CSO Insights Sales Performance Optimization Study indicated that:
- The top 20% of customers produce 64% of revenue.
- 80% of sales leaders rated key account planning mission-critical or very important.
- Having account plans in the CRM are most effective.
Ed Bronder, Business Development Manager of a Medical Technology company said that having an account planning tool in Salesforce.com “makes Salesforce a usable tool for salespeople… that I can build and manage my plan in.”
Sales teams that are involved in complex selling, in a competitive environment (versus a hyper-growth environment) and that sell a significant dollar value are most likely to benefit from good account planning.
How account planning helps you make your numbers- a Sales Management perspective:
It enables you to:
- Increase your team’s sales effectiveness and efficiency.
- Maintain better visibility into your pipeline and changes in opportunities.
- Help the account team understand the value they deliver to the customer and therefore feel less price pressure and are less likely to discount.
- Deliver early warning signs to course correct quickly and effectively.
- Focus on both short-term and long-term objectives.
- Build sales planning and execution skills in your team.
- Coach your people more effectively using their plans.
- Provide plan visibility and current status across the team.
- Leverage new insights and implement new strategies for adding substantial value to your customers.
- Address new challenges in your vertical markets, industry and key accounts.
- Generate strategies to beat specific competitors.
- Proactively create new opportunities and penetrate new accounts and business units.
- Make sure each strategy is turned into action.
- Identify and provide feedback to close product gaps.
Why account planning helps Sales People win more deals:
- Track your progress.
- Have early warning signals and effectively respond to new events and opportunities.
- Avert unnecessary stalls in the sales process.
- Identify new key players in your territories and strategic accounts.
- Leverage new partners or current partners in a new way.
- Use resources more effectively to accomplish your goals.
- Manage time more efficiently.