Demand Farming – Co-creating Customer Value
Many organizations are late in waking up to the value of a Strategic Account Management program. If you were to look at trends in the lead to deal funnel, Account Managers are predominantly talking about how data is not easily accessible or is not leveraged fully or effectively, there is a sustainability challenge in the process and therefore the results; how a formal Key Account Management process will boost results and how a software platform derived from best practices of KAM will help them. Reproducing here, some trends from DemandFarm Inc.’s report on ‘The Hype & Art of KAM’. Industry reports state that about 60% of organizations lose deals because competitors establish a better relationship with the customer. 50% of companies use the attribute “strategic fit” to select their key accounts, followed by 27% using “past/current revenue” for key/strategic account selection. 8 % of respondents identified access to customer executives and decision-makers as the main KAM challenge. 60% of respondents from best-in-class enterprises feel that their biggest KAM challenge is the balancing of short-term sales goals with long-term CRM goals. 2% of organizations still do not have a formal key account management process. 50% of respondents say data about key accounts in their organization is fragmented and not easily accessible. 83% of respondents believe that KAM planning and strategizing will receive a huge boost, with the adoption of a KAM software platform. 60% of respondents feel a software platform derived from KAM best practices would be useful to them. 28% of respondents feel a built-in account planning process would significantly aid them in planning and optimizing revenue from key accounts. To address these challenges, it is important to learn about the different stages of the enterprise lifecycle, how clients and providers view their relationships, what a good client relationship is about as well as how it can impact your results. While doing this, it is integral to adopt one of the two processes – transactional or transformational. Sitting on the fence between the two could prove to be a hindrance in creating and maintaining a happy account. The presenter, Adrian Davis, President, Whetstone Inc. also takes you through the above, as well as Winner’s Quadrant, the Knowledge Funnel, and other important things. He also helps you discover and discuss effective features of SAM software such as Account Whitespace Analysis, Organization Chart with Heat Map Analysis that could tilt the scales in your favor. The session happens now at SAMA’s Annual Conference 2016. Here’s to customer value! To learn more, join the session by Adrian Davis at #SAMAAC16‘.
How to Effectively Drive Prospect Engagement
You may have a strategy to make a sale, but what about the period after the sale? Keeping clients engaged after a sale is made is equally important as it is the window to future opportunities. Engaging with prospective customers assumes another level of significance as they are half convinced and might need a slight push to bring them on to your side. Driving this engagement demands the creation of a winning strategy that requires careful planning and execution. Here are a few tips that can help you drive engagement and help nurture your leads: Form a bond It always helps to form a bond with prospective customers to get an insight into their thinking. Be transparent about the information prospects seek, as they will then find it easy to establish faith and confidence in your business. Try and thoroughly understand their needs and expectations. Then highlight the features of your product or service and tell them how it will be beneficial in solving their problem. Once you have made them comfortable and familiar with your business, making the sale will be relatively easy. Think long term Making a sale is not considered a short-term goal anymore. It extends beyond forming a long-term relationship where clients look to you for effective and quick after-sales services. By showing that you care even about a sale is made, clients will likely return to you for their next requirement or recommend you to their contacts. Nurturing leads should thus be a top priority in your strategy that should not be compromised at any cost. Get the questions right Asking the right questions will not only help you devise a successful strategy but also go to show your prospects that you have done your homework and are serious about your offerings. Garnering details about their budget, objectives, challenges, and goals will help you recommend a well-suited solution for them. That way, you stand a chance to not just meet but exceed expectations. However, avoid questions that make prospects uncomfortable, or make them question your credibility and capabilities. Avoid language that sounds manipulative or high-handed. Devise a successful strategy You need to keep your prospects engaged at all costs. This can be achieved by devising a sales effectiveness strategy that focuses on establishing credibility, showcasing thought leadership traits, and displaying where you score over competitors. However, it is important to avoid sounding pompous. Highlight how a client stands to gain from your products and services and back it up with some case studies or testimonials of satisfied clients. Also, always show your prospects that you are open to feedback at any stage. Ensure that communication lines are always open and that emails and queries through other channels are addressed at the earliest. In account-based selling such as this, making the sale is does not complete the job. Keeping engagement alive with clients and even with prospective clients, as they demonstrate the intent of positive action in the future becomes essential. Always remember to nurture the lead as this helps form a lasting bond that could translate to bigger rewards in the future.