On-Demand Webinar: Unfiltered take on AI in Account Planning: Meet DemandFarm’s KAM AI 8 Steps of Sales Opportunity Planning
Sales opportunity planning is a complex process that entails following several steps and requires a comprehensive guide. It’s built around a multi-step sales cycle with several stages that include research, qualification, and strategy development. All these stages are aligned to meet the common goal of realizing the full potential of a prospective sales opportunity. The success and future of any sales organization hinge on the cohesive planning and execution of each step, that is collectively known as sales opportunity management. The best and most effective sales opportunity plans are created and aligned around creating value for the buyer. It also enables managers and sales teams strategize, plan, execute, and monitor a multistage sales process. Compared to managing a sales pipeline where metrics like revenue and margin take center stage, opportunity planning is a more complex process that is planned and executed around the customer. To understand the different facets and layers of this strategy, let’s look at the 8 steps of sales opportunity planning. 8 Steps of Sales Opportunity Planning Step 1: Identifying the Opportunity The journey starts with identifying the sales opportunity that is nothing else but a qualified sales lead. By meeting the necessary criteria, this lead presents the opportunity for business potential. You need to ask yourself some pertinent questions in order to identify valuable sales opportunities, such as: Are your existing customers seeking existing services or products that your competitors are not able to provide? Are there any new services or products that you can provide and gain market traction? Are there any customers that you may have not considered that are now available to you? This process plays an important role in qualifying leads and sifting opportunities from dead ends. After identifying a set of opportunities, you can rank them on the basis of cost, potential benefit and complexity to implement. Tools such as organizational charts and product roadmaps can play an important role in prospecting and lead generation. They help you to decode the prospect’s organizational structure and identify key decision-makers and stakeholders. In fact, product roadmaps are a great asset for sales teams to understand a product’s future capabilities and how they can match with the prospect’s needs. Learn More: How to do Opportunity Management in Salesforce CRM Step 2: Understanding the Prospect’s Needs The buyer is the kingpin of the planning sales opportunities and the success of any plan hinges on understanding the prospect’s needs. Sellers must invest all time and energy into this crucial stage by meticulously researching the prospect’s pain points and goals. One way to identify opportunities for value creation is by conducting thorough customer discovery interviews. To gain a clear view of available opportunities, you must document the history with your customer and add possible future ones to the list. Sales teams must invest in tools such as customer strategy maps to align their objectives and initiatives match with capabilities of the solution they are offering. These maps are a repository of the culture of customer organizations, their goals and possible challenges. With this vital information, your sales force can identify potential areas where you can provide value that boosts the customer’s plans. Learn More: What are White Space Opportunities? Step 3: Building the Sales Team The next step in sales opportunity planning is to assess your organization for the business capabilities required to go after the opportunity. This crucial stage involves assembling a cross-functional sales team with the right skills and expertise. Roles and responsibilities must be clearly defined within the team and equally important is to ensure clear communication and collaboration among team members. Apart from tracking the activities of your sales team, keep your ear close to the ground to gain insights from other team members. Innovative ideas and solutions may come from their personal insights into potential value for the buyer. A valuable or crucial tip may change the game and help sales teams close a sale, or resolve a difficult issue. Step 4: Crafting the Value Proposition Once you have a clear understanding of the buyer’s needs and your team is in place, you can focus on crafting your solution and building the value case. At this stage, it’s important to create a compelling value proposition that is tailored to the prospect and addresses the prospect’s specific needs and pain points. Another aspect of crafting the value proposition is showcasing the unique selling points and benefits. Ideally, each component of your proposition should be linked to the value it provides for the buyer. These points will help you appeal to the buyer’s needs and create effective value messaging. Another important point to consider at this stage is how you compare with the competition from the buyer’s perspective. Understanding the buyer’s view of your competition will help you create a value proposition that highlights your strengths. Moreover, this value proposition can also cater to buyers that are not serviced well by your competition. Your value proposition can appeal to those needs the buyers that the competition does not service. Step 5: Creating a Customized Sales Strategy We have crossed the half-way mark of the sales opportunity plan and now is the time to develop a detailed sales plan, including timelines and milestones. You need to know the buyer’s buying process and match it to your sales process to create a customized sales strategy. It’s important to gather all valuable insights your team can contribute to formulating a winning sales strategy. Based on their success with customers, sales winners are likely propose winning ideas and also alert you about what does not work. By incorporating insights and inputs, you can create a customized sales strategy to meet specific goals and objectives. Formulating a sales strategy also entails anticipating objections and challenges and preparing response strategies for each. The final action plan must map out the steps you need to take during the entire process to close the sale. Step 6: Presenting the Solution Strategies Planning a winning strategy is one thing but presenting a
Commanding the Digital Sales Battlefield: The Strategy You Need Now
Yes, sales, as we knew it, is history! Old-school selling approaches are going out the window. The Rolodex, the cold calls, the scripts practiced in front of the mirror – are all fast fading into the background. Welcome to the digital age of sales! Sounds intimidating? We’re here to ease some of that anxiety about going digital – needing to dominate the online landscape. Because diving head-first into the digital sales ocean isn’t just about chasing the latest technology; it’s about genuinely understanding your customer. With so much talk about technology and going digital, it’s easy to think that the revolution is just a technological one. But it’s equally about an evolution in mindset – a shift from transactional interactions to building meaningful relationships. As Julie Lentz, Head of Industry Retail Sales, Google puts it: “Selling is a science, and an art. Data is the IQ and knowing what to do with it, or understanding the humans that make decisions based on that data is EQ.” – (Snippets from episode #11 of The Shift podcast) The tools have changed, but the core remains the same. Remember the excitement of sealing your first deal or the satisfaction of a handshake signaling a closed sale? That essence is still here, just packaged differently. Today, sales strategy is like navigating a vibrant digital landscape. There are opportunities at every corner, beckoning you to explore. Digital-First Sales: What’s the Big Idea? As the digital age evolves, customers will continue to evolve from passive recipients to active participants. They seek more than sales pitches; they desire solutions, strategies, and partners to co-create value. It’s less about ‘selling software’ and more about demonstrating how it can transform operations and yield ROI. Customers want