Sales Webinar | How to Maximize Sales Success w/ Strategic Account Planning
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Sales Webinar | How to Maximize Sales Success w/ Strategic Account Planning
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- 8. 2. Customer 1. Prospect 3. Loyal Customer 4. ????? #accountplanning
- 9. 2. Customer 1. Prospect 3. Loyal Customer 4. Former Customer #accountplanning
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- 11. • • • • 1. UK +44(0)1189 880 149 International +353(0) 1 6788 900 UK +44(0)1189 880 149 International +353(0) 1 6788 900 #accountplanning
- 12. Source: Edelman Trust Barometer #accountplanning
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- 34. “The nice thing about not planning is that failure comes as a complete surprise and is not preceded by a period of worry and depression.” John Preston Boston College #accountplanning
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- 38. TAS GROUP White Papers DEALMAKER GENIUS DEALMAKER INDEX #accountplanning
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Hinweis der Redaktion
- In every large customer account, there is hidden white space where you can sell your existing products to new divisions.Or sell additional solutions to your existing customer divisions. Get complete penetration across the account. Buyer’s motivations - Needs & expectations
- On benefit is More Revenue, but that’s not just the focus.It’s more holistic approach. When Account Planning is executed well, customer satisfaction increases. Customers who are more satisfied buy more from you, and do so without calling your competitors first. Customers who are served well are easier to retain, and therefore it is easier to make your revenue targets year after year. When you do effective Account Planning, you get to understand the customer's business, sit with them at their side of the table, and strengthen your ability to shape their thinking and their business strategies. A happy customer created difficult territory for your competitor to enter. Switching suppliers is expensive for a customer and they will do so only if they feel you are not serving them well and fairly. Your ability to monitor, measure and react is greater if you are closer to the heart of their business, understanding their corporate goals, and motivations. It takes investment, research and hard work, but is the price of customer retention and growth.
- Your account is a marketplace, and your job is to be …… market leader in your segment
- You need to understand the Account as a marketplace and to segment that marketplace into discrete units so that you can choose where to spend your time.Notes:Track the Current Opportunities in the Account, as well as business you already have won, so you can place your solutions on a structured map of the customer's business. Explore how to uncover the customer's Business Drivers and how to navigate the political landscape in the account to help you to understand both the people who matter - the Key Players - and their associated Business Drivers. When all of the opportunities in the Account have been identified, you evaluate each one against the twin axes of Value to Customer and Value to Us. That way you will uncover areas of Mutual Value - which is a thread that you will find woven into the fabric of the methodology. It is important. This is the White Space in the Account where you can help your customer to identify new potential areas of opportunity - and simultaneously discover new areas of opportunity for yourself. Finally, build the Execution Plan so that you get beyond planning and begin to manage and execute. Some of this info is tracked in your CRM.
- Customers Go Through 4 Stages
- How do you stop customers from moving from Phase 3 to Phase 4?Account Planning is a great way to keep them at Phase 3!What is the average life expectancy of a customer in your business? Do you know? How can you anticipate before you lose a customer? What is your exit prevention strategy?
- Build better relationships so you can provide more value and drive more customer satisfaction.Turn customers into advocates. Turn your customers into heroes and they will spread the word about your company.You need to make sure you are balancing what is best for the customer, not just what is best for you.Gerhard: what are some of the best practices that businesses use to extend their customer life cycles? CABs? Customer conferences? Build relationships… not just getting money from them. Use them as a feedback tool to make our company better. Listen to them! How do they perceive us across all touchpoints?
- The 13th annual Edelman Trust Barometer is our largest exploration of trust, to date, and the largest survey of its kind. For 2013, we surveyed more than 31,000 respondents in 26 markets around the world and measured their trust in institutions, industries and leaders.One interesting note: their surveys show that businesses are generally trusted more than governments.Technology is the most trusted industry in all markets.Banks and financial services are the least trusted industries.This illustrates how social media has changed values. People earn trust by being authentic and being relevant. Social media is the great equalizer. People want to be accountable and judged by their peers, not by authority. Add slide about trust builders. Trust is not what you earn by pitching people. How do you earn it? By delivering on your promises.Also willingness to engage on a personal level. You pro-actively help people fix their problems or work with them to collaboratively engage and solve problems. Gerhard to tell stories… Once you lose the trust, you cannot restore it. Like toothpaste out of the tube.
- Prevent the customer from shooting himself in the foot
- I was in Seattle last week… and I was thinking about the Seattle-based businesses that have been hugely successful – and I thought about Amazon.
- How many of these selling techniques do you employ in your business? Do they work well?If you don’t do it, is your Marketing or Sales Ops team making these offers on your behalf?You want to control this relationship yourself and understand the opportunities? How do you harvest more gold.
- How often do you take action on these…. Actually, not very often. But Amazon is a high-volume, low-transaction seller. So that’s OK. It’s a numbers game and it works for them. And Amazon is getting smarter at this all the time.Does this work for B2B high-value sales? Not really.It’s a good concept, but it’s too simplistic for most of our businesses.Amazon has so many customers it is neither possible nor necessary to understand, in-depth, the goals or aspirations each one of its customers. Amazon’s cost of sales pursuit is very low and it can afford a low win-rate. That is not the case in the world of B2B sales.Although sometimes we make this mistake. And we fail to recognize what we really need to do to deliver the value our customers need in order to make a purchase decision.
