When you hear the word “prospecting,” the traditional method of reaching out, one by one, to a long list of people in various roles and organizations comes to mind. And while the contact-based sales approach has been proven to produce results, there is a way to reach your best potential customers in a more efficient manner.
By adopting an account-based sales approach, you can precisely target the customers who can most likely contribute to your business’ growth.
Instead of messaging dozens of people from different industries, you’ll be focusing on just your best accounts, growing them in a strategic manner.
Here’s how an account-based sales approach can benefit your revenue team.
1. More efficient qualification
In account-based sales, it’s crucial to qualify leads as early as possible.
Proper lead qualification saves your sales team’s time, effort, and ultimately, bottom line. It’s a process that’s honed over time, allowing you and your sellers to efficiently determine if an opportunity is ripe for your taking.
And the faster you can disqualify leads that are no good, the faster you can move on to the next account that could use your product.
2. Better targeting
Creating an ideal customer profile is a crucial step in account-based sales.
This step ensures that all your resources are focused on acquiring the right type of customers for your business.
“Inbound lead flow, many times, has a natural diminishing rate of return. So you can only pour so much money into that cost of customer acquisition and inbound until it becomes no longer efficient because the type of leads that start coming in are not targeted enough to be able to achieve the very specific growth patterns that you need”
“By being very strategic about your growth, you don’t have to rely on the assumption that your inbound lead flow will be enough to achieve the growth you want.”Jamie Shanks, CEO of Sales for Life
3. Higher and more predictable revenue
Account-based selling is the better option for large deals since you’ll only be focusing on the verticals with the greatest need for your product, and are therefore more likely to purchase. You’ll get better results with less wasted resources.
Another benefit of account-based sales is better revenue forecasting.
Since you’re only focusing on one enterprise, you’ll have a good idea of the average value of a potential deal. Predicting your revenue is easier when you can determine beforehand the pipeline value of a deal before even initiating contact with an account.
4. Better Engagement
Since you already have a good picture of the kind of customers you’re talking to, aligning with the marketing team should become a smoother process.
When everyone in your team agrees upon your messaging strategy, it’s easier to create content that will resonate with your customers, allowing them to see your product’s value faster.
The result: better engagement rates and, with proper execution, shorter sales cycles.
Read The Essentials of Account-Based Sales to learn more about what an account-based sales strategy can do for your business.