tailored strategies that address their unique challenges, market positioning and growth objectives. This is not a small minority. According to Salesforce, almost 3 out of 4 customers expect this. While efficiency might push you toward operationalizing sales, relying heavily on data and established patterns can overlook nuances of key accounts. Key accounts demand rich, durable exchanges, beyond surface-level pitches. Every interaction, request for proposal (RFP), feedback, and even subtle pauses during sales calls – all reveal a company’s needs. Here, technology steps in as an enabler. Acting as an accelerator, it helps sales personnel swiftly gain insights. This empowers them to be more strategic, build relationships and align stakeholders effectively. “Organizations have had to leverage technology to keep up with demand and manage operations. Technology brought value to processes, business operations, and intelligence. Clients who embraced technology quickly saw the benefits.” – Julie Lentz, Head of Industry Retail Sales, Google (Snippets from episode #11 of The Shift podcast) Sales in the digital era is about crafting partnerships. While technology’s benefits are vital, it’s equally important to focus on genuine insights and let human touch drive partnerships. The goal is to deliver solutions that resonate with customers and elevate the partnership. Data: Your North Star If there are questions or doubts about how to keep pace and remain competitive, the answer lies in data. Think of data like your GPS on this journey, guiding you through the maze of decision-making. A study by Salesforce revealed that salespeople who use CRM software are 40% more likely to close deals. Having relevant information and data at your fingertips puts you several steps ahead of those still playing the guessing game. Based on a LinkedIn report almost half of all businesses that focus on social selling achieve their sales targets. And, close to 80% of companies relying on social selling do much better than those who don’t prioritize it. It’s not merely about posting content; it’s strategic engagement, similar to choosing the right networking events in the pre-digital era. It’s not just about having the data. It’s about having the right data and leveraging it to tailor your pitches, understand market trends, and anticipate client needs before they even express them. “Data is a tool that should save time and help sellers develop insights faster. Data should enable sellers to shine as insightful individuals. It should free sellers to be more strategic in developing relationships and in stakeholder alignment.” – Julie Lentz, Head of Industry Retail Sales, Google (Snippets from episode #11 of The Shift podcast) Put Customers Front and Center Let’s consider an executive summit. Every detail – from the agenda to the keynote topics – is carefully chosen to resonate with the concerns, and appeal to the aspirations of the attendees. Your sales strategy should mirror this meticulous planning. You must recognize that your client isn’t just another name on a spreadsheet – they are the main event! Each proposal, solution and presentation must feel as if it was exclusively crafted for them. You must speak directly to their challenges and ambitions. There are statistics to back this up. Forbes reported that customer-centric companies enjoy a profitability rate 60% higher than their counterparts. That’s not just a small margin; that’s a game-changer! It has also been well-cited that a genuine focus on customer experience can skyrocket retention by a minimum of 25%. These aren’t mere numbers; they’re clear indicators of the immense power of a customer-first approach. Make use of your research, customer insights and industry knowledge to make every client feel special. Every single interaction and touch point should reflect your intention at creating partnerships aimed at mutual growth. Ensuring your clients are in the lead is not just a smart strategy – it’s the foundation for lasting partnerships and sustainable business success. Tech It Up! In the world of B2B sales, where securing deals could mean navigating through layers of decision-makers and procurement systems, technology isn’t just an option – it’s your competitive edge. The days when sales decks were manually updated and leads tracked in bulky files are long gone. Today, businesses are employing advanced Sales Engagement Platforms to automate and optimize every step. Predictive Analytics have become the go-to for market trends forecasts and client needs prediction. Digital evolution isn’t
The 30-60-90-Day Blueprint: Your Path to Key Account Success
Powering Progress: The 30-60-90-Day Blueprint Plan for Key Account Excellence The 30-60-90-Day Blueprint: Your Path to Key Account Success Your Guide to Key Account Management Excellence. Learn how the 30-60-90-Day Blueprint powers progress, fostering sustainable business growth. In the world of B2B sales, success is all about relationships. The most important of these relationships is with your key accounts. That is the customers who have the potential to generate the most revenue for your business. By building and managing long-term relationships with your key accounts, you can create a foundation for sustainable growth. The 30-60-90-Day Blueprint is a time-bound, comprehensive approach to Key Account Management. It breaks down your first 90 days into three phases: The 30-day phase: You actively engage in learning and comprehending the intricacies of your key accounts. During this period, you diligently gather essential information about their businesses, goals, and challenges, establishing a strong foundation for your future interactions. The 60-day phase: The focus shifts towards building robust relationships and delivering exceptional value. To achieve this, you strategically devise and execute plans tailored to meet the specific needs of each key account, aiming not only to meet but also exceed their expectations. The 90-day phase: Your efforts are geared towards cementing and solidifying these newly formed relationships. It is crucial to continue delivering value consistently, ensuring that your key accounts remain content and satisfied. This stage sets the groundwork for long-term success and opens the doors to further growth and opportunities. Through sustained dedication and customer-centricity, you position yourself as a trusted partner for your key accounts, fostering enduring relationships that propel mutual prosperity. Understanding the 30-60-90-Day Blueprint The 30-60-90-Day Blueprint is your trusted roadmap in Key Account Management, guiding your journey with strategic precision. This game plan operates on understanding, delivering value, and building strong relationships, gradually leading to long-term success. By breaking down KAM into manageable stages, it eliminates guesswork and empowers you with a clear vision, focusing your efforts on specific goals while optimizing resource utilization. As a catalyst for progress, each stage builds upon the previous, ensuring continuous growth. With a keen understanding of your key accounts, you can effectively cater to their needs, consistently deliver value, and forge powerful strategic relationships. Follow the proven path of the 30-60-90-Day Blueprint to unlock the full potential of your key accounts, driving increased revenue, heightened customer satisfaction, and strengthened relationships. The First 30 Days: Building a Strong Foundation The first 30 days of the 30-60-90-Day Blueprint are all about getting to know your key accounts. Knowledge is power, and in this phase, the spotlight is on in-depth research and analysis. Gather information about their businesses, their goals, their challenges, and their expectations. This information will help you understand your key accounts’ needs and how best you can meet them. You’ll also start to build relationships with your key accounts. This means communicating with them regularly and listening to their needs. It also means being responsive to their requests and going the extra mile to help them succeed. Through effective communication, you understand the nuances of your clients’ needs – giving you an edge in offering them precisely what they need. With a solid understanding and clear