Attract, Retain, And Grow Your Most Profitable Customers
Each new business case will enrich your market awareness and allow your organization to generate new customers faster, but also increase revenue on existing accounts by enabling the exploitation of your Product/Market Fit to facilitate cross-sell and up-sell activities. Thus, increasing revenue, customer lifetime value, and sales velocity.
Understanding and seeing your accounts is more important than ever. The key to improved customer profitability is to develop effective go-to-market and marketing strategies by leveraging your account and operational data to maximize your share of wallet and customer lifetime value.
It is important to approach the problem by creating a holistic view of your strategic accounts by consolidating data in one place and transforming it into a complete picture of an account relationship and future opportunities.
This will enable you to:
- Increase business with existing accounts
- Improve ability to communicate the value
- Improve customer retention, repeat business, and renewals
- Improve sales opportunity approach and planning
- Drive new logos / new accounts won
- Increase the average size of sales
- Increase the effectiveness of lead generation
- Optimize sales process
- Penetrate and build relationships with the executive suite
- Speed up the sales cycle
- Win more against difficult competitors
- Improve sales manager effectiveness
- Improve sellers’ ability to win the “trusted advisor” badge
- Improve forecast accuracy
- Improve quota attainment
The primary purpose of the strategic account plan is to provide an end-to-end process to map out your key accounts, gain decisive insights, and identify 100% of the relevant inner targets and associated Key Decision Makers for your products/solutions. This will provide you with the necessary data to successfully manage, navigate, and grow even the most complex accounts.
This approach also enhances the automation and the interaction between the different levels of your organization to execute a thoughtful account-based strategy. Indeed, a visual and contextual representation of your strategic accounts not only helps to improve the effectiveness of the whole sales & marketing teams, but also the executive team. By focusing everyone on performing high-value execution activities, delivering the right sales assets at the right time (and to the right individuals), and knowing the best next steps to win deals and expand key accounts.
Aligning your sales and marketing team is not enough. It is also important to incorporate insights to align your direct and indirect sales strategy by issuing essential information such as the need of a partner-approach for a specific target or market, and qualitative information such as the presence of a competitor’s solutions within your targeted organizations or even relational information between your company (or partners) and your targets.
Further, the ability to monitor operations ensures not only an iterative control over the business plan and go-to-market strategy but also the ability to predict the revenue growth.
- Easily identify the account that offer the best opportunities for additional revenue (new business, cross-sell, up-sell, etc.).
- Effectively collaborate and communicate with your sales and marketing accounts teams and your customers.
- Quickly assess the health of any account and identify customers at risk.
- Build customer loyalty by aligning your resources and solutions with key customer strategies and initiatives.
- Save time by automatically aggregating account research and market trends.
- Create consistency in your team’s execution while adapting to specific customer needs.
Ultimately, this approach, with a focus on data quality, visual consolidation, and predictive analytics, will help you retain your most valuable customers, acquire more like them and improve your overall profitability.