What is Account-Based Selling?
An account-based selling strategy treats each account as a market of one. Instead of one salesperson targeting a single contact within a company, an entire team is dedicated to targeting multiple stakeholders at the prospective customer’s company.
How is the Account-Based Selling Strategy Implemented?
- Create an ideal customer profile (ICP): Account-based selling success hinges on the quality and quantity of accounts you target – therefore, it’s crucial that you thoroughly research and categorize your customers, then identify the attributes of your best customers. A well-defined ICP allows you to identify key accounts and develop messaging to attract them and convert them into buyers.
- Establish a specific buyer persona: Now that you have an idea of what types of accounts to target, you need to know how to engage with the important contacts within those accounts. You need to clearly identify the personas that represent the key stakeholders, influencers, and decision-makers at your target enterprises.
- Identify and set relevant metrics to access performance: Common account-based sales metrics include the following:-
Customer Acquisition Cost (CAC) – the cost you incur on average to convert one account.Average Deal Size (ADS) – the average value of the sales or service contract you have with customers.
Lifetime Value (LTV) – the value generated from each customer over time.
Based on what the data tells you, you can find your strengths and weaknesses. That will help you determine the sales tools, marketing assets, sales enablement materials, etc., that you need to achieve your performance benchmarks.
Campaign analysis and testing: Prioritize the data within your sales contact database and based on the metrics analyze your account-based selling results. Create meaningful experiences for customers and orchestrate their success through hyper-personalized solutions. Align your engagement with their customer journey — offering value at every stage of the cycle.