objectives, you can craft an actionable plan. This roadmap outlines the steps you’ll take to meet and exceed your clients’ expectations, making the first stride towards a mutually beneficial relationship. By the end of the first 30 days, you’ll have a solid understanding of your key accounts and their needs. You’ll also have started to build strong relationships with them. This will put you in a great position to deliver value and achieve mutually beneficial results. The Next 60 Days: Driving Growth and Value The second stage of the blueprint, spanning the next 60 days, moves the lens from understanding to action. With deep insight into your key accounts’ needs and goals, you’re well-positioned to deliver value and drive growth. The first step in this next phase is developing a customized account strategy. This plan, tailored to your key account’s needs, will outline how you will enhance engagement, identify growth avenues, and drive account expansion. Your strategy must be flexible, allowing for modifications based on evolving needs and market dynamics. An important aspect of this phase involves exploring opportunities for upselling and cross-selling. By aligning these opportunities with your clients’ needs, you could find additional revenue streams, while simultaneously providing more value to your clients. Collaboration is essential during this phase. Cross-functional teams within your organization can provide unique insights and skills. This ensures a holistic approach to Key Account Management. By pooling resources and harnessing internal expertise, you create a synergy that amplifies the value delivered to your key accounts. Project monitoring should not be ignored. Regularly assess your strategy’s effectiveness, identify potential gaps and adjust as required. This cyclical process helps you stay in sync with your key accounts’ expectations. You can thus ensure that your efforts are on the right track. By the end of the second phase, you’ll have implemented targeted strategies, driven significant growth, and created tangible value for your key accounts. This places you in a strong position to solidify your relationships and lay the foundation for long-term success. The Final 90 Days: Solidifying Success and Expanding Relationships The final phase of the 30-60-90-Day Blueprint is about consolidating your success and laying the groundwork for future growth. It’s in this phase that your efforts bear fruit. You will concentrate on cementing the relationships you’ve built and continuously delivering value to your key accounts. Your primary task is to deliver on promises made and meet client expectations. The emphasis is on maintaining the high bar of performance you’ve set. But you also need to be consistent in the quality of service you provide. Your ability to meet and surpass expectations will bolster your clients’ confidence in your partnership, and drive their loyalty and satisfaction. However, it doesn’t stop there. This final phase calls for the provision of continuous value-added solutions. This involves
Account Management Reinvented: The Role of Digital Mindset in Accelerating Sales Enablement
Consider these scenarios: Scenario 1: Before: “Good morning, Mr Brown. Thank you for meeting with me last week. Based on our discussions, we’ve created a proposal. It has just been mailed to you and you should receive it in a week. I look forward to continuing our discussions then!” After: The phone dings and announces “You’ve got mail!” A notification pops up – “Your proposal from The Good News Company needs your attention!” Scenario 2: Before: “Yes, Sarah! We’ve done business with Xtreme International for years, and that sparse file is all we have to show for it. Jacob, who handled the account for us was terrible at filing reports and updating records. When he left last month, he took everything he knew with him. If you need information, I’m afraid you’re going to have to start from scratch!” After: “Yes, they’ve been an important client for years. Everything to do with our dealings has been carefully recorded and stored in our Customer Relationship Management (CRM) system. Here, let me show you how it works so you can extract the data and information you need to service this account.” Scenario 3: Before: Brendon is trying to find the best contact within an important clients organization. He shortlists several people from previous reports filed. He must now call and find out if any of these stakeholders are still relevant to the task he needs to do. ‘There must be a better way to do this’, he thinks. After: Brendon logs into his company’s Org Chart software. He is so pleased to be able to see, at one glance, all the key stakeholders in his key account. He knows immediately who can best influence the decision he will need when he presents them with a great growth opportunity. Any information he needs about his key accounts contacts is now at his fingertips. And it’s all up-to-date! Scenario 4: Before: “We’re sorry! There seems to be a recurring problem with this download. Check your internet connection and try again later.” After: Dear Ms. Johnson, we notice you’ve been having problems downloading our most recent whitepaper. Here’s a link that lets you have immediate access. We apologize for any inconvenience this may have caused you. We’d like to offer you a $50 discount on your next purchase with us. Do any of these scenarios sound familiar? Of course, they do! We’ve all been Brendon or Sarah or any of the others to some degree or another. But wait! Before and after what?? For those of you who haven’t guessed, the right answer is digital transformation. Building a Digital Mindset Digital transformation is the integration of digital technology into various aspects of an organization. It has created a fundamental shift in how businesses operate and deliver value to their customers. It has become a strategic priority for all businesses, intending to stay relevant in the ever-evolving marketplace. One of the critical elements for successful digital transformation is creating a digital mindset within the organization. A digital mindset is an approach to thinking that focuses on embracing change, adapting to new technologies, and constantly seeking innovative ways to solve problems and improve business processes. It’s about understanding the opportunities and risks associated with digital technologies and using them effectively to optimize business performance. In today’s competitive business environment, a digital mindset is no longer optional for businesses; it’s essential for staying relevant and competitive. As technology continues to evolve rapidly, sales teams must use modern tools and strategies to stay ahead of the curve and drive business growth. Let’s explore how a digital mindset is powering the next wave of growth in account management and its subsequent impact on sales enablement. Watch Now: Prasad Varahabhatla (Senior Director, Sales & Data Operations at Philips) shares about Digital transformation within sales function Understanding Key Account Management and Sales Enablement Before understanding the role of a digital mindset, let’s take a look at the fundamentals of key account management and sales enablement. Key Account Management: It’s a strategic approach to managing and nurturing relationships with a company’s most valuable customers or ‘key accounts’. These clients typically bring in the most revenue or have strategic value. Effective Key Account Management involves building strong relationships, understanding customer needs, and delivering exceptional service. Sales Enablement: It’s the process of providing sales teams with the necessary tools, resources and training to sell more effectively. It includes everything sales teams need to better understand their customers, communicate the value of their products or services, and close deals successfully. The Role of Digital Mindset in Key Account Management Check out our Masterclass to level up your Key Account Management on the topic ‘Making Account Plans Actionable, Measurable and Sustainable’ A digital mindset can transform Key Account Management, enabling sales teams to adapt and thrive in the ever-changing B2B landscape. Here are some ways in which a digital mindset influences Key Account Management: