Tag: Guide

A Comprehensive Guide to Relationship Management

Effective relationship management transcends mere customer satisfaction—it’s a strategic endeavour that involves nurturing deep connections that foster loyalty, satisfaction, and mutual growth.  For a sales team, relationship management is essential in nurturing potential customers and onboarding new clients, and utilising effective customer communication techniques, such as consistent and reciprocal communication, can help achieve this. CRM technology, such as Salesforce or Hubspot, can also aid in automating various sales tasks and maintaining positive relationships with potential customers through the use of marketing materials and organized data sets. Good relationship management, with the help of effective CRM software in India and marketing automation, can also help attract and retain new customers, suppliers, and partners, making it a valuable tool for businesses looking to improve their client experience and grow and expand through lead management tool and human resources best practices. The global Customer Relationship Management market is projected to grow from $71.06 billion in 2023 to $157.53 billion by 2030, at a CAGR of 12.0%. In this guide, we will explore various tools and techniques used in Customer Relationship Management (CRM), define the responsibilities of a relationship manager, relationship management techniques, and the tangible benefits that effective relationship management can deliver.  What Is Relationship Management with an Example? Relationship management is the systematic approach to maintaining and improving relationships with key stakeholders, clients, or customers. It focuses on understanding and addressing the needs of these groups to build a strong, productive foundation that supports both parties’ growth.  Let’s look at an example, Salesforce is known for its customer relationship management (CRM) software but also its relationship management with corporate clients. Salesforce excels in B2B relationship management by providing highly customizable solutions that cater specifically to the business needs of its clients. This personalized approach helps clients optimize their operations, marketing, and customer service strategies through Salesforce’s platforms.  For example, Salesforce works closely with businesses to implement CRM systems that integrate seamlessly with existing client workflows and data systems. This level of customization and support ensures that clients can maximize the use of their products, thereby enhancing their productivity and efficiency. Types of CRMs for Different Relationship Management Techniques Customer Relationship Management (CRM) systems are crucial for effective relationship management. They help organize, automate, and synchronize all facets of customer interaction. CRM systems are categorized into three main types: Operational CRM This CRM type automates everyday business processes like sales, marketing, and customer support. An operational CRM can streamline customer interactions to ensure they are efficient and effective, as seen in companies like Zappos, which uses CRM to enhance customer service and speed up response times. Zappos is known for its exceptional customer service. Zappos utilizes operational CRM to manage customer interactions from initial contact through post-sales support, ensuring that every step is handled quickly and efficiently.  This system helps Zappos track customer queries, manage orders, and provide timely responses, thereby boosting customer satisfaction and loyalty. Analytical CRM These systems are focused on analyzing customer data and behaviors to draw insights. These insights help businesses understand customer needs and tailor their marketing efforts accordingly. Netflix, for example, uses analytical CRM to analyze viewing patterns to recommend shows and movies, enhancing user experience and satisfaction. Netflix, for instance, uses analytical CRM to analyze vast amounts of data on viewing habits and preferences. This analysis helps Netflix not only recommend personalized content to users but also guide decisions in content creation and acquisition, leading to a highly customized and satisfying user experience.  By effectively using data, Netflix can anticipate customer desires, keep engagement high, and reduce churn. Collaborative CRM This type emphasizes sharing information across different business units such as sales, marketing, and customer support. By having a unified approach, businesses like Amazon ensure that all customer interactions are informed and cohesive, improving the overall customer experience.  For instance, by sharing customer data across teams, Amazon ensures that whether a customer is interacting with sales, following up on an order, or reaching out to customer service, the response is informed, consistent, and tailored to their specific needs and history. What Does a Relationship Manager Do? A relationship manager is at the forefront of fostering these important client relationships. Their responsibilities include: 1. Building and Nurturing Relationships Relationship managers are primarily responsible for building strong, enduring relationships with clients. This involves regular communication and personal meetings to discuss the clients’ needs and expectations.  In the financial sector, for example, relationship managers at banks such as JPMorgan Chase engage with high-net-worth individuals to understand their financial objectives, risk tolerance, and long-term goals.  This ongoing dialogue helps the relationship manager tailor financial strategies and solutions specifically for each client, ensuring that the bank’s services perfectly align with the client’s financial journey. 2. Ensuring Client Satisfaction A key part of a relationship manager’s job is to ensure that any issues clients face are resolved swiftly and efficiently. This involves monitoring client interactions and feedback to proactively address potential issues before they escalate.  For instance, if a client is dissatisfied with the performance of their investments, the relationship manager would step in to analyze what went wrong, discuss alternative options, and adjust the financial strategy accordingly. This prompt responsiveness not only resolves issues but also strengthens the client’s trust and confidence in the institution. 3. Offering Strategic Insights Relationship managers provide clients with strategic advice that enhances the value they receive from their investments or services. By keeping abreast of market trends and regulatory changes, they can advise clients on potential opportunities or risks.  In the context of wealth management, this might involve suggesting diversification strategies, discussing new investment opportunities, or advising on tax implications. This strategic guidance is crucial for helping clients maximize returns, minimize risks, and achieve their financial objectives. 4. Expanding Networks Effective networking is another vital responsibility. Relationship managers use their professional networks to connect clients with additional resources, such as legal experts or tax advisors, and to introduce them to new business opportunities.  Moreover, by attending industry events, seminars, and other networking functions, relationship

