What Is Account-Based Selling?
Account-based selling is a multi-touch, multi-channel strategy coordinated across the entire company to identify and reach a target number of high-value accounts. It involves selling to targeted accounts rather than focusing your prospecting efforts at the contact level.
According to Sales Hacker, account based selling can generate higher win rates and bigger deals within shorter sales cycle, as well as improve sales productivity and team efficiency.
What are the benefits of ABSD?
- Revenue Growth: Because the focus is on big enterprises that are likely to purchase, deals are often larger. Targeting a specific number of ideal accounts allows us creating personalized messages that can cause a greater impact on them.
- Increase Deal Size: When you are focusing only on ideal accounts, you don't waste time on chasing deals that doesn't profitable for your business. In the meantime, there is a higher chance to attract those dream customers if they are the ones that are in your target. At the end of the day, focusing on less, high-value customers with more personalized messages leads to bigger deal sizes.
- Scaleable and Organized Business: ABSD is about well-considered strategic decisions. You cannot miss an essential part, which is thinking. It is a must have to take the time and methodically plan out every step. Finally, these thoughtful steps leads to an organized, well-prepared business.
- Easier performance tracking: The whole process and transaction tracking is easier because of the less prioritized accounts. The more you know the less you need to ask. As you get more data, and information about your account's purchase history, firmographics, and buyer behavior, among other metrics it will be easier to identify your future customers as well.
Let's see how it works in a whole system
We believe that system thinking is one of the crucial components of any successful business today. When you are running a system, it means planning and collecting your current and future ideas together that will leads to a predictable machine which is the fundamental of any organization.
Let's identify the two types of direction that are Inbound and Outbound. The main difference is how the lead meets with the solution in a specific topic. In an outbound way, we establish a demand in the potential customer segment, while inbound is rather reflecting on an existing demand. In inbound marketing the customer is who find the answer for their own existing questions, while outbound puts the information in front of the audience, whether they are really interested about the topic or not (so it is a little bit more traditional). To cut a long story short, inbound is customer, while outbound is rather product focused.
Nowadays it is a common fact said by "experts" that outbound is an outdated solution, that doesn't worth a penny. That is simply not true. It is another topic how we use the idea. Every perfect approach could be the wrong one if we don't know how to use it properly. Above you can see how we combine these two.
Our approaches are connected to a sales and marketing funnel. In our case it has four stages (the numbers and names may be different at many companies.) Those are the Lead, MQL, SQL and Customer.
For now, we will concentrate on the outbound method (here you can read more about inbound marketing and sales). The first step is to build your target accounts. Segment those who are your perfect persona matches. The companies that may your dream customers. The second step is the nurturing part. This process helps you to direct the prospect from one stage to an other. After building the accounts you must have to identify them, that they are really the great fit for you. In this section social listening can help you a lot. The next step is, data consolidation and the identification of the target contacts at each of the accounts (find the right decision maker who can help you to get closer to the account. To find these contacts LinkedIn could be a great help in the B2B segments for example). When you have these target contacts and the personal details of them you can start the networking part (like sending email campaigns, start a conversion about the topic that both of you are interested in, etc..). Now we are arrived to a point where qualification and connecting calls are the necessary actions. After the qualification period if it turned out that this is a great opportunity, the ABSD part is over. Finally, the sales developer passes the qualified lead to the sales manager to finish the process and the deal.
Are you ready to kick-start your ABSD efforts? Contact us today!