Account-based sales isn’t a new concept, and there are many reasons why organizations make the shift towards this philosophy:
- Customer centricity is a key tenet.
- The ROI on account-based sales adoption has been clearly demonstrated over the years.
- Key benefits include interdepartmental alignment, process improvements, and brand loyalty.
What is account-based selling?
Account-based selling is a totally tailored customer engagement strategy. Every customer is provided with a high level of focus and resource allocation. Every account, and the decision-makers who lead it, is treated as a market of one. Marketing and sales work together in a multi-touch, multi-channel effort to close these accounts.
The goal in account-based selling is to manage each valued account as an independent and scalable revenue stream to be nurtured over the long term. In account-based sales, entire teams engage with multiple stakeholders at a single prospective company. This is in contrast to the usual selling approach of assigning one salesperson to engage a prospect.
Will account-based selling work for your company?
Though the ROI on account-based sales adoption has been clearly demonstrated over the years, it’s not always the right method to use. In fact, a mismatch between your business model and account-based sales can do more harm than good. It really depends on the type and purchasing behavior of the customers you engage.
As a rule of thumb, account-based sales is a good fit for B2B companies where:
- Sales interactions are complex and involve lengthier cycles
- Major purchases require the tiered approval of several decision-makers
- Opportunities for upselling, cross-selling, etc., are unusually high
When you should implement an account-based selling strategy
Ask yourself these questions:
- How ready is your organization to adopt this new sales approach? Do your sales teams have the experience and business acumen to tackle target accounts?
- Do you have both corporate and cultural buy-in?
- When it comes to customer data, do you have sufficient information to build out your account-based selling strategy?
If you answer “yes” to each of these questions, you should consider implementing account-based sales. If not, you may need to do more prep-work to effectively transition to an account-based sales approach.
Download this guide to learn how to implement an account-based sales approach: