The Necessity of Smarter Account Management
During the CEB Sales and Marketing Summit, leading sales experts presented research that over only 28% of sales leaders reported that their “account management channels regularly meet cross-selling and account growth targets.” To address this challenge, industry leaders shared guidance and best practices on how to drive growth through smarter account management.
A key finding revealed that servicing accounts and driving value from existing products and services doesn’t help grow business with existing accounts. Instead, account managers must have access to more advanced customer intelligence that helps them articulate how they can help a customer achieve their unique business objectives and goals.
Strategic Account Management Relies on Customer Intelligence
The importance of customer intelligence and the value it delivers to the sales organization cannot be underestimated. The success of any enterprise sales team – whether that is defined as expanding key accounts, increasing win rates, or improving forecast accuracy – is directly correlated to how well they know their buyer and how effectively they can translate that knowledge into a plan and execute against it effectively.
However, most traditional enterprise sales organizations lack a common framework to document, organize, and analyze a meaningful, in-depth view of their customer’s business.
Without an intuitive, consistent way to consume and leverage customer intelligence, companies continue to miss out on the opportunity to deliver value at every stage of the lifecycle. Customer-centric strategies are the key to success for today’s modern sales enterprise and empower sales teams to sell from a position of strength as they can more accurately articulate the value of their products and/or services to what matters most to the customer.
The bottom line is simple – unless you know your customer, you cannot give them a vision for improvement – no single CRM, marketing automation or sales tool can overcome even the smallest gap in customer intelligence.
Sales organizations need more effective ways to organize their account-wide sales processes and focus their resources on the activities that drive the highest customer value and strongest opportunity for success.
Revegy Enables Challenger® Selling
Revegy puts the power of visualization to work in account planning to expose what really matters to your most strategic customers and determine opportunities for customer improvement. Put simply, we translate customer intelligence into value for your client and revenue for you.
CRMs weren’t designed to address the complexity and depth of analysis, planning or governance required from large, global, matrixed accounts, so Revegy offers a purpose-built, enterprise-class platform that integrates with any CRM to deliver a deeper understanding of the customer’s business, a roadmap to coordinate the sales approach and an executable plan for maximizing account revenue in key account landscapes.
From here, key account managers can take account planning from a theoretical exercise to operational execution that drives long-term value and growth.
Identify Customer Improvement Opportunities with Relationship Maps
Revegy’s relationship maps deliver a clear understanding of the customer’s internal and political structure showing influencers and decision makers, how they’re connected, the status of your relationship, and their preference level for your solutions.
The map also reveals the unique goals and priorities of each individual, enabling you to focus your strategy and solutions on what matters most to build value and trust with the people driving the business.
White space maps enable you to uncover new revenue and expansion opportunities by charting the product landscape intersected with potential, active and closed opportunities, revealing customers’ near-term buying plans and long-term needs.
By visualizing the footprint of your solutions, including where your competitors’ products are being used, you can clearly identify up-sell and cross-sell opportunities for deeper penetration. Each of these tools will help sales reps identify customer improvement opportunities
Build Growth-Oriented Account Teams with Strategy Maps
Revegy’s strategy map enables you to document the company’s overarching goals, challenges and priorities across the corporate landscape so you can align your solutions directly to the areas that are funded, and help the client achieve their business objectives.
By understanding and mapping out your client’s issues, challenges, and departmental initiatives, you can easily identify and position potential expansion opportunities based on what is top of mind for their key decision makers.
A key account strategy map facilitates collaboration both internally with your team, and externally with your customers to help you gain insight into their strategies, and show how you can directly help them achieve their overarching business objectives.
Additionally, an effective strategy map lets you align your solutions and the value they provide to the customer’s business strategy and challenges. This empowers reps and account managers to pinpoint and focus on the initiatives that are likely to receive funding and lead to sales opportunities.
CHALLENGER® is a registered trademark of CEB, Inc. Revegy is not affiliated with or endorsed by CEB, Inc.
Related Strategic Selling Resources:
Resource: Account Planning Template