Comprehensive Career Path Guide for a Key Account Manager

Key Account Management (KAM) focuses on building long-term relationships, and aims to improve customer satisfaction – especially in a B2B scenario. The KAM practice is essential in ensuring that a company retains its most valuable customers and that these customers receive the best possible service and support. A key account manager’s primary responsibility is ensuring that the needs of key clients are met, and that they remain satisfied with the company’s products and services. To do this effectively, they develop a deep understanding of the client’s business and their industry. This includes understanding their goals, challenges, and the competitive landscape in which their clients operate. They are also responsible for identifying new opportunities for growth and working closely with internal teams to develop strategies that drive revenue growth. They must also collaborate with marketing, sales, and product development teams to ensure that their clients receive the best possible service and support. While the key account management practice is demanding, it also offers many benefits. One of the most significant benefits is the opportunity to build strong relationships with key accounts, which can lead to long-term customer loyalty and repeat business. Additionally, the role of a key account manager offers varied opportunities for career growth and advancement, as many companies recognize the strategic importance of the position and invest in developing skills of their key accounts team. Key account management provides exposure to different departments within the company. Managers often work closely with sales, marketing, and product development teams, gaining a broad understanding of how the company operates and how different teams contribute to the overall success of the business. This exposure can provide valuable insights into different areas of the business and can help them develop a holistic view of the company. The position can be financially rewarding too, as many companies offer competitive compensation packages to attract and retain top talent in this critical role. Leading organizations also provide commissions and bonuses based on the growth and retention of their key accounts, opening up another avenue for managers to earn from skills. What does a Key Account Manager do? A Key Account Manager is responsible for managing a company’s most important clients or accounts. Their primary goal is to ensure that their clients are profitable and satisfied enough to remain loyal to the company. They achieve this by focusing on revenue and retention, and by identifying opportunities for growth and improvement. Their day-to-day activities may include conducting regular check-ins with key accounts, analyzing data to identify trends and opportunities, presenting product updates and new features, negotiating contracts and pricing, and ensuring that customer issues are resolved quickly and effectively. Regular analysis of a client’s spending habits is a crucial aspect of KAM. By understanding how much their client is spending and on what, managers can recommend ways to optimize the use of the company’s products and services. They may also suggest new products or services to address the client’s unmet needs, and help the client see how these solutions can solve their problems. While key account managers are tasked with generating additional revenue from their accounts, this is not done at the expense of the client’s satisfaction. They must balance the need for revenue growth with a deep understanding of their client’s needs, preferences, and budget. One way to generate additional revenue is to sell complimentary or upgraded products and services. Another approach is to increase the amount of business the client does with the company, either by expanding into new areas or by increasing the volume of purchases. Improving margins is also an effective way to generate additional revenue, which may involve raising prices or finding ways to reduce the cost of serving the client. Key Account Management is a relationship and service-driven role. Key account managers work with a range of individuals within a client organization, from end-users to decision-makers to CEOs. Building strong relationships and improving customer loyalty are important for long-term success. They must be able to communicate effectively with different stakeholders and adapt to the client’s changing needs and expectations. The role of a Key Account Manager is critical to the success of a company’s most important clients. Their responsibilities include managing revenue and retention, analyzing spending habits, identifying growth opportunities, and building strong relationships with key stakeholders. They help their clients achieve their goals, while also ensuring the continued growth and success of the company. Qualities required to be a good Key Account Manager A Key Account Manager plays a crucial role in maintaining a positive and productive relationship between their organization and its most important clients. To excel in this position, certain qualities are required. While these are inherent in some, they can be learned with practice. Strong collaboration and interpersonal skills: The Key Account Manager must establish and maintain warm partnerships with their key accounts, and this requires focused attention, responsiveness, and quality communication. Being able to listen, remain flexible, address a diversity of needs, and stay open, even in complicated or heated situations, are critical interpersonal skills. The ability to collaborate well with people from different company cultures is also vital. Written and spoken communication skills: Facilitating communication between all parts of their organization and those of their key accounts is a primary job of key account managers. Being able to identify the communication styles of the people they work with and tailor their approach accordingly is crucial. The Key Account Manager must be able to adapt their language to each specific audience, as different people require different communication styles. Strategic thinking: Managers should think strategically to create mutually beneficial scenarios for their key accounts and their organization. This requires careful planning and strategic thinking in areas such as operations and sales. The Key Account Manager must aim to create a win-win situation for both parties. Analytical skills: Key account managers analyze threats and opportunities within their industry and their key accounts’ industries. Financial analysis skills are often beneficial for Key Account Managers. Sales and business development skills: Increasing

