Strategic account planning is a sales strategy that helps sales teams focus on the most critical accounts in their portfolio. It enables you to identify your most profitable customers, identify their needs and wants, and determine how to meet or exceed those needs.
Doing so can increase customer retention, improve customer satisfaction and loyalty, and set you up for long-term success. Here's how your strategic account planning boosts sales and revenue.
Strategic Sales Tactics
Strategic account planning is a sales strategy that helps you determine which customers are most important and how to prioritize them. Strategic account planning aims to increase sales and revenue by focusing your resources on the accounts that will generate the most profit for your company.
Your objective when strategizing should be to solve problems for your customers and build long-term relationships with them. It will help you reduce costs, protect against losses due to unplanned events, and generally make sure that you're doing all you can for your business to thrive as a company.
Quantitative Value Proposition
The quantitative value proposition is the critical data that helps you understand the value of your solution. It's an essential part of the strategic account plan and measures how much money a client would save by working with you instead of a competitor.
For example, if your company sells software to companies that want to track their inventory, you could look at how many new clients have added tracking since they started using your product.
This number will help show how much money each client has saved by using your system over another kind of inventory tracking. And it may help convince other businesses that want to track inventory but have yet to find a solution.
High Growth Potential
Strategic account planning is an integral part of sales and marketing. It helps you to focus your efforts on the customers who are most likely to buy from you, and it also helps you to understand how much each customer is worth in terms of revenue.
One of the critical factors that strategic account planners consider when developing their plans is high growth potential. It means customers with a high potential for future growth will be prioritized over those with lower growth potential or who are already stagnant or declining in size.
Common Objections and Effective Responses
The sales process is a natural part of the business world, and objections are a normal part of it. It would help if you were prepared for common objections and had effective responses. One of the most common objections that most customers have, according to 35% of salespeople, is price.
If you want to boost your sales and revenue, you must know what your customers' objections are so that you can respond appropriately. You should also know how to react when they say, "we already have one." It will tell them they can trust you as someone with their best interests at heart, encouraging them to buy from you.
Executive Access and Credibility
According to the 2022 Consumer Research Report, 46% of US consumers paid more for a brand name they trust. Customers want to do business with credible people. Trust is built on experience and knowledge, which executives can help sales reps build. Executives can also help sales reps gain access to critical decision-makers since they have access that sales reps don't have.
Executives can give their teams credibility with customers by being involved in strategic account planning and helping them articulate the value of their products or services. It will earn their trust and make it easier for sales reps to get in front of the people they need to talk to while building solid relationships with them over time.
Superior Customer Service Approach
Strategic account planning is about more than just addressing your client's needs. It's about improving the quality of their experience and ensuring that your company is seen as a trusted partner.
ZenDesk CX Trends 2022 shows 81% of consumers are likely to make a repeat purchase because of a positive customer service experience. It makes strategic account planning an ideal tool to help you deliver superior customer service, which can boost sales and revenue.
To get started, it's essential to understand that today's customers are more demanding than ever. They expect personalized attention and a seamless online experience across all channels and are not afraid to switch providers if they don't get it. As a result, many businesses prioritize customer service over sales to win over new customers or keep current ones happy.
Suppose you want your business to stay competitive in this environment. In that case, one of the best ways forward is by adopting a strategic account planning approach that focuses on delivering superior customer service at every touchpoint with potential buyers or existing clients.
Strategic Account Planning is an essential component of sales and marketing. It works by establishing a plan for communicating with your most strategic customers, and it ensures that your company has the plan to engage with them consistently.
With this type of planning, you can better understand what your customers need and want from their relationships with you and then go so far as to deliver those needs. It helps ensure that they remain loyal and satisfied customers who will continue buying from you over time.