On-Demand Webinar: Unfiltered take on AI in Account Planning: Meet DemandFarm’s KAM AI Account Mapping 101: The Complete Guide to Sales Account Mapping
Guide to Sales Account Mapping Account-based marketing (ABM) has been gaining more and more attention in recent times. Many organizations and sales teams see it as the shining new toy that can change their fortunes for good. But the practice is a streamlined approach to existing ad-hoc processes followed in sales – and chances are service provider organizations are already doing some form of account-based marketing even if they don’t realize it. It might not be fully structured or intentional, but the underlying principles can be very similar. When done correctly, accounts-based marketing can allow sales processes to be extremely customized and personalized for different customers. The bespoke approach leads to a better experience for prospective customers, and sales team members of the vendor organization. The knowledge and skills required to handle different accounts might vary widely, but the underlying theme of account-based marketing – to provide value to customers and extract value for their organization – usually leads to more closed-won deals. Account-based marketing demands a lot of work from sales teams (and the rest of the organization too – but to a smaller extent), and one of the important parts of that work is sales account mapping. What is account mapping? The process of representing customer-centric data points and relationship dynamics in a visual way is known as account mapping. Account mapping is used by sales team members to understand how customer organizations work, identify key decision-makers, champions, detractors, and plan their course of action. It can be seen as a focused version of Org Charts, as it takes informal hierarchies into account and helps team members arrive at the best sales path for that customer. The process focuses on expanding the network and helping sales executives make the most of their foot in the door, even if the leads are only marginally qualified. As a result, a well-constructed account map provides a holistic view of customers and the opportunities that lie ahead. Knowing the preferences of key decision-makers, the issues they’re facing, and the kind of solutions they use can foster professional relationships that lead to long-term business relationships. Why is account mapping important? The task of charting external organizations adds details to the enterprise memory of a vendor organization, so that all of the sales team can use the information at any point in the sales cycle. It fills in the data gaps in the customer relationship management (CRM) tool used by sales executives and gives them a head start, especially in case of complex or enterprise accounts. Some more ways in which account mapping can help are listed below. 1. Builds a great first impression A Statistics from Salesforce shows that 85% of customers are not happy with the way their phone conversations go with sales executives. The overwhelming negativity of the sentiment aside, the reason for it happening is not that the sales teams are not putting in the required efforts but the number of different customers they pursue or manage at any given time. Any sales team worth its salt would want to handle multiple clients successfully, but the reality is that an employee, no matter how gifted and/or dedicated, has only a certain number of hours they can give a customer in a day or week. Field service management software can help maximize these hours by efficiently tracking field workers, ensuring they are where they need to be and that their time is used effectively. Spending this time in finding out more about the customer while handling their requests is not feasible in the long run – and eventually, sales team members just react to the requests instead of proactively finding solutions for newer customers. The pitches get normalized too, with general talking points about product or solution making, presentations are generic and uninspiring. Research dries down to scanning customer websites and going through marketing collateral; 42% of sales executives feel that they call up prospects with less than adequate information about the organization they’re calling and what solutions they might need. An account map at this stage can help the executive immensely to get insights into the prospect organization, the kind of customers it serves, and what are the problems currently ailing them. It provides details about key personnel that can help the sales pitch stand out from run-of-the-mill sales calls, if used properly. 2. Reach the ones with influence & power Talking to the right person matters in sales, and more so in software solutions – as preferences of different people may vary hugely. The person a sales executive talks to might get convinced – but if that person has to take someone else’s go ahead and fails to convey the advantages – the sale won’t go through. Even in cases where the product doesn’t match the expectations during the pitch, the team can always go back and see if building those into the product/solution is in line with the bigger vision. An account map that is updated regularly provides enough actionable information for sales team members to strategically build rapport with the decision makers in case of new contracts, and develop the business further with existing contacts. 3. Look for fallbacks Sales teams are at risk with a single organization contact – people quit their jobs in the middle of the deals all the time, and in most cases, the deal gets shelved eventually. The task of rebuilding goodwill falls on the sales team, and they have to start from zero all over again. It’s important to have a wider network so that there are fallback options. Account maps usually have a way around this, as they detail the internal structures with details filled in, so that multiple people can be contacted and kept in the loop at the same time. This is especially helpful in enterprise sales, where multiple stakeholders have to give their go ahead on any purchase of significant size. The additional context provided by the details in the account map leads sales teams closer
3 Ways John used Salesforce Partner DemandFarm to Grow his Key Accounts
If you are managing Strategic Accounts using Salesforce within any sales organization, this one is for you! Salesforce partner DemandFarm’s data-driven and scalable practices helps you increase revenue from your key accounts. Sales teams now get support in terms of insights, best practices, and timely nudges. This has helped them experience a boost of at least 20% in their productivity with focus on the key aspects of account growth. If you are highly reliant on sales data being in spreadsheets and presentations, unable to coordinate between global teams, and are missing trends in the B2B buying processes, then the Account Planner is your go-to fix. DemandFarm’s Account Planner can help you: Enhance digital account management practices Get an instant, real-time view of your progress Use contextual insights to rapidly grow your accounts Download this E-book to learn how DemandFarm can enable you with Actionable Sales Insights to transform your digital selling today!
Webinar: The Shifting Landscape of Strategic Account Management
The Shifting Landscape of Strategic Account Management – Webinar by DemandFarm & SAMA As Key Account Management adapts to a fast-paced digital environment, how do you foresee its future? Our panelists discuss shifts in course in the Key Account Management journey including newly emerging tools and technology, growing skill requirements and fresher blueprints for Strategic Account Management to be prepared for the future of the Key Account Management landscape. Agenda: What has changed in Key Account Management (KAM) post-COVID? What are the top contributors to a successful KAM program What are the key skills and tools required for effective KAM in the future? How will digital Key Account Management change the selling experience, going forward? Speakers: Abhijit Gangoli Co-Founder & CEO DemandFarm Andrew Hazard Sr. Director, GTM Enablement Contentful Harvey Dunham Managing Director, Strategy and Marketing Strategic Account Management Association (SAMA) Richard Dunn Senior Director – Global Account Management DHL Supply Chain Watch the webinar on-demand:
How Key Account Management solutions help make sales teams more efficient | DemandFarm at DeepTech Innovation Week
Effective key account management requires you to increase profits, develop relationships, increase satisfaction, grow revenue, improve retention and reduce conflict. It’s a big, complex job and organizations need to invest more in the right technology to help account managers be more effective. Existing customers are a critical revenue source for almost every organization. Meeting organizational growth targets requires sales leaders to establish well-defined account management processes and tools that retain customers and enable account teams to identify, develop, and execute growth opportunities within their account bas
