Enterprise sales and account based strategies
We welcomed CRO of Proda, David Oates, back onto the show to explore how the current disruptions are impacting enterprise sales and how teams can deploy account based tactics.
How do you map your serviceable market, create your ideal customer profile, identify which logos to pursue, and then gain a foothold?
Marla Freeman, Regional VP of Sales, Access Softek
Alex Olley, Co-found and Head of Revenue & Marketing, Reachdesk
Ernest Owusu, Snr Director & Sales Development, 6Sense
Josh Wagner, Enterprise Acc Executive & Head of Partnerships, LeadMD
Do you know when your key accounts are considering to buy?
A b2b buying decision is often more complex, non-linear, and its progression happens independently away from your sales reps.
That means you need to be supplying your buyers with the right information, at the right time, to make the decision to buy simpler.
Intent data is a way of monitoring the online behaviour of your key accounts and aligning them to certain topics and content.
It extends past your own site to alert your revenue teams of the high-fit customers that are actively searching for key topics and content that your solutions address.
When you search for something or visit a website you express an interest in that topic.
You can deconstruct the challenges, motivations, topic terms, and frequency of interest that your buyers are displaying.
It’s a way of intercepting people at the right time in their journey and providing them with the content that they need to further their understanding.
When you can see buyer intent flashing, you can focus your attention on engaging those sales cycles and remove the roadblocks to make their decision to buy simpler.
Account based strategies align departments around the customer
People will willingly invest in an inferior product if the experience is better.
That is what businesses are winning on and why account based strategies can be so successful.
Because they place the customer’s experience at the heart of the purchasing journey and ensure that every touchpoint is personalized, contextual, meaningful, and timely.
That means the more you know about your customers, the better you can do this. Every arm of the revenue operation is there to support the other’s pursuit of these accounts.
It means working closer together, centralizing data, and often requires moving the goalposts so that individual teams are better aligned and compensated against the same overall outcome.
Who is your ideal customer?
Your ideal customers and your serviceable market could have changed in recent months.
You have to be constantly reviewing the alignment of your value proposition against the immediate need of your buyers.
If there’s a disconnection between what you sell, who you sell to, and what your narrative is communicating, then revisit it until it fits into place.
The best indicator for all of this is your existing customer base and what the data is communicating.
Start inspecting the CRM and talking more to your customers.
What questions are you trying to answer and where do you need to augment that information from outside data sets?
- Who’s previously bought from you?
- Who’s currently buying from you?
- Why are they buying from you?
- What is the outcome of your involvement?
- Who’s extending, increasing?
- Who’s churning or struggling?
- Which stakeholders are typically involved and at what stage?
- What are the trends within your customer base and what are the outliers?
- Where are the opportunities by location, wallet, vertical, size, etc?
We’ve had time to assess, to recalibrate, and now it’s time to take action.
How long is too long in Enterprise?
Sales cycles have drastically accelerated for some and painfully extended for others.
Across the series, there’s been no clear trend and businesses have been unevenly affected.
Services that don’t solve an immediate need can expect some hesitancy during uncertain headwinds with budgetary constraints in place for many.
If they’re showing positive engagement then the opportunity is still moving and your presence during these times will pay dividends later.
According to Gartner, the typical buying committee for complex b2b decisions involves six to ten decision-makers all armed with five pieces of independent information that they need to deconflict away from the seller.
The decisions are being made offline in a room without your ability to manage their objections.
What can you provide them with to make those decisions easier and anticipate their objections?
Are the relevant stakeholders involved and engaged and could you be supplying them with better-targeted information to sell into their own company?
Enterprise through video
Your typical field enterprise rep that mapped their entire week around the flights and travel they would take are now doing six-foot commutes and a Zoom.
It’s certainly a lot easier, cheaper, and faster to pull buying committees together, but means the playbook is being rewritten for them and their time is being managed completely differently.
Is it as effective?
Multi-million-pound deals are still being done over a Zoom, but is that because they have to be done?