Streamlining the Sales Experience in Digital Key Account Management
In traditional sales operations, we have primarily focused on maintaining a healthy sales funnel, achieving high average win rates, and maintaining deal sizes. However, over the past decade, the selling process has undergone a complete transformation. We have transitioned to cloud-based and software selling models, shifting our focus to the customer’s product experience. In this context, Revenue Operations (RevOps) has emerged as a pivotal strategy that aims to align sales, marketing, and customer success throughout the customer journey. The goal is to break down traditional silos and establish a more consistent approach to enhancing the customer experience. The seamless integration of digital tools into the sales process has resulted in a more efficient and effective sales experience for both buyers and sellers. Digital transformation has opened up new possibilities for businesses, enabling them to deliver a seamless sales experience by streamlining processes, providing real-time data, and offering actionable insights. The RevOps team also collects, shares, and utilizes data to gain actionable insights that help teams make data-backed decisions. “Contrary to popular opinion, Revenue Operations is not a fancy term for Sales Operations. We need to take a more expansive view of RevOps as a whole. There are a lot more people involved in the revenue generation activity such as the customer subscription manager, and renewal manager to ensure that the customer adopts the product and is seamlessly engaged. RevOps includes everything from marketing operations to sales operations to customer success operations that are part of a larger ecosystem that works with the aim of providing a unique and engaging customer experience.”- Prasad Varahabhatla, Senior Director, Sales & Data Operations, Philips (Snippets from episode #8 of the Shift podcast) Sales teams can bank on AI-powered tools and data analytics to gain insights into their key accounts, identify new opportunities, and make more informed strategic decisions. The integration of digital tools and platforms has also created a more agile and adaptable approach to key account management, enabling swift adaptation to evolving market conditions, consumer expectations, and technological advancements. Benefits of Integrating Digital Tools into Sales Gain insights into key accounts Identify fresh opportunities Deliver a seamless sales experience Create an agile approach to Key Account Management According to Gartner, by 2025, 75% of the highest-growth companies in the world will implement the RevOps model. Moving forward, data will play a pivotal role in the success of any revenue operations strategy. By collecting, harnessing, and utilizing data, RevOps aims to foster even better synergy between marketing, sales, and success teams, ultimately leading to improved customer experiences. Sales Automation with AI to Optimize Customer Experience With the growing influence of RevOps and data-backed analytics, traditional strategies for one-off purchases are becoming redundant. Companies now focus on the entire customer journey and enhanced customer engagement to drive recurring revenues. The emphasis is on leveraging technological innovations, including artificial intelligence (AI), to automate workflows and achieve higher efficiencies. According to cross-functional research by the McKinsey Global Institute (MGI) technology can automate over 30% of sales and sales operations tasks. The most popular sales automation tools that harness AI include virtual assistants, chatbots, email, and appointment automation. Revolutionizing Sales with RevOps Align sales, marketing & customer success across the customer journey Break outdated siloed structures Enhance customer experience with consistency Leverage data to make strategic decisions From a skillset perspective, different teams that make RevOps need to be more curious and understand dependencies or processes that are dependent on them. They must possess a broader comprehension of the customer lifecycle and identify ways to eliminate friction from the customer experience. “We focus so much on the book or the process, we forget that these processes are there for a purpose which is to ease the way our customer or salesperson experiences the entire process. There’s a need for digital technology to automate non-value-added manual tasks and develop a level of transparency and seamlessness in the way the sales team or customer experiences our delivery.” – Prasad Varahabhatla, Senior Director, Sales & Data Operations, Philips (Snippets from episode #8 of the Shift podcast) Customer Adoption and Long-term Value Creation To boost revenue, cultivating long-term engagement with customers is essential. Achieving this requires consistent reminders of your product’s value and sustained value creation. The responsibility falls on the customer success manager to showcase the product’s features and benefits and how they add value to the customer. Customer value creation is integral to any business strategy and is increasingly driven by data-enabled insights and AI-powered tools. The adoption of digital tools allows you to comprehend evolving consumer needs and tailor your offerings accordingly. Depending on customer needs, systems must constantly evolve while ensuring the structures remain modular and scalable. Institutionalizing systems must be planned out in such a way that just a few tweaks can accommodate new features without having to make fundamental architectural shifts. The consumer and market constantly commands changes, and when that happens you must be ready with the right structures, technology, and solution architecture. Adopting a digital-first mindset is the initial step in streamlining the customer experience. “It’s not even a matter of choice anymore and the assumption that digital transformation is a choice is a joke. If digital transformation is implemented by a company and it doesn’t fundamentally change the job content of the people involved in that process, then we are doing it all wrong.” – Prasad Varahabhatla, Senior Director, Sales & Data Operations, Philips (Snippets from episode #8 of the Shift podcast) The Future is Digital Information and the power of data can be the deciding factors for the success of Rev Ops and your consumer engagement strategy. If Rev Ops is the machine, data is the fuel that keeps it running. If you can’t track customer data, manage assets, or use this information for future sales, you’ll miss out on opportunities. “RevOps is a relay race and not a 100-meter dash and the most efficient way of implementing this is through digital transformation and data,” – Prasad Varahabhatla, Senior Director, Sales
Benefits of Digital Key Account Management for Large Businesses
The world of B2B selling has transformed dramatically in recent years, as the shift towards digitalization has changed the way businesses interact with one another. With the growing size of buying groups in the digital age, it is imperative to consider factors that play into the challenges and benefits of digital key account management. DemandFarm’s Dr. Karthik Nagendra-Chief Marketing Officer had a one-on-one chat with Andrew Collings – Head of Enterprise at Gearset where they discussed the changing landscape of B2B selling and shared insights on how organizations can adapt to this new environment. Working with large businesses and going outbound According to Andrew, the key takeaway when working with large businesses and going outbound is being deliberate about a planned approach. This provides structure to your organization’s interactions. He emphasizes the importance of having a digital key account management software that: Integrates into Salesforce without requiring external software to manage accounts Represents data visually and is easy to use for faster adoption Accommodates custom needs accurately Shows all information in one place without having islands of data “We live inside Salesforce. All of our customers are Salesforce users. So the key thing for me was getting something across that integrates really well. I didn’t want to add to the tech stack and have other random bits of software outside of that,” – Andrew Collings. Challenges in Shifting to Digital Key Account Management Shifting to Digital Key Account Management also comes with its fair share of challenges. One of the primary challenges that organizations face is carving out time to document things in the tool. Additionally, making information shareable to everyone for increased collaboration and encouraging early adopters internally to drive usage is also important. “ A lot of people are really great at keeping things in their head. So they know all the people involved, but it’s in their heads. So actually, you need to spend time and put it into the system so that everyone else can enjoy your knowledge.” – Andrew Collings Selling the value internally: Andrew’s advice is to get the enterprise team included in the decision-making process. Ensuring the entire organization is part of the change, making everyone an advocate and engaging the whole team will in turn make the adoption of Digital Key Account Management easier. The leadership team plays a big role in creating an impression that as a business it is vital to understand all the stakeholders in the buying process. This will ensure that the rest of the organization will also become more involved once they realize its importance. Discovering all the gaps: Another major challenge for Andrew was that they discovered all the holes in their accounts. With larger, multinational businesses with huge teams and thousands of staff, there were often just 3-4 contacts who might not necessarily be the right contacts. So knowing where there was a lack of contact, where the relationship needed to be strengthened, and in which accounts further work needed to be done proved to be vital to growth. Is it time for a change? “When I was in the field selling, I used to do this on the spreadsheet, and it was one of the worst things I’ve ever done. And I look back at it and just think, that was really rubbish.” – Andrew Collings It is no longer sufficient to rely on PowerPoint presentations or rely on static spreadsheets for your Key Account Management and Account Planning. They are no longer efficient and just don’t cut it anymore. With the increasing need for Digital Key Account Management tools, organizations must consider adapting their operations to meet the evolving needs of the market. Download: Change Management Guide for Sales Leaders to Implement Digital Account Management Software Benefits of Adopting Digital Key Account Management One of the significant benefits of Digital Key Account Management is the ability to maintain a strong relationship with stakeholders during the buying process. By being aware of stakeholders’ feelings about your organization, it is possible to mitigate any red flags like lack of engagement, which can prevent loss. Additionally, having a Digital Key Account Management tool allows organizations to maintain a comprehensive view of their accounts in one place, enabling them to better identify opportunities and make informed decisions. Getting a holistic view of the organization “Leading a team, I’ve always been more interested in people within an organization, than that particular product or problem, I’m much more interested in people,” says Andrew. By focusing on people and their interactions within the organization, leaders can coach and support their team members effectively. At the same time, sellers can identify gaps in communication and ensure that all key stakeholders and buyers are accounted for. Understanding how an organization is structured and how teams are connected is critical. While some organizations are highly connected and referrals flow freely, others are more siloed. Understanding these differences can change how a seller approaches a business, including asking for referrals or using Account-Based Marketing to target the entire organization. Identifying communication gaps Sellers can also benefit from shifting to Digital Key Account Management. When all subsidiaries are plotted alongside one another, it’s easier to identify gaps in communication. This ensures that everyone involved in a deal is accounted for, preventing surprises during contract negotiations. Some things to consider before signing contracts include: Are you aware of all your champions and their influence? Have you understood all the stakeholders involved? Are you benefitting these stakeholders with something that will actually help them? Increasing collaboration internally and externally “Probably the most important thing for me is broader teamwork.” – Andrew Collings Ensuring that Business Development Representatives, account managers and executives, and the ABM team work together to engage with positive leads can be achieved when everyone has access to all the information about an account. This process is made more streamlined with the help of a digital tool for account planning. Additionally, when interacting with the Customer Success Team, having a digital account management