Embracing Technology: A digital mindset encourages sales teams to make the best use of technology to improve their account management processes. By employing digital tools, teams can streamline their workflows, automate repetitive tasks, and focus more on high-value activities, such as relationship-building and strategic planning. Information-led decision-making: A digital mindset emphasizes the importance of decision-making based on the data available. Sales teams can draw on data analytics and AI-powered tools to gain insights into their key accounts, identify new opportunities and make more informed strategic decisions. Personalization: Digital tools and strategies allow sales teams to offer a more personalized experience to their key accounts. By leveraging data and AI-powered tools, teams can better understand their customers’ journeys, preferences, needs and pain points. This allows them to tailor their offerings and communicate more effectively. Agility and Adaptability: A digital mindset creates an agile and adaptable approach to Key Account Management. This means sales teams can quickly adapt to changing market conditions, customer expectations, and technological advancements. This ensures they stay ahead of the competition. Impact of Digital Mindset on Sales Enablement The
Key Account Manager vs Sales Manager: Navigating the World of Digital Key Account Management
Is a key account manager the same as a sales manager? Meet Anna, a diligent Sales Manager at Brilliant Solutions, a thriving software company specializing in cutting-edge automation tools. Her daily tasks revolve around driving sales, managing the sales team, and ensuring sales targets are met. She focuses on generating leads, closing deals, and keeping her team motivated to push their limits. With a knack for numbers and an eye for detail, Anna tracks her team’s performance and ensures they have the necessary resources to succeed. On the other side of the same office is Ted, an experienced Key Account Manager. A typical workday for Ted involves nurturing long-term relationships with Brilliant Solutions’ most valuable clients. He’s the go-to person for these clients, addressing their unique needs and ensuring they receive personalized attention. Ted is a master of collaboration, working closely with various departments within Brilliant Solutions to guarantee top-notch service for his key accounts. While both Anna and Ted contribute to the organization’s success, their roles differ in critical ways. There are plenty of similarities between the roles of a Sales Manager and a Key Account Manager, but equally, they are quite different. While we examine these, let’s also look at how each role can benefit from Digital Key Account Management. Similarities between Sales Managers and Key Account Managers You might be wondering if is key account manager a sales job. Both Sales Managers and Key Account Managers play essential roles in driving business success. They share some core responsibilities like: 1. Revenue generation Sales Managers: Focus on acquiring new customers and achieving sales targets. Sales Managers aim to expand the customer base and generate revenue for the company. To achieve this, they devise and implement sales strategies tailored to their target market. They set measurable goals for their team, ensuring that the company meets its financial objectives. Sales Managers also monitor their team’s performance, providing guidance and coaching when necessary. Key Account Managers: Responsible for maintaining and growing revenue from existing high-value clients. Key Account Managers focus on the company’s most valuable clients, striving to maintain and grow their revenue streams. They analyze client data to identify opportunities for upselling and cross-selling and devise strategies to improve client satisfaction. By fostering long-term relationships, Key Account Managers ensure a steady flow of revenue and increase the client’s lifetime value. 2. Collaboration Sales Managers: Work closely with marketing, product development, and customer support. Sales Managers recognize that collaboration is critical for business success. They partner with the marketing team to create campaigns that generate leads and align sales strategies with overall company objectives. Sales Managers also collaborate with product development and customer support to ensure a smooth sales process and exceptional after-sales experience. Key Account Managers: Collaborate with different departments to develop custom solutions and services for key clients. They understand the importance of interdepartmental cooperation in meeting the unique needs of their high-value clients. They collaborate with product development to create customized solutions, work with marketing to develop tailored promotional materials and liaise with customer support to ensure their clients receive exceptional service. This cross-functional collaboration helps maintain strong relationships and client satisfaction. 3. Relationship building Sales Managers: Foster relationships with clients and team members. By cultivating relationships with both prospective and current clients, Sales Managers can secure sales and ensure customer loyalty. They understand that building trust and rapport with clients is crucial for long-term success. In addition to external relationship-building, Sales Managers focus on nurturing strong internal relationships. They motivate their team, offer support, and foster a positive work environment that encourages growth and collaboration. Key Account Managers: Excel at nurturing long-term relationships with high-value clients. High-value clients are critical to the success and longevity of the business. Key Account Managers develop the special skillset to foster and maintain long-term relationships with these high-value clients. They take the time to understand their clients’ unique needs, provide personalized attention, and consistently exceed expectations. By demonstrating genuine interest and commitment, Key Account Managers strengthen client loyalty and ensure continued revenue growth. Differences between Sales Managers and Key Account Managers Despite the similarities, Sales Managers and Key Account Managers have differences in their roles. Some key aspects where these differences can be seen are: 1. Client scope: Sales Managers: Focus on the broader market and on growing the customer base. Sales Managers concentrate on the overall market, seeking to acquire new clients and grow the company’s customer base. They manage the sales pipeline, monitor the flow of leads and opportunities, and ensure that their team actively pursues potential clients. Key Account Managers: Concentrate on a select group of high-value clients. Key Account Managers dedicate their time and effort to a select group of high-value clients. They focus on retaining and growing these relationships. They prioritize the unique needs of these clients, delivering customized solutions and services that cater specifically to their requirements. 2. Long-term vision Sales Managers: Driven by short-term sales targets. They are primarily concerned with achieving short-term sales targets. Sales Managers thus focus on generating revenue quickly and efficiently by closing deals and meeting their teams’ sales quotas. Key Account Managers: Emphasize long-term growth and client retention Key Account Managers, on the other hand, prioritize long-term growth and client retention. Their primary goal is to ensure key accounts remain loyal and satisfied with the company’s products and services over an extended period. By focusing on nurturing these relationships, Key Account Managers contribute to the company’s long-term success and stability. 3. Problem-solving Sales Managers: Address general client concerns and overcome objections. Sales Managers work to sell the company’s existing products and services. They do this by addressing general client concerns and overcoming objections during the sales process. They use their expertise in the company’s offerings and their understanding of the target market to provide solutions that meet the clients’ needs, ensuring a smooth sales experience. Key Account Managers: Coordinate custom solutions for client-specific issues. Key Account Managers take a more tailored approach to problem-solving. They act
