Account-based sales is still a new process for many sales organizations. Many sales leaders report that they are executing this process successfully. But what do the numbers say?
Sales executives may feel they are successfully implementing the Account-Based Sales process. However, most organizations are earning less than 50% of their revenue from their key accounts rather than the 80% they should be counting on for ARR.
The Revegy team and our partners at Mentor collaborated to bring you a resource full of insights on the state of account-based sales. Learn what it takes for teams to go from simply using CRM-based technology to meaningfully leveraging account-based planning to increase win rate.
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Your first Google search for anything account-based will bring up more Account-based marketing results than Account-based Sales. Revenue-generating teams will benefit from better alignment with outcomes as the sales world begins embracing this modern approach to strategic accounts.
The account-based sales approach is suited to enterprise or complex sales. The accounts you target should be $50K at a minimum. There is too much staffing involved in ABS to make this a viable strategy for companies targeting small-to-medium-sized businesses.
As more companies adopt the account-based process, we see the gains. For example, Gartner reports some organizations see a 75% increase in Annual Contract Value (ACV) and a 150% increase in Customer Lifetime Value (CLTV). In addition, reps can reduce time-wasting by targeting high-value accounts, allowing more time for researching and creating highly personalized messaging for a higher close rate.
Highly personalized messaging is the key to Account-Based Sales. Research from Drift shows that buyers are 67% more likely to accept a meeting if a pitch is customized to their situation. By getting to know your prospect, you already have the upper hand and are far more likely to get your foot in the door with your initial pitch. More meetings, more opportunities, more money.
Recently, we surveyed to explore how enterprise sales leaders use Account-Based Sales and how it impacts their business.
Sales Process and CRM
We found that most sales leaders feel they have a fully embedded sales process across their teams. Furthermore, most sales leaders feel their sales technology supports their sales process.
Our survey showed that most sales teams are using Microsoft (MSFT) or Salesforce (SFDC), but it’s probably no surprise that sales leaders report that Customer Relationship Management (CRM) adoption is average at best. This is further compounded by the fact that 37% of respondents use more than one CRM for their sales process.
As we all know, CRM usage does not equate to effective account planning. Download the White Paper to access survey feedback from top enterprise organizations. Learn about the current gap between sales teams leveraging technology for proper sales coaching, account-based planning, and upselling and cross-selling within existing customer accounts.
Watch our recent webinar on Navigating Buying Groups with experts in the arena.