Digital Key Account Management: Challenges and Solutions
In the world of B2B software, having large technology companies as key clients is critical for growth and success. However, supporting and fostering these accounts requires a strategic and dynamic approach. Traditionally, account plans were created once a year and reviewed by the executive team. However, in today’s dynamic business environment, plans change quickly, and regular updates are necessary. This is where digital key account management comes in. Digital key account management provides several benefits over traditional account planning: it is dynamic and flexible, allowing for quick updates and changes. It provides a step-by-step approach to account planning, ensuring all account owners use the same approach. With digital key account management tools, employees can share information across the organization easily, ensuring everyone is aligned and up to date. Watch Now: Insights on Digital Key Account Management by David Shen, Head of Revenue Operations at Cambridge Mobile Telematics Factors to Consider While Adopting Digital Key Account Management As businesses continue to adapt to the digital world, one aspect that needs to be considered is key accounts and how they are managed. Shifting towards digital key account management is becoming increasingly essential, especially in sales. With B2B software sales moving majorly digital due to the pandemic, organizations need to identify the need to adopt a digital approach to key account management that is tailored to deal with large businesses that come with large buying committees. It is no longer just a matter of someone coming to the vendor asking for the tool. Now, sales teams must go outbound and convince people within that business to buy their product. This requires a different selling motion, and getting buying across the whole group is now a requirement. Digital Account Management Masterclass by Pawanjeet Singh – AVP & Head of Sales at DemandFarm To make this process easier and more organized, businesses need a solution that integrates well with their existing tech stack. It should be easy to use and represent the parent and child customer structure accurately. The software should be visual and easy to navigate, making it easier for sales teams to learn new muscles. It should also be able to provide comprehensive views of all data and not have little islands of data scattered around. It also provides other teams within the organization, such as customer success, BDRs, and ABM teams, access to this data. This means that the software chosen for digital key account management must be accessible to everyone within the organization. To make the transition smoother, businesses should consider software solutions that integrate well with their existing tech stack, accurately represent their customer structure, and provide a comprehensive view of all data. By choosing the right software, businesses can streamline their sales process and make it easier for everyone within the organization to access the data they need. Challenges in Adopting Digital Key Account Management As businesses continue to embrace the digital age, many are finding that adopting digital key account management tools can help them streamline their operations, increase efficiency and effectiveness, and ultimately drive better results. However, like any new technology or process, there are challenges that come with adopting these tools. The following are some factors to consider when making this shift: Maturity level and discipline: Is your organization ready to leverage a digital tool, and do you have the discipline to use it effectively? Executive buy-in: Do you have the support of the executive team to ensure adoption across the organization? Account complexity: Are your accounts growing in complexity, and do you need a strategic view to manage them effectively? Business transition: Are your clients going through a transition, and do you need to keep a dynamic planning approach to stay aligned with their changing needs? Team transformation: Do you have the right team to drive the transformation, and do you have champions who can lead the adoption process? Integration and training: Have you integrated the digital tool into your existing processes, and have you provided the necessary training and support to ensure successful adoption? Follow & Listen to: The Shift Podcast on Digital Key Account Management One of the biggest challenges businesses face when adopting digital key account management tools is ensuring that these tools do not detract from customer or client interactions. It is essential to ensure that these tools add value and do not add more internal steps or processes that pull the account team away from building relationships with clients. Therefore, it is crucial to think through the transition process and assess the impact of these tools on client face time. By doing so, businesses can ensure that they are not only adding value but also maintaining strong relationships with their clients. Many businesses have other corporate tools and systems in place that these tools need to integrate with. This can be particularly challenging when it comes to financial tools, as revenue tracking against plans and budgets for the year is essential. Therefore, it is crucial to ensure that these tools integrate seamlessly with other systems and that any changes or updates do not cause undue disruption. Ensuring that the tool aligns with the requirements of the organization. Every organization has its processes and terminology, which can differ from the standard used by the industry. To overcome this, organizations should work to ensure that the tool’s requirements are aligned with the organization’s needs – this can be as simple as remaining fields to make sense to its users. This ensures that there are no misunderstandings that can cause naysayers to reject the tool. Training is another challenge that businesses face when implementing digital key account management tools. It is essential to ensure that everyone is trained properly and understands how to use the tools effectively. However, lengthy training sessions can be time-consuming and may not be the most effective approach. Instead, businesses can consider rolling out training over a more extended period, with shorter, more focused training sessions. This allows individuals to try out the tool, ask questions, and
