In any business, the sales team is responsible for generating revenue by bringing in new customers and growing business with existing customers. A key part of this process is account prioritization: deciding which accounts are most important to focus on and dedicate resources (time and money) to winning them over.
Why is account prioritization important?
Sales teams have a finite amount of time and money to invest in each account, so it's important to focus on the ones that will have the biggest impact on the bottom line. Further, not all accounts are created equal - some may be more likely to buy, some may have bigger potential orders, and others may require more hand-holding than others. Account prioritization allows sales teams to focus their efforts on the accounts that will have the biggest impact.
Benefits