B2B Revenue and the (Ir)relevance of the Funnel
Originally published in Forbes Business Development Council Traditionally, one of the core concepts of sales and marketing is the sales funnel through which companies are supposed to move prospects from awareness through consideration to engagement, and finally to purchase. Here are three examples where this breaks How does funnel make sense if 67% of the sales cycle is completed on digital channels before contacting the company? Opportunities from existing customers in the case of cross-sell & upsell start at the bottom of the funnel. In case of ‘booked’ revenue, typical opportunities don’t get created most of the time, so funnel is not even in the picture here. Is the B2B Sales Funnel relevant anymore? One of the main issues with the sales funnel, especially in the B2B industry, is that the customer journey is no longer linear. Prospects no longer enter at just the top of the funnel. Customers come in at any stage and often jump stages or move back & forth between them. Since customer acquisition has changed within the B2B sphere, the sales funnel is a bit outdated. What happens in a conventional sales funnel? Marketing generates a bunch of leads and passes the qualified ones to sales who then attempt to win the deals. Several B2B companies offer not only many solutions, but solutions that involve long-term engagements with their customers. For such organizations, winning the deal is only the beginning. In certain cases, Key Accounts are further identified which are given additional attention. In order to bypass the inconsistencies that the ‘sales funnel’ approach brings, a shift in perspective might be necessary. What if B2B sales and marketing are seen from the perspective of distinct revenue streams? The 4 streams of revenue for a B2B Company There are four primary sources of revenue for any B2B company. New revenue – Opportunities from new customers Renewal revenue – Renewal opportunities from existing customers Booked revenue – Revenue contribution from existing contracts for a multi-year engagement. This is different from renewal revenue in the sense that product/services have to be delivered to realize the revenue. Opportunities rarely get created in the CRM for this stream of revenue. Cross-sell/ Upsell revenue – Cross-sell and Upsell opportunities from existing customers. The approach to each of these revenue streams is different. Depending on which of the four sources contribute to the most revenue in your organization, the approach changes. The major revenue streams will determine the sales and marketing strategy, and corresponding sales and marketing tech stacks. Which revenue stream is dominant in your industry? Industries/ Revenue Streams New Revenue Renewal Revenue Booked Revenue Cross/Up Sell Revenue Mid to Large Business Services 5-10% 5-10% 60-70% 10-20% Mid to Large B2B SaaS companies 15-25% 65-70% 5-10% 15-25% Mid to Large Manufacturing/Industrial 20-30% 5-10% 60-70% 10-20% Small companies / Early stage solutions 30-50% 30-50% 10-20% 10-20% Depending on the industry and size of an organization, its dominant revenue stream varies. For Mid to Large Business Services such as IT, Professional, Staffing, Marketing, Outsourcing, the dominant source of revenue is ‘Booked Revenue’ For Mid to Large B2B SaaS companies, ‘Renewal Revenue’ should be prioritized For Mid to Large Manufacturing/Industrial, ‘Booked Revenue’ is the most dominant source For Small companies – Early stage, commoditized or undifferentiated products/solutions- ‘New Revenue’ and ‘Booked Revenue’ dominate revenue streams. A point to note in all these different types of industries, cross-selling and upselling are often the second leading source of revenue. This stream is also the biggest contributor for the account growth. Revenue streams should shape your sales and marketing approaches. Depending on which revenue stream is most dominant in the industry, the sales and marketing approaches should change. Each type of revenue stream requires different teams and different aspects of sales and marketing to be prioritized. This does not mean that there is no overlap between the sources of revenue or the sales and marketing approaches they require. However, it does imply that optimizing and streamlining them can help your ROI. Winning the CFOs approval: How to Present RoI of a Key Account Management Software What should companies seek in a revenue platform? An ideal revenue platform enables a business to efficiently and effectively manage its revenue streams. Such a platform should have several key features that make it the go-to solution for businesses looking to optimize their revenue streams. 1. New Revenue Platform If you are looking to increase revenue from ‘New Revenue’ sources, it’s necessary to have a specialized tool that can help convert more deals by finding more leads with the aid of prospecting tools. Sales Tools for New Revenue A perfect sales tool for optimizing new revenue streams should ideally have Sales automation for repetitive tasks Visual sales pipeline management to track deals, manage sales stages, and monitor progress. Customer relationship management with a centralized database Sales forecasting with insights for revenue forecasting and trend analysis. Gong is a great example of this – it uses AI to analyze sales conversations and give you data-driven advice on how to close deals faster. Such a platform captures and analyzes data from customer interactions to help sales teams make data-driven decisions. In case of large deal sizes, a platform like DemandFarm’s Opportunity Planner makes large deal management easier. Such a platform provides a systematic and collaborative approach to planning and closing large, complex enterprise deals. This is done by integrating proven sales methodologies with strong stakeholder management to enable faster deal closures. Marketing Tools for New Revenue A perfect marketing tool for optimizing new revenue streams should have features including: Lead generation capabilities through various channels Marketing automation for repetitive tasks Customer segmentation to create targeted campaigns Analytics and reporting to track campaign performance, analyze trends, and identify opportunities for optimization. A tool such as HubSpot is an all-in-one marketing, sales, and customer service platform that helps businesses to grow and manage their customer relationships. Such a marketing tool enables businesses to create and track
The Ultimate Guide to Global Account Management: Framework, Strategies, and Best Practices
In the competitive landscape of international business, there was a company called WorldWideTech. With a strong presence in several countries worldwide, WorldWideTech had made a name for itself as a leading provider of cutting-edge technology solutions. As the company expanded its operations, it had high hopes for continued growth in the global market. However, the path to success was proving to be more challenging than anticipated. The management team quickly realized that they were facing a number of obstacles in their quest for global presence. Among the challenges was gaining visibility into various aspects of their strategic accounts, leveraging best practices from different teams, and institutionalizing processes and systems to ensure smooth operations across their international offices. The situation was beginning to look dire, and the company’s leaders knew that they needed a solution – and fast! This is where Global Account Management (GAM) comes into play. This approach offered a comprehensive framework that would help WorldWideTech tackle its challenges head-on and achieve its growth objectives. Intrigued by the potential benefits, the company’s management team decided to give GAM a try. By adopting a strategic approach, they hoped WorldWideTech would be able to build stronger customer relationships, increase sales, and ultimately strengthen their business. With a clear understanding of their global accounts and customized strategies tailored to each market, they would be able to overcome the challenges of cultural differences and local business practices. This Ultimate Guide to Global Account Management helps