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

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

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

The Definitive Guide to Org Charts for Sales and Account Management

Org Charts for Sales and Account Management Are organizational charts (org charts) really important? Will your sales team performance be affected if you do not have a sales organization chart and org charts for key customer accounts? The answer to both questions is a resounding yes. Org charts are not a new invention. The world’s first org chart was created in the 1850s by Daniel McCallum, a railroad engineer in America. Why? To increase operational efficiency in managing what was then the world’s longest rail system. More than 160 years later, org charts continue to play a crucial role in sales and account management. The main reasons behind that are similar to why McCallum created the world’s first org chart: to break silos and complex operational structures; and build cohesive, connected, efficient teams. When it comes to account management, too, org charts play a key role. They are roadmaps that your sales and business development teams can follow, to cut through a whole network of contacts, and reach the person who truly matters — the one signing the cheque. If you are planning to create a sales org chart for your own company or org charts for key accounts, read on! In this definitive guide to org charts, we take you through: What are org charts? Why do you need org charts for your sales teams? Org charts for key account management Key elements of org charts Types of org charts How to build more efficient teams with org charts By the end of this guide, you will gain an understanding of what org charts are, which will then allow you to determine what kind of org structure works best for you, and learn how you can get started on creating your own custom org chart — whether for sales teams or account management. What are Org charts? An org chart is a visual representation of a company’s structure, or chain of command, or hierarchy. Org charts can give you both, a broad look at a company’s structure, or a detailed look at one part of the company.  For instance, a company’s sales org chart will show in detail the way its sales team is designed, in detail. Some of the elements a sales org chart could contain are: Company name Names of all members of the department Their location, contact information, tenure, and other details How they function in relation with each other, i.e., who reports to whom Sales channel breakdown (i.e., online, offline, internal, external etc) Relationship between sales teams/departments and other teams Other information that helps demonstrate how the sales team functions Org charts for account management contain similar elements, except it is information regarding another company/client/account. It could include: Company name Names of top, senior, key management, other stakeholders Their location, contact details, roles, responsibilities, departments, tenure, etc Relationship between various stakeholders, teams, or departments Reporting structure of the company Other relevant information Why do you need org charts for your sales teams? As we mentioned earlier in this guide, having an org chart for sales and account management can benefit teams immensely in terms of efficiency. They can: Help a company understand how their teams operate in relation to each other Help an organization identify, clearly define, and demarcate responsibilities and reporting structures Tell a company where there are gaps or voids that need to be filled, where there is overlapping of responsibilities, and where there are siloes. If you are a senior executive in sales, say the sales director, for instance, an org chart can help you make more informed decisions about team structure, roles, and responsibilities. Like McCallum did back in the 1850’s, using org charts can help you break silos between teams and departments. If your sales team is working in silos because of a structural flaw and is not communicating with your marketing team, it can throw your entire revenue target off course. How does that happen? When sales teams do not work in tandem with other teams, it can create an awkward working environment, reduce insight and clarity across all teams, lower efficiency by creating unnecessary complexities and layers, and ultimately circle back to impact a company’s sales and overall performance. But, by using org charts to examine the relationship between the sales and marketing teams, senior management can solve this challenge by breaking down any barriers before they can take firm root. On the other hand, how do you know if there are certain sales roles within your company that have conflicting or overlapped responsibilities? One of the ways to find out is to use an org chart. In this way, you can improve clarity on who ‘owns’ what part of the responsibility. It is important to establish this clarity to avoid clogging up workflows or creating red tape, due to conflicting overlaps in responsibilities. Therefore, an organization chart can ultimately become a tool that can be used to improve revenue and income. Org charts are also critical to the HR/people/culture departments of a company. Using them allows these teams to foster an inclusive culture where information is shared, siloes do not exist, and collaboration comes easy. A conducive working environment and culture, as we know, is also a key factor in determining how a company performs. Org charts for account management There are a few crucial outcomes of org charts for key accounts that make them an invaluable resource. Charting a course: Account org charts help you visualize a path, or a course, to reach your customer. Think of it as a key to solving the maze of reaching the end customer, the one who is actually calling the shots. Along the course, you may also find that there are other teams or departments within a company that you could target. Expanding reach: They can expand your points of entry to the client, or account, beyond the single point of contact you may have on file. Org charts can do this by mapping out relationships between stakeholders, reporting structures of target customers, team structures and hierarchy, etc. Since org charts give you access to

Step-by-step guide: How to select the right sales account planning tools?

