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21 Ways Account Planning improves Sales Results

Posted by Ron Snyder in Uncategorized | 0 comments

Account managerFocusing on Key Accounts is critical to success.

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:

  1. Increase your team’s sales effectiveness and efficiency.
  2. Maintain better visibility into your pipeline and changes in opportunities.
  3. Help the account team understand the value they deliver to the customer and therefore feel less price pressure and are less likely to discount.
  4. Deliver early warning signs to course correct quickly and effectively.
  5. Focus on both short-term and long-term objectives.
  6. Build sales planning and execution skills in your team.
  7. Coach your people more effectively using their plans.
  8. Provide plan visibility and current status across the team.
  9. Leverage new insights and implement new strategies for adding substantial value to your customers.
  10. Address new challenges in your vertical markets, industry and key accounts.
  11. Generate strategies to beat specific competitors.
  12. Proactively create new opportunities and penetrate new accounts and business units.
  13. Make sure each strategy is turned into action.
  14. Identify and provide feedback to close product gaps.

Why account planning helps Sales People win more deals:

  1. Track your progress.
  2. Have early warning signals and effectively respond to new events and opportunities.
  3. Avert unnecessary stalls in the sales process.
  4. Identify new key players in your territories and strategic accounts.
  5. Leverage new partners or current partners in a new way.
  6. Use resources more effectively to accomplish your goals.
  7. Manage time more efficiently.

See our White Paper: Manager’s Guide to Account Planning.

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