with exactly that! It provides the tools and knowledge to take Global Account Management to the next level and unlock your business’s full potential. Read Now: 4 Ways To Optimize Your Global Key Account Management Understanding Global Account Management Embarking on the Global Account Management journey may seem a bit daunting at first! But here’s a breakdown of what it includes, the importance it holds for businesses and an overview of a comprehensive Global Account Management framework. What is Global Account Management? Global Account Management (GAM) is a strategic approach to managing and nurturing relationships with key customers across multiple international markets. It includes the alignment of sales, marketing and customer service efforts to deliver a consistent, tailored experience to global clients. GAM aims to optimize the value generated from these key accounts, fostering long-term partnerships and maximizing profitability by understanding the unique needs of each market and customer. Importance of Global Account Management for Businesses It is crucial for businesses looking to expand into international markets to implement Global Account Management. Here are some reasons why: Sales growth: By nurturing relationships with key global accounts, businesses can capitalize on upselling and cross-selling opportunities, driving revenue growth. Customer retention: Strong account management practices result in improved customer satisfaction, leading to higher customer retention rates and reduced churn. Competitive advantage: Effective GAM strategies allow businesses to anticipate customer needs, stay ahead of market trends, and differentiate themselves from competitors. Streamlined operations: GAM encourages cross-functional collaboration, ensuring that various teams within the organization are working towards common goals. This leads to more efficient operations. Risk mitigation: By understanding the unique needs and preferences of each global market, businesses can better navigate cultural differences and local regulations, mitigating potential risks. Overview of Global Account Management Framework An effective Global Account Management framework is composed of several key components. When these are executed together it results in business success in international markets: Account segmentation: Identify and prioritize key accounts based on criteria like revenue potential, strategic importance and growth opportunities. Account planning: Develop customized plans that outline objectives, strategies, and account items tailored to the unique needs and preferences of each global account. Cross-functional collaboration: Encourage collaboration between sales, marketing, customer service and other departments to ensure excellence in customer experience. Global Account Management Performance metrics: Establish clear metrics to measure the success of your GAM strategies viz. customer satisfaction, revenue growth and customer retention. Cultural adaptation: Train your global account teams to understand cultural differences, navigate language barriers, and be respectful of local business practices. This helps build stronger relationships with international clients. Continuous improvement: Regularly review and adjust your GAM strategies based on performance metrics, feedback and market changes to ensure continued success. Let’s take a look at some important aspects of the Global Account Management framework to ensure that your business thrives in the global arena. Key Components of Global Account Management Framework A strong framework will better help you navigate the world of Global Account Management. This framework serves as the backbone of your international success. It will also help you navigate the many complexities of managing global accounts. Identifying and segmenting global accounts Before diving in headfirst, it’s crucial to identify and segment your global accounts. This process involves recognizing key customers. These are customers that not only show the most potential for revenue and growth but also have strategic importance. By prioritizing these accounts you’ll have a better understanding of how to allocate resources. You can also tailor your approach to each client’s unique needs, ensuring maximum return on investment. Developing account strategies and objectives After your key accounts are identified, you will need to develop customized strategies and objectives for each. This involves understanding the specific needs, preferences and expectations of each global account. Once you have this clarity, craft account plans – outlining objectives, tactics and action items customized to each customer’s requirements. This personalized approach will strengthen customer relationships and enhance customer satisfaction and loyalty. Establishing cross-functional collaboration and communication The success of your Global Account Management efforts relies on cross-functional collaboration and communication, this means ease of information sharing between the various teams involved in managing global accounts. Having regular touchpoints, sharing progress, and discussing challenges ensure that all departments have a clear understanding of what’s going on. They can, therefore, work together to ensure that your global clients always receive the best experience. Measuring and tracking performance metrics Clear performance metrics need to be defined to ensure that your Global Account Management strategies are delivering the desired results. Identify key
Connected Apps Ecosystem in Digital Account Management
A connected apps ecosystem in key account management involves the integration of your digital key account planning tool with other tools in your sales tech and marketing tech stack. This includes contact discovery tools, sales intelligence or conversational intelligence tools, marketing automation tools, customer success tools and revenue intelligence tools. Role of a connected apps ecosystem in digital key account planning A connected app ecosystem is critical to leverage every possible data point from the existing tech ecosystem to provide data-driven digital selling ability to sellers. When a lot of tools are used to keep track of your accounts, you will often operate in silos within your ecosystem. This leads to an increased chance of missed opportunities and ignored red flags, buyer intent to action and strategy. In turn, this affects customer retention and growth. How does sales enablement currently manage this data? Sales enablement teams are often spending hours of their valuable time collating data and processing it further for reporting. Making sense of this data and feeding it to the users on a periodic basis is time-consuming. Over time, the sales tech and marketing tech landscape for most B2B organizations becomes crowded. For a salesperson, each of these apps delivers value – sales intelligence tools, sales forecasting tools, customer success tools, marketing automation tools, Account-Based Marketing tools, and lead generation tools. Companies today have dozens of SaaS apps to solve many point problems in every department. As technological solutions become more easily accessible, the number of apps being utilized will only increase. How do you keep track of all of this data? Does it become overwhelming for the sales team? Check out DemandFarm’s free, on-demand Masterclass on ‘Making Account Plans Actionable, Measurable and Sustainable’ now! Challenges encountered with heavy sales tech stacks There are five main challenges that arise with heavy tech stack. They are, Non-optimal ROI from tools No Cross-Pollination of data No visibility into Risks and Customer Sentiment in the right context Excess time spent on maintenance App Fatigue from using too many tools Most of the sales tech and marketing tech apps will have data at an organizational and enterprise-wide level. For any user to extract the maximum value out of all, they would need to log into each of these apps individually. This can not only be a highly laborious task but also leads to data silos, productivity loss and what is commonly called ‘App Fatigue’. For any sales organization to make complete sense of the data generated by each of these disparate apps, it is important that they not only talk to each other but are also able to deliver contextual value at the right time for a sales or marketing person to maximize impact. If these data sources are contextualized to strategic accounts then key account managers gain better insights. Optimizing a connected apps ecosystem with your digital account planning tool A single place for Account Intelligence can serve as a perfect place to plug in critical data points in the right context of Account Planning. Integrating your Account Planning solution with other sales tech to enrich the data quality and plan your account strategy can lead to better results both in the short term and long term. When bringing all of these data together, additional value can be found in the form of actionable insights that can be extracted from these data silos. 