Keeping the fundamentals of STRATEGIC SELLING PLAN implementation in focus will help turn your account plan into results much faster.
We asked 225 seminar participants (from companies that engage in formal strategic account management) how much more revenue they believed they should be generating with their strategic accounts:
· 6 in 10 respondents believed they should be
generating 25% or more
· 3 in 10 respondents believed they should be
generating 50% or more
To do better in this year we the questions we must all ask ourselves,
then, are:
- Are there significant
growth opportunities in our strategic accounts?
- What will it take to
capture these opportunities?
- Are we willing to do
what really needs to be done to turn these opportunities into results?
How can your
organization sell more and sell smarter in year-on-year when we have to
factor market demand stagnancy and inspite of it hope to achieve higher sales
turnover? The Answer is :By creating a powerful STRATEGIC SELLING PLAN - an
environment that inspires and engages everyone in the organization to become
part of the virtual sales team and support the business development efforts.
WHAT IS STRATEGIC SELLING PLAN?
It's the concept that
everyone in an organization is in sales - including CEOs, accountants, lawyers,
administrative assistants, as well as sales team members. Organizations with a
sales culture are full of selling professionals - people who embrace the
concept that they have a role in sales, whether they are directly or indirectly
involved with the actual transaction.
Companies with
a sales culture have discovered that by mobilizing and harnessing the power of
the entire organization they can effectively boost overall revenues,
profitability, and growth. eight questions that most companies need to answer
in order to develop a reliable, scalable and repeatable sales process.
Is your process
Customer-Centric (as opposed to company-centric)?
2. Do you have a process that is scalable, optimized and efficient?
3. Do you have and use clear metrics and tools to see what is working, and what
is not?
4. Do you have and do you demonstrate a precise understanding of what actions
you can take to grow sales?
5. Have you identified bottlenecks and do you know show you how to resolve
them?
6. What are you doing to decrease the cost of customer acquisition?
7. Is Marketing is correctly aligned with Sales, and directly helping to close
business?
8. Are you using the best techniques to increase, measure and manage lead
generation and flow?
To achieve speed and momentum for your Key Account Sales Team, there are multiple requirements (data, resource commitments, activities) that, if coordinated, can help improve the odds of success for the short- and long-term relationship. The fundamentals of Key Account Plan implementation outlined below can help the Key Account Sales Team shorten the sales cycle.
CUSTOMER PROFILE –
Basic business intelligence about your customer is
a start. Maintaining a base of knowledge will ensure a clear and consistent
understanding of your customer's enterprise, markets, objectives, management
team, competition, industry dynamics, financial results, and future plans.
Customer records are an organization asset and should be updated when
significant changes take place. Have your Key Account Sales Team review and update
them at least twice a year.
ANALYSIS –
Solid analysis of this intelligence will allow your
Key Account Sales Team to leverage their customer's most important business
drivers into their sales strategy. Understanding their customer's financial
condition, competitive differentiators, product positioning, and THEIR customers
will allow your Key Account Sales Team to better position your company's
product or service. Beware of "analysis paralysis." Focus most of
your analysis time on how your solution will provide value to the customer
based on their internal metrics.
ACCESS AND ALIGNMENT –
The quickest, most effective path to validate a
customer need is by talking to the most important individuals in the decision
process. By verifying that your company's solution is aligned to your
customer's business issues, it becomes clearer who should hear what message
from your team.
ALLOCATION OF RESOURCES AND ASSIGNMENT –
It is important to formulate a clear consistent
message and ensure that everyone on the Key Account Sales Team knows who is
responsible for delivering it. The message must be crisp, customer-focused, and
value-based. Effectiveness in this area sets the stage for progress.
VENTURE TO HIGHER LEVELS –
In the process of developing their strategic sales
plans, your Key Account Sales Team must establish extraordinary goals and
objectives for account strategies and opportunities. More than just
"thinking outside of the box," your team should develop solutions
that bring the highest possible value to their customers. Successful Key
Account Sales Teams challenge assumptions. They look at what might be possible
if the plan is flawlessly executed.
BUSINESS-TO-BUSINESS RELATIONSHIPS –
Your Key Account Sales Team's primary focus must be
on establishing organizational relationships that will most enhance the value
and quality of your customer's offering. Value that comes from
your company to, through, and with the customer to their ultimate
customer is powerful. The relationship is less vulnerable to organizational
changes and shifts when strong business-to-business links are in place.
BENEFITS STATED AS VALUE PROPOSITIONS –
The solutions your Key Account Sales Team offers to
your customer should be re-written to differentiate your company's value.
Clearly state what unique ability your company has that will allow the customer
to achieve a specific need, with metrics validated by your customer. Your
company will be viewed as an enabler of your customer's business drivers rather
than just a supplier. Look for quick demonstrations of your solutions' success.
BEHAVIORS FOR RESULTS –
Your Key Account Sales Team needs the customer on
the "same side." Being on the same side means the customer acts
differently, including:
Providing validation that they believe your company
understands their business needs
Acknowledging a willingness to further investigate
your company's ideas
Committing customer resources to implementation
Providing support for your company's plans and
recommendations throughout their organization
Agreeing to reference your company to others
CUSTOMER FOCUS –
Your Key Account Sales Team must become part of
your customer's portfolio of resources. They need to convey the feeling that
your customer will be more successful by working with them. Your team must
frame their capabilities in the context of your customer's business.
SPEAK IN ONE VOICE
Complex Key Account Sales Teams who work with
multiple products or business lines must collaborate to ensure that consistent
messages are sent. Frequently, mixed messages from the same company cause
internal competition and customer confusion. Your Key Account Sales Team must
take the initial step to open the conversations and provide an environment of
trust for your customer. This will pull your team into the opportunity much
faster.
COMMITMENT TO SUCCESS –
Developing winning sales strategies and account
plans involves all sales and service personnel who will have direct contact
with your customer. All members of your extended sales team need to be
committed to action items, consistent value messaging, and clear customer
communication. This extended team must have a can-do attitude that they can
maximize the customer's objectives.
COMMUNICATION –
Everyone involved with the Key Account Sales Team
should have access to regular clear communications, from the documentation of
initial plans to status reports of progress (or setbacks) against projected
milestones. Concise, clear, and easily updated communications minimize
potential delays or missed objectives. As the relationship with your customer
progresses, including your customer in the internal communication process will
foster trust and collaboration. Team communications is the catalyst to keep
momentum.
Keeping the fundamentals of STRATEGIC SELLING
PLAN implementation in focus will help turn your account plan into
results much faster. Keep it simple. Work on each area and make sure clear
goals, assignments, due dates, and commitments are met and communicated to your
team and your customer. The net result is higher value for both your company
and your customer.
Best of luck
Dr
Wilfred Monteiro
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