- Classic cross-selling: Would you like Fries with that?Classic up-selling: Would you like to super-size that?We sometimes assume that just because our customer bought Product A from us, then should automatically buy Product B. But buyers in a corporate setting are not like that.However, that doesn’t mean we can’t do cross-selling and up-selling. But we have a lot to understand, plan and manage to do this successfully.If I sold Product A to a business Division A in a large account, then maybe I can sell that same product to business Division B of the same company. And up-selling is: Since I have multiple products, I would like to up-sell Product B and Product C to Division A.And then if I was successful in cross-selling Product A to Division B, then I’d like to up-sell Products B and C as well. It all sounds pretty simple, but of course it doesn’t work like that, and the reason is that is fails what I call the Mutual Value test. For a transaction to be successful there has to be value for both parties – mutual value, with a focus on the word mutual.The scenario I outlined above is a somewhat misguided attempt to identify ‘white space’ in an account, because it ignores the role of the customer. Pursing ‘white space’ is very value but only when you use the twin axes of Value to You and Value to Customer. The ideal scenario you are aiming for is to have all of the divisions or business units in an account use all of your solutions, but just because one business unit purchased one solution from you, it is not a given that they should buy anything else, nor is it pre-ordained that any other department, division or business units in that company should buy anything else either. Amazon has so many customers it is neither possible nor necessary to understand in depth the goals or aspirations each one of its customers. Amazon’s cost of sales pursuit is very low and it can afford a low win-rate. That is not the case in the world of B2B sales.
- You need to understand the Account as a marketplace and to segment that marketplace into discrete units so that you can choose where to spend your time.Notes:Track the Current Opportunities in the Account, as well as business you already have won, so you can place your solutions on a structured map of the customer's business. Explore how to uncover the customer's Business Drivers and how to navigate the political landscape in the account to help you to understand both the people who matter - the Key Players - and their associated Business Drivers. When all of the opportunities in the Account have been identified, you evaluate each one against the twin axes of Value to Customer and Value to Us. That way you will uncover areas of Mutual Value - which is a thread that you will find woven into the fabric of the methodology. It is important. This is the White Space in the Account where you can help your customer to identify new potential areas of opportunity - and simultaneously discover new areas of opportunity for yourself. Finally, build the Execution Plan so that you get beyond planning and begin to manage and execute. Some of this info is tracked in your CRM.
- Value MapWith Dealmaker's automated Value Map, you can perform analysis on your potential opportunities, rank order, and select opportunities with the most value to you and your customers. The Value Map enables you to plot your opportunities to determine which ones have the greatest "value to us" and "value to customer". Through a configurable scoring system, your account team and you can decide at a glance which opportunities are worth pursuing.Not just about account planning, but also story telling. And the story must align with the customer’s needs.Your company should focus your marketing on what is important to your customers? How do you know what that is? Be on social networks. Have Customer Advisory Board meetings? Ask them. Be connected and be part of their conversations.Coke story.
- CustomerWho are the people?Who is important to you?Who makes the decisions?Who has influence? CompanyWhat is their organization?How do decisions get made? When? For what reasons?Buying Process - Where do you want to engage?Do you Understand their business drivers?Have you listened to them or are you selling to them?What issues are they facing: suppliers, customers, competition, financial pressures, operational pressures, business partners, industry trendsPhase of business lifecycle, culture.What solutions do they really need to meet their business challenges and goals?Capabilities =Product, Services, Expertise, People ProcessesCompetitionCompetitive Force:Anything that prevents me achieving my Goals and Objectives; External Companies; Internal ThreatsYou need to know Strengths / Weaknesses / Offerings, Products, ExpertiseHow do they compete?Ethically/Individual or Team?How do they position themselves / us?
- Let’s start by talking about how well we understand our customers. Answer this question about your experience with your customers.
- Do you understand your customers business problems and challenges?Our research finds that overall 40% of sales professionals are good at this.According to Forrester Research, only “13% of executive buyers believe that a salesperson can clearly show they understand their business issues and articulate a way to solve them.” Salespeople who push products rather than solve problems face declining win rates and heavy discounting. In the future they will lose more to competitors who know how to get marketing and sales on the same page in speaking to buyer issues.
- Strategy Map in DealmakerThe Strategy Map helps you to understand what motivates your customers. The maps allow you to visually represent and capture a customer's business drivers, initiatives and related projects as well as their critical success factors. This allows you to quickly and accurately understand and confirm with your customer the business issues that they are facing, and the solutions that best address those issues.
- Let’s ask another question about how well you know your customers and their organizations.Answer this question about your experience with your customers. I guess part of this is how well do you even know who the key players are…
- Do you know how to identify and reach the right people in your customer’s organization?Do you understand who needs what? What are the motivators for each of the key people?
- Political Map in DealmakerBuild Political Maps for Accounts, Business and Service UnitsSave time by pulling details from CRM, or create in DealmakerDifferentiate between hierarchy and powerUncover all buying roles
- Once I know about their goals, drivers, and initiativesAnd I know who I need to reach in the customers’ organization, And I know what is of high value to both them and us,Then I need to brainstorm and come up with ideas where I can find solutions to their problems.
- I can begin to think about how I can Identify potential gems.
- Opportunity Map in DealmakerUse the Opportunity Map to visually map the the account across Business and Service Units.Explore how to sell all solutions to all divisions. Identify 'White Space where you can sell.See where you are blocked from selling. View the complete account as your marketplace.
- Most sales people don’t get the most value from their strategic accounts.They fail to plan to take advantage of this.How many of you maximize the value of your deals?Gerhard story about shadowing a sales rep 30 years ago…
- The nicest thing about not planningis that failure comes as a complete surprise and is not preceded by a period of worry and depressionJohn Prestpn – Boston College
- We wrote the book on account planning.Donal will give some copies of the books at his presentation at Sales 2.0.
- Ask for and address any final questions.