1. Integration with contact discovery tools: The benefit of integrating with Contact Discovery Tools is to get auto-populated data within your account planning tool rather than having to build it from scratch each time. 2. Integration with sales intelligence and conversational intelligence tools: This will enrich the existing data of your key accounts. Such an integration would enable gathering intel from calls and surfacing it in various parts of your digital account planning tool for further analysis to help strategize and grow your key accounts. Accurate B2B buyer intent data allows you to identify exactly if and when a B2B prospect is actively considering, or looking to purchase your product or solution. This enables informed and timely campaign decisions for your sales and marketing team. 3. Integration with Marketing Automation tools: By integrating marketing automation tools with your digital account planning tool, Key Account Managers can get access to marketing data which helps in better qualification of leads, better conversions, better engagement and hence stronger relationships. When product demand, white space identification and targeted marketing data collectively comes together with your account planning data, you get good insights across your key account portfolio. 4. Integration with Customer Success tools: The benefit of this integration is to equip client-facing teams with key insights regarding customers’ post-sale journey. This brings in increased transparency and alignment. It can help view and track all relevant metrics from your customer success tool and digital account planning tool in one place for better planning. This further enables client-facing teams to formulate informed strategies. DemandFarm’s connected apps ecosystem DemandFarm optimizes your account planning in a connected apps ecosystem in the following manner: 1) By being native to Salesforce, DemandFarm ensures consistency and continuity in your experience 2) By working with your sales enablement team to gather use cases of how 3rd party application data can be brought into DemandFarm and made available at the right junctures enabling timely, appropriate interventions as needed for your key accounts. 3) By leveraging the data from these 3rd party apps, our insights engine can generate powerful and intelligent nudges, recommendations and contextual insights to make your teams more productive and impactful. 4) By specializing in key account planning and management, DemandFarm enables connection to multiple apps, leveraging data from them and contextualizing it to key accounts. Check out DemandFarm’s free & on-demand masterclass on digital account management on ‘Making Account Plans Actionable, Measurable and Sustainable’ here.
The Complete Guide to Digital Key Account Management in 2025
In today’s digital-first world, traditional Key Account Management (KAM) strategies are no longer enough to keep up with the ever-changing demands of customers. The B2B sector is evolving at an unprecedented rate, and it’s critical that companies adapt to this new landscape to stay ahead of the game. Research is increasingly showing that companies implementing a digital Key Account Management strategy outperform their peers. This means, developing a comprehensive digital Key Account Management strategy is no longer a ‘nice-to-have’ but a ‘must-have’ for any B2B company looking to drive revenue growth, strengthen relationships with their most valuable customers and improve customer satisfaction. So, what does a successful digital Key Account Management strategy look like? It starts with understanding the unique needs of your key accounts and developing a customized approach that leverages the latest digital tools and techniques to drive engagement and revenue growth. This includes the whole gamut – from leveraging data analytics to identifying customer needs and preferences to automating routine tasks to allow your sales team to focus on revenue-generating activities. Digital Account Management Masterclass This comprehensive guide is an excellent resource to help you develop a comprehensive digital Key Account Management strategy. It will take you through how you can define your digital Key Account Management objectives, identify your key accounts and utilize the latest digital tools to drive customer engagement and improve profitability. Watch Now: Insights on Digital Key Account Management by James Manno, VP of Sales Enterprise @ Qualtrics Understanding Your Key Accounts If you’re in business, understanding the importance of your key accounts is crucial. Your key accounts typically generate a significant portion of your revenue. They can help sustain your business over the long term. But, managing key accounts in the digital era required a unique set of skills and strategies By following these steps, you can develop a successful digital Key Account Management strategy: Understanding your key accounts is the first step in developing a successful digital Key Account Management strategy. It involves identifying who your key accounts are, understanding their business goals and objectives and developing a customer-centric approach. To identify your key accounts, you’ll need to analyze your sales data to determine which customers generate the most revenue for your business. Your key accounts may also include some customers that have been part of your journey for a long time. Or those that you’ve identified as having immense growth potential. Once you have a list of your top customers, you can then start to examine their specific needs and goals. This could involve conducting customer surveys, reviewing customer feedback, or engaging in one-on-one conversations with key decision-makers at these accounts. Once you have a better understanding of your key accounts, you can begin to develop a customer-centric approach. This involves tailoring your sales and marketing strategies to meet the specific needs and goals of each account. For example, if you have a key account that’s focused on sustainability, you might want to highlight the eco-friendly nature of your offerings in your sales and marketing material. Ultimately, the key to developing a successful digital Key Account Management strategy is to put your customers at the center of everything you do. By focusing on their needs and business objectives you can develop more effective sales and marketing strategies. You will also be able to build stronger relationships with your key accounts and create sustainable revenue streams for your business. Follow & Listen to Insights from The Shift Podcast by DemandFarm on Digital Key Account Management Developing a Digital Key Account Management Strategy Developing a digital Key Account Management strategy can be a complex process, but it’s essential for success in the B2B sector. To get started, it’s important to consider a few key factors. First, it’s important to understand the role of data and technology in your strategy. Using the right tools and technologies makes it easier for you to track customer interactions, identify buying patterns and tailor our approach to each key account. This may involve investing in customer relationship management (CRM) software, data analytics tools, or other technologies to help you gather and analyze customer data. Once you have a clear understanding of the role of data and technology it’s important to set specific goals and key performance indicators (KPIs) for your digital Key Account