What is account-based selling?
Account-based selling, also known as account-based marketing (ABM), is a strategic approach in which an organization considers and communicates with individual prospects or customer accounts. It is often employed in enterprise-level sales organizations.
Account-based selling involves identifying high-value prospects or customer accounts and treating these individual accounts based on their unique needs and goals. This means that rather than creating a one-size-fits-all marketing strategy, you build personalized plans tailored to the specific needs and challenges of the account.
Why does account-based selling matter?
Though account-based selling is unsuitable for every business, it works best for B2B SaaS organizations with high customer lifetime value and a longer sales cycle. It is significant for businesses where personalization and relationship-building play crucial roles in winning accounts.
There are several benefits of account-based selling. They are:
Sales and Marketing Alignment: Account-based selling requires sales and marketing to work together closely, which can lead to better alignment between these two functions.
Improved Customer Relationships: With the personalized approach in account-based selling, you can drive better results, meet specific needs and goals, and improve customer relationships.
Increased Sales Efficiency: Focusing efforts on high-value accounts can increase sales efficiency and productivity, as you’ll likely see a higher return on investment.
How can marketers make the most of account-based selling?
Here are a few strategies marketers can employ to make the most out of account-based selling.
Identify High-Value Accounts: The first step in account-based selling is identifying the most likely to generate significant revenue. This could be based on various factors like the account’s size, industry, budget, and likelihood to buy your product. Use data-driven insights to help you identify these accounts.
Understand Your Accounts: Once you identify your target accounts, understand their business thoroughly. Study their pain points, goals, decision-making processes, and the stakeholders involved. The more you know about the account, the more effectively you can tailor your approach.
Personalize Your Approach: Account-based selling is all about personalization. Develop tailored marketing campaigns and sales pitches to address each account’s specific needs and challenges, to drive higher conversions.
Collaborate Across Teams: Successful account-based selling requires close collaboration between marketing and sales teams. While marketing teams generate personalized content and campaigns to nurture and engage target accounts, sales teams use these insights to craft personalized outreach and follow-up strategies.
Leverage Technology: Different tools are available to support your account-based selling efforts. CRM systems can help you manage your account data, and marketing automation platforms can help you automate and personalize your campaigns. Similarly, you can create automated reports and track results with analytics platforms.
By taking a strategic and data-driven approach for account-based selling, marketers can significantly enhance their efforts and drive higher returns.