Why Account-Based Selling is Critical Nowadays
A trend is evolving and adopting the way B2B sales teams work and sales reps act. During this lockdown, it’s really high time we begin leveraging different technologies across the sales stack and strategically seek targeted accounts rather than hunting individual leads. It’s been predicted as the future of sales by many industries thought leaders.
This trend is Account-Based Selling.
Account-Based Selling is a strategic prospecting process that involves selling to targeted and highly valued accounts rather than focusing your prospecting efforts at the contact level.
Using Account-Based Selling, one or multiple sales development representatives are prospecting into a specific number of pre-qualified accounts simultaneously, using multiple channels, and targeting multiple decision-makers to account for these shifts in the decision-making process.
Aso, according to Google Trends, interest in account-based sales is steadily rising. But what are account-based sales?
Implementation of Account-Based Selling
Step 1: Assess the cultural fit of remote ABS in your company
Step 2: Create your ideal customer profile
Step 3: Establish the buyer personas your team expects to engage
Step 4: Identify and set relevant metrics to assess the performance
Step 5: Create the required ABS resources
Step 6: Execute
Lead nurturing is typically most effective with small businesses that have, at most, three decision-makers. But it doesn’t mean you can’t apply lead nurturing tactics for bigger accounts.
Account-based nurturing can still work in a B2B environment — especially if you use highly customized content to trigger account-based engagement.
In account-based nurturing, you should engage various stakeholders in a single organization with different messages based on their customer personas. You should consider which step to be occupied in their specific buyer journey. Then respond dynamically to their actions and behavior and slow the pace of the buyer journey decelerates.
Cheek out the portions that are driving the dramatic turn towards account-based selling:
- Consumer centricity, which is a key principle of ABS, has now become the new mantra.
- There has been an uptick in the required number of approvals, especially in enterprise sales. Thus, making the sales process more complex.
- The ROI of ABS adoption has been clearly demonstrated over the years. Multi department aligning, process improvements, and brand upliftment are among the key interests.
Also, the goal of account-based selling is to manage each valued account as an independent and scalable revenue stream to be nurtured over the long term.
Using account-based selling, teams get to engage with multiple stakeholders at a single prospective company. This is in contrast to the unique selling method of assigning one sales rep to engage a customer.
The idea is to use laser-precise tactics and multiple touchpoints to catch a single high-value customer. It helps to remove the whole idea of form a wide, generic net to catch plenty of buyers.
During this pandemic, ABS is easier to scale with today’s social platforms and data-driven technologies. Thanks to social media, big data, digital marketing, and AI-enhanced everything, you can stop chasing leads and focus on the needles in your “sales stack.”
According to the survey by Alterra Group from Canada, 97% of marketers reported that ABM has a higher ROI than any other marketing strategy. Probably so 60 % of B2B marketers are implementing new ABM programs.
Best reasons to use Account-Based Selling strategies during a pandemic:
- Simplifies complex sales cycle
- Get high-value sale
- Encourage cross-departmental alignment
- Increase customer lifetime value and growth potential
- Go beyond your competitors in the Market
A vital element of the account-based strategy is alignment and coordination between marketing and sales, as well as other departments. If you have this or strong executive support to work toward that objective, then you may be able to build interdepartmental teams that can provide full-service support before and after the sale, which is necessary for successful ABS.
If you think ABS might be right for your business, start by considering your typical sales, your customer base, and your company organization. If you have a complex sales cycle, are selling high-value solutions with up-selling and cross-selling opportunities, have multiple decision-makers and you’re ready to build collaborative sales, marketing, and support teams, then ABS may be a good fit for your company.
Account-based marketing is a path to success. Don’t let the challenges trip you up. Plan for them and take the precautions to make sure your business never falls.
Your ability to collaborate on a targeted message not only to the target company’s needs but also to individual stakeholders’ issues enhances the customer experience, which translates into more opportunities, higher customer retention, and increased ROI.
“Accelerate Pipeline with Powerful & Connected Capabilities that Drive Account-Based Marketing Success”
Nurture & Engage Strategic Accounts with VSynergize’s Multi-channel Account-Based Marketing programs that give clients the power to pull in major revenues by concentrating efforts towards one target. Successful Account-Based Selling starts with strategy and organizational alignment, then leverages new technology for greater results.