Management strategy. Your KPIs may include increasing customer engagement, improving customer satisfaction, or driving more revenue from key accounts. To achieve these goals, you’ll need to select the right digital tools and technologies to support your strategy. This might include tools for account-based marketing, social media management, email marketing or other digital marketing channels. It’s important to select tools that align with your goals and the needs of your key accounts. For instance, imagine you’re a manufacturer of industrial equipment, and you have a key account that’s a major player in the oil and gas industry. Here, you might want to focus your digital Key Account Management strategy on account-based marketing. The tools that would work best for you include LinkedIn advertising or content marketing to reach decision-makers in the oil and gas company. You could showcase how your industrial equipment can improve the operations and profitability of your key account. Additionally, your digital Key Account Management Strategy might involve implementing a customer relationship management (CRM) system. This CRM system could be used to track interactions with the key account, manage the sales pipeline and ensure that everyone involved with the account has visibility into the account’s history and current status. This helps coordinate and streamline the efforts of sales and account management. It also helps identify opportunities for cross-selling and upselling. Guide: Cross-selling & Up-selling Explained While selecting digital tools and technologies to support your digital Key Account Management strategy, it’s important to consider factors like scalability, ease of use, and integration with existing systems. For example, if you’re already using a particular CRM or marketing automation platform, it makes sense to look for digital Key Account Management tools that
Guide: How to do Opportunity Management in Salesforce CRM
Higher sales rates and revenue increase are the holy grail of IT product and services organizations, and thoughtful sales forecasting contributes a lot to it. with Salesforce Opportunity Management, they can structure their processes, enhance customer communication, and more. Opportunity management in the sales cloud offers all the necessary tools to close the biggest deals from anywhere. With intelligent alerts, teams can provide requisite attention by gaining insight into every deal and adjust forecast levels to reflect the new normal. With a sales path, teams can stay informed of where they are in the sales cycle, get tips on how to push deals forward, and easily view all open items in recent activities at every stage. Quick view simplifies the management of what is being done and what’s next – so that sales team members can stay on top of recent developments with a quick view, which makes it easier to collaborate with the larger team so everyone has what they need to close the deal. Tasks can be managed along with rich notes from existing workspace too. What is Opportunity Management in Salesforce? Details of a sales deal between the product/service provider and customer are captured in Salesforce Opportunity Management. The data helps sales teams manage all the deals with Salesforce, while being connected to stakeholders. Team members can access and share the information needed to close the sale, from anywhere. Existing information about completed sales is also present in Opportunity Management, which can provide insights into improving the processes so that future potential sales can be conducted more efficiently. Learn More: The 2023 Practical Guide to Sales Opportunity Management Start with: Setting up opportunities Opportunities can be created for existing accounts or through a lead conversion process. Not only this helps users to track changes in deal size, but also allows for the closing of dates with the help of Opportunity deal change highlights. Hovering over a highlighted opportunity gives more details about the updates, and updates can be visualized for opportunity amounts through the Opportunities List view and Kanban-view. Some of the key fields that help in tracking updates are made to an opportunity are: 1. Stage: This required field allows for opportunity tracking. A standard drop-down list of set values provided by Salesforce makes the selection easy, and they can be modified to suit the needs of the business. 2. Close date: Close date is a required field, and is crucial for forecasting. It is updated to the date when the opportunity is closed automatically. 3. Amount: This field displays the total cost of the opportunity under consideration. The sum total of opportunity products are shown, after they’re added to an opportunity. 4. Probability: The likelihood of the opportunity being converted, is reflected here. There is a default probability to close for each stage, going from a scale of 100% for a closed deal and 0% for a lost one. 5. Expected revenue: This read-only field is automatically generated by multiplying the probability with the amount. It can be a useful metric to use, while reporting the efficiency of the sales pipeline. Learn More: 8 Steps of Sales Opportunity Planning Moving to configurations Effective tracking and closure of opportunities can happen once the configurations are set according to the needs. Here are some configurations that can be set up: Update reminders can be leveraged by managers to send open opportunity reports to team members according to the hierarchy of defined roles. This ensures accurate and updated opportunities driven by precise forecasts. Big deal alerts are automatically sent as emails to customers, whenever an opportunity reaches a threshold amount and probability. Users can configure the ‘from’ Similar opportunities help in finding closed-won opportunities that match current opportunities for quick and simplified information access. Fields are configured in similar opportunities related lists so that users can see them easily. Utilizing opportunity-related objects Opportunity-related objects help in providing details about key stakeholders that are involved in a deal. They can be entered and tracked using opportunity’s related list items like track competitors, partners, and others who have a say in the deal closure. These related lists can be leveraged according to the business requirements: Opportunity teams help in leveraging members of different departments while working on deals. Team members can be designated as ‘internal’ or ‘partner’, with designated roles and access levels. Opportunity splits facilitate revenue sharing from opportunities and provide adequate credit to team members for their part in closing deals. Individual sales credits can be rolled into sales team member quota, and reports can be pipelined for an entire team. Partners simplify association of existing accounts to opportunities. Primary partners appear on the opportunity report, speeding up the mode of action that should be tailored to the specific requirement. Competitors’ fields can be leveraged to track market progress in the opportunity sphere. The list can be chosen from existing competitor names, or new ones can be added. Contact roles describe the role of every lead or touch point in converting the opportunity. By defining contact roles, sales team members can ensure everyone knows who to contact on the customer side. Field History Tracking comes into picture when users modify tracked opportunity fields, be it standard or custom. The change adds a new entry to the related list in Opportunity Field History. Details of changes to all entries are included, along with the details of the one making the change. Stage History adds a new entry when a user changes the stage, probability, close date fields, or the amount of an opportunity. The two lists together aid in the tracking of opportunity – as one chronicles field history, and the other keeps note of the changes to opportunity stages. Creating and managing opportunities The process of creating and managing opportunities on Salesforce is a feature-rich one, and these steps show how that can be achieved. Here’s a sequence that shows how opportunities with designated key accounts can be managed: Log into your Salesforce account and navigate