Importance of Account Planning Tools Any solutions provider organization worth its salt understands that its customers are not looking for vendors, but strategic partners who can provide insights on market trends, customer preferences and more. Planning of key sales accounts, therefore, has become a necessity to monitor and manage the sales pipeline – for small businesses and large enterprises alike. Solution provider organizations are catching up to the task too, and are adopting – or considering adopting – tools to manage the practice better. But adopting the latest solutions does not equate to success, as there are plenty of factors that organizations need to consider. What are sales account planning tools/software? Account planning has become a necessity for sales organizations: It helps sales and marketing team members understand their customers and make better use of their time. This is especially important in today’s fast-paced world, where organizations are forced to be more agile and responsive. It also allows employees to gain insight into the customers’ needs, which can help them improve their service offerings and increase revenue – as well as reduce costs by streamlining processes. Traditionally, these tasks have been done using easily available tools or software – pen and paper, spreadsheets, or even text documents. In Gartner’s Future of Sales 2025 report, it predicts 80% of B2B sales interactions will occur in digital channels by 2025. As B2B sales become more digital, technology and digital tools become central to Account planning. Sales account planning tools take the haphazardness out of maintaining account data, and help sales teams organize, prioritize and plan their activities. They can be used by any type of organization—not just the traditional B2B industry. There are several different types of sales account planning tools available, from software that comes equipped with a built-in CRM system (which incorporates all the customer data into one place), to enterprise applications that integrate with multiple platforms including email marketing automation, social media management, and lead management systems. Checklist: How to Select the Ideal Digital Account Planning Tool Why do we need sales account planning tools / software? Planning sales accounts is a strategic process that helps in the activities, focus on the right accounts and resources, and ultimately help achieve the goals set. Account planning tools help sales managers and executives understand both the current market situation and plan where they can be in three or four years. LinkedIn State of Sales 2021 found out that 77% of sales professionals say their sales org plans to invest more in sales intelligence tools. Such account planning tools also provide insight into how well each account fits within the overall strategy for achieving specific objectives—for example, if an engagement isn’t generating enough revenue per month (or quarter) then it may not be worth continuing because there’s no way for those funds spent on this client wouldn’t have been better spent elsewhere. Real-time tools are vital to success because they provide information on strategic accounts, and cross-platform tools are easier to use, and they churn out results faster by integrating data across departmental silos. They enable rapid-response decisions, by providing detailed analyses in visual forms like graphs and charts. They not only provide a lifeline for organizations to stay in business, but also build revenue and market share. What are the core functions of strategic account planning? Account planning strategy involves identifying key stakeholders, relationships, and opportunities that usually go unrecognized. These data connections are analysed and studied in graphs and charts. They aim to simplify complex information, so that sales teams and other stakeholders can take accurate decisions. Learn More: The Practical Guide to Sales Opportunity Management In order to do so, they have to perform several activities to understand the need and the issue faced by their clients. To strengthen the relationship and grow existing accounts, critical information needs to be captured to align features with customer priorities, and deliver value consistently. Account managers then draft action plans and collaborate with their customers to execute projects – and rise to the level of a trusted advisor. The number of different elements at play in sales account management, means sales professionals have to approach the process in a structured way. Understanding the parts which make the sales account planning process is essential to establish a working structure, and adopt  tools that suit the needs of sales teams and their organizations. Analysing industry trends throws out information on issues that may impact the customer in the future. Sales teams can understand their need for change through this – be it changes to market sentiments, resource challenges, competitor issues, government regulations, or something else. Identifying areas of customer’s priority can help the sales team in formulating the bare bones of a working solution. Maintaining healthy customer relationships opens up avenues, like new divisions or business units – that should be documented. Also, documenting the history with the customer gives a clear view of current opportunities, and adding possible future opportunities to this list can make it more useful in the long run. Customer strategy maps help in determining which objectives and initiatives match with the capabilities of the solution. These maps detail out the goals, challenges, and culture of customer organizations, and makes it easy for sales team members to identify areas where most value can be provided to boost the customer’s plans. Assessing stakeholders by their role, influence, and affinity to the solution gives an honest understanding of strengths and vulnerabilities of the solution. With enough details, sales account planners can clarify key objectives – be it strengthening the customer relationship, increasing the perceived value of the solution, and more. Taking the customers’ view of the product/organization shows the USP of the solutions provider in a unique light. Articulating this USP better, makes current and prospective clients understand the need for the solution easily. Determining how to align the solution features with customer needs, and ensuring that it happens at rate that isn’t viable for competitors, goes a long way in changing a

Key Account Management Scorecard Template to Identify Key Accounts

DemandFarm proposes a 7-factor framework for Key Account Management teams to assess the maturity level of their key account management strategy. Provide a weighted score for yourself & assess areas for improvement. Get to know where you are doing well and where you need to improve as an organization. accounts.