Account-based selling is an approach that improves sales performance by focusing on highly targeted accounts rather than the mass market. It's one of the most popular tendencies in B2B sales and marketing today. The shift in the industry is highly visible in recent years. Companies that implement well-thought, client-oriented strategies to sell their products and services to relevant customers experience a boost in business growth.
The main point of this approach is to focus sales efforts on accounts that are the most likely to have a qualified need for your offer, which doesn’t seem that hard to do. However, these high-value accounts are not always obvious and easy to find, so it's necessary to have a solution to help you find them. That's where Meetsales comes in.
In this article, we discuss one of the most promising B2B trends that is becoming a sensation among salespeople, their managers, and company owners. We will also take a closer look at how Meetsales can become the ultimate solution for account-based selling for aspiring B2B providers.
What is account-based selling?
Let’s start with the definition written by HubSpot: “An account-based model treats every account like 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.” Reading this, you can conclude that ABS (which is an abbreviation for the term) is extremely client-centric, and its ultimate objective is to win big partnerships, instead of getting small collaborations.
Specialists claim it’s not suitable for B2C vendors, but offers tons of benefits for B2B enterprises, especially the ones that target mid-sized and large organizations. If you wonder whether ABS is for you or not, consider these factors:
- Are your usual deals worth $50k or above?
- Does it take a few months for your sales team to land a deal?
- Are there multiple decision-makers involved in the buying process?
Did you answer all three questions with a yes? You should definitely give account-based selling a try. When used correctly, it can be the most effective way for your sales team to hit its revenue targets. All you need to do is prepare a bullet-proof plan and make sure you know your ideal customer profile inside out. Read on to find out how to execute your strategy in a mindful and successful way.
How to perform account-based selling step-by-step?
Account-based selling is a proven technique that focuses sales teams on valuable, high-potential accounts. These accounts are identified based on specific criteria and then targeted with personalized campaigns. Here are some steps a sales team should take to execute an effective ABS strategy.
Identify the key criteria
This is usually done through a brainstorming session in which the employees identify who their perfect client is. What industry do they work in? What’s their revenue? How many employees do they have? What are their pain points? Answering these questions will help you create a detailed persona that will set a direction for sales campaigns.
Select your target accounts
When you are done mapping out your target customer profile, it’s time to find accounts that match this description. Of course, the organizations you want to pursue should be able to benefit from your product or service and have a suitable budget to purchase it. To find such prospects, you can use various sales and marketing techniques. Analyze how similar organizations interact with your business online and what their needs, expectations, and doubts are.
Create multichannel campaigns for each account
After selecting your dream partners, start reaching out to them using different channels: email, social media, phone calls, or even snail mail (if you're in a very traditional industry). Make sure you personalize every campaign so that it fits the needs of each account. You can also create custom landing pages that speak directly to the people from a specific organization. This will make them feel understood and might motivate them to sign up for a demo or schedule a meeting with your sales rep.
Now it’s time for your sales team to nurture the lead and convert it into a buying customer, preferably a long-term one. If the prospect is not ready yet, your employees should send them relevant information about your company, such as press releases or blog posts about your offer, to imprint your business into your potential future partner’s mind. This way, they will remember your product or service when it’s time to make a purchase.
Measure the results
In sales and marketing, collecting data and being aware of the team’s achievements are crucial to improving the sales process. When you take a good analytical look at the numbers, you can find out what could be done better and what doesn’t have to be changed. Make sure you have the tools that can measure all the required statistics. Decide beforehand what you need to know, so you can pick a solution that will be able to provide you with all the clues you need for your business.
What are the benefits of account-based selling?
The benefits of account-based selling are similar to those of any kind of targeted sales approach. Check out how it can influence a business: “91% of companies using ABM increase their average deal size, with 25% reporting an increase of +50%.” Companies also reported up to 200% revenue growth when using ABS, which is extremely impressive. Here are the main advantages of such an approach:
- Better pipeline management: When you're going after a small number of high-value accounts, it's easier to prioritize the leads that matter most and focus your efforts on them.
- More accurate forecasting: With fewer prospects to track, it's easier to keep tabs on where your deals stand at any given time and adjust your forecasts accordingly.
- Higher conversion rates: By directing your efforts at the most promising accounts, you'll have more opportunities to engage with them and close more deals.
- More customer evangelists: B2B customers are much more likely to be advocates for their vendors when they've received personalized attention from them throughout the purchasing process.
- Increased ROI: It's expensive to acquire new customers, so organizations that target their best prospects stand a better chance of getting a return on their investment in sales efforts.
How Meetsales can help you with your account-based selling
Meetsales offers a variety of features that empower your sales team to succeed at account-based selling. It comes in handy, especially at the final stages of the process, when your reps have to contact the prospects. We provide a solution that can be perfect for organizing calls, presenting offers, processing payments, and closing deals. It’s dedicated to B2B salespeople that want to work online with customers from all possible locations.
Our platform offers CRM functionalities that help the sales reps stay on top of their client info, scheduled meetings, and deal statuses. The analytics module allows their managers to control the progress of each employee, eliminate faulty steps in the process, and motivate their team to get even better at what they do. Every B2B sales enterprise that wants to offer an account-based experience for their customers should have a tool that provides personalized, assisted sales transactions. Meetsales does exactly that.
Our video-based B2B sales platform is an ideal tool to implement into your omnichannel, account-based selling strategy. It’s human-centric and bets on interactions between salespeople and clients. Thanks to that, it’s perfect for an approach that is focused on key customers that should feel taken care of at all stages of the sales funnel.
Account-based selling is a proven success strategy that many companies are using. While utilizing ABS for your business, you no longer have to look at your top accounts as "premium". Now you can see those accounts as opportunities. Each of them is your key to success, and you have to treat them all individually, providing top quality service. It's a simple case of looking at your target clients with the right mindset, doing the right activities, and getting the response you expect.
Meetsales can be your partner in that journey. It’s an all-in-one tool that optimizes B2B sales with the power of video meetings. It is not only excellent for account-based selling, but also for all comprehensive strategies that you might want to implement to raise your closing rate. If you are looking for an app that will become your sales command center, you are in the right place. Schedule a demo and tell us about your needs and expectations. We can guarantee that with our solution you will have a chance to skyrocket your sales in no time. Sell more and better with Meetsales!