Is your revenue team ready for what's next?
It’s no secret that the B2B buying process has changed. Yes, B2B customers are more informed than ever, but buying complex solutions like enterprise software or manufacturing equipment is still no easy feat. With the sheer volume of data available from any given solution, along with the fleet of stakeholders weighing in on the purchase, many deals end up losing steam or halting altogether. B2B customers are suffering from paralysis by analysis.
Given an organization’s shifting internal panel of stakeholders and the complexity of large-scale B2B deals, Account Based Selling (ABS) has emerged as a profitable sales strategy. The strategy is based on a strong partnership between Sales and Marketing teams to help your business identify target accounts that fit your ideal customer profile (ICP), target buyers within those accounts, and drive personalized opportunities. Organizations believe in the benefits of ABS, with 87% saying it can convert more pipeline and 86% saying it can close more deals.
So, what exactly is Account Based Selling? ABS, as it’s often referred to, is a sales strategy that blends targeted marketing, decision-maker identification, and proactive relationship building in order to collaboratively close, and scale, new business. Under this model, Sales teams work closely with Marketing teams to proactively identify new potential customers or named accounts. A named account is one that has been identified as a valuable customer based on criteria important to your business such as sales revenue, market location, industry alignment, and growth opportunities.
After identifying the named account, Sales and Marketing teams identify the business decision-makers. This is a critical first step because, in today’s marketplace, the number of people involved in B2B solutions purchases has increased from an average of 5.4 two years ago to 6.8 today, according to the Harvard Business Review. This means that a single point of contact between the seller and the potential customer within the organization is not enough—there needs to be a multi-pronged approach to targeting all decision-makers. Sales material and marketing content is then personalized to target specific stakeholders, such as CEOs, Sales managers, Sales Reps, and Account Executives in order to expedite the buying process.
ABS matured with the internet, and now the majority of B2B deals are done online. Long gone are the days when salespeople were the relationship and information gatekeepers, we have entered a much more collaborative, and targeted, era of sales. This is, in part, due to a more informed customer base.
According to a report by Forrester, 68% of B2B customers prefer to research independently online, and on average, perform 12 Google searches prior to engaging on a specific brand’s site. This is a significant shift in the customers’ baseline knowledge, necessitating a more holistic, and cross-functional, approach to sales. According to the same Forrester study, 60% of buyers would rather not communicate with Sales Reps as their primary information source.
More stakeholders approving enterprise deals on the buyer side necessitates additional subject matter experts, Marketing professionals, and deeply knowledgeable Salespeople on the seller side. This targeted, multi-stakeholder approach is now the dominant sales strategy, especially within tech and SaaS industries.
Account Based Selling is a framework. Successfully executing this framework requires the right combination of people, process, and technology in order for the profits to follow. Let’s explore three key tactics that can refine and modernize your ABS strategy:
An ABS strategy is about consistently engaging the right contacts, at the right time, and with the right message to entice the contact into a conversation. Getting from insights to execution without technology solutions is tough because account outreach is too manual and isn’t scalable. This is where AI and Conversation Automation comes in, specifically, Conversica’s Revenue Digital Assistant. Revenue Digital Assistants work in tandem with the greater ABS team to hyper-personalize two-way outreach to target accounts. Not only do RDAs complement your business’ investment in ABS by scaling execution and ensuring high quality, they also accelerate leads through the funnel by validating their interest in a Sales meeting.
Below are three examples of RDA outreach and how the communications are tailored to the customer type.
Digital team members allow for scalable, and more profitable, ABS frameworks.
Learn more about how Conversica AI Assistants empower Account Based Marketing and Sales for your business.
Scale hyper-personalized outreach by leveraging Account Based Marketing and Conversation Automation in tandem. Read this eBook to learn more.
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