to their professional network? When quantified, this is directly proportional to the performance of your account managers. There are three primary ways to track this KPI: Monitoring social media mentions to understand the consensus about the performance of account managers. Directly asking current customers by including a question in key feedback surveys Adding a field like “how did you hear about us?” in inbound contact forms. 3. Customer Satisfaction Customer Satisfaction scores (CSAT) is one KPI that can explain a lot about the performance of account managers. They can be easily captured via customized surveys across multiple channels. Net Promoter Score (NPS), is one of the best ways to calculate Customer Satisfaction. NPS asks clients about how likely they are to recommend the services and products to their colleagues and quantifies the result. Clients are then divided into Promoters, Passives, and Detractors. 4. Customer Outcomes Customer Outcomes is a function of customer-centricity. It involves tracking the achievement of customer goals to analyze and arrive at the performance of the account managers. Such tracking can be achieved by looking at: Leading Indicators: Forward-looking indicators that look at and anticipate future outcomes and events. Lagging Indicators: Backward-looking indicators that analyze whether the desired outcome was achieved. If any discrepancy exists between the inputs and outputs of Key Account Managers, the problem can then be diagnosed accordingly. 5. Customer Interaction Customer Interaction provides valuable insights into the amount of time that account managers dedicate to engaging with their customers. This engagement is crucial for building and maintaining strong relationships. Long gaps in customer interactions can signal inadequacies in relationship mapping and management, potentially leading to decreased client satisfaction and loyalty. Measuring this engagement effectively requires a thorough tracking of both inbound and outbound touchpoints. This includes monitoring phone calls, emails, meetings, and any other forms of communication. An ideal scenario involves a high frequency of reaching out to key account managers coupled with a low resolution time for any issues or inquiries. Such practices are essential as they foster increased trust from clients, contributing to a stronger relationship. Furthermore, these efforts are instrumental in driving the Customer Lifetime Value (CLV), ultimately benefiting both the client and the organization in the long run in terms of business relationship. 6. Organic Growth When clients are satisfied with the product or service, they are more likely to scale their engagement, even when it comes to premium offerings. This satisfaction can lead to increased trust and loyalty, Customer Retention Rate, encouraging clients to explore more advanced or additional options provided by the company. Key indicators here can include the percentage of sales generated through references, which often signifies client satisfaction and trust, the percentage of repeat customers, showcasing ongoing client loyalty, the percentage of customers likely to engage in cross-selling or up-selling opportunities, reflecting their willingness to invest further, and the ratio of new to repeat sales, indicating the balance between attracting new key clients and retaining existing ones. These metrics are crucial for understanding client satisfaction and potential business growth opportunities. 7. Client Acquisition Rates This KPI represents the number of customers that account managers actually reach out to. This is the first step of a client relationship and may explain the discrepancies between your highest and lowest performers. Acquisition rates can differ for different outreach methods such as cold calling, emailing, or face-to-face interactions. It is imperative to find the ideal number of touchpoints beyond which conversion rates begin to plummet. 8. Employee Satisfaction This might seem an odd KPI, but it makes sense considering how demanding the role of an account manager can get. Internal surveys and interviews to ensure employee satisfaction translates to satisfied customers. A happy team ensures that a robust account management culture
