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Plan For Growth
Plan for Growth: How Account Planning can turn relationships into revenue
In a world where remote selling is the new modus operandi for Account Executives, nailing down new logos becomes even more difficult. Analysts estimate 70-80% of the average company’s annual revenue is from existing customers, and in 2020 this is closer to 100%. The shift in focusing on existing customers for growth versus new logos is not always easy.
Organizations change. People get reassigned or let go, and priorities shift. The company you once knew intimately could quickly feel like a distant stranger. The next revenue push is going to come from understanding and nurturing relationships to uncover new potential. The focus on existing clients and the monumental change within these clients makes account planning more crucial than ever. This eBook will show you how you can use account planning to grow your relationships and your revenue in the process.
Account planning transforms your ability to grow revenue, so why don’t sales professionals adopt it in more significant numbers? According to the Altify CRO Benchmark study, 40% of sales meetings lack a clear plan for success. No plan, no win!
The revenue is in the whitespace:
The primary function of account planning is to increase pipeline and grow new opportunities. The goal is to find the whitespace in the existing account by developing a working knowledge of the people and their problems. It’s all about finding the gaps that others cannot or have not filled. This whitespace is where you can thrive.
While an account might sound like an abstract concept, it’s essential to realize your accounts consist of unique individuals with their own goals and motivations: people.
In complex B2B sales, there are multiple stakeholders. There are heads of business units, the influencers they work with every day, and the C-suite stakeholders to whom they answer. All of these people come together to form the account.
3P’s of Account Planning:
- People: While it’s tempting to focus on the decision-maker alone, it’s worth engaging all the players to whom you can deliver the most significant value.
- Problems: If you can identify the customer’s problems along with their business drivers, you can build on your relationship to attain the status of trusted advisor
- Potential: Account planning is the key to help you go from vendor to trusted advisor and is much more profitable in the long run.
Remember, sales is a team sport. It takes a complete revenue team to execute an account plan, and there may still be others beyond the team who can offer advice and insights to help you achieve your objectives.
Dwight D. Eisenhower said, “In preparing for battle I have always found that plans are useless, but planning is indispensable.” No one could have planned for a year like 2020, but companies that focus on Account Planning set will achieve excellent sales outcomes in uncertain business climates. As we move toward 2021, sales teams need consistent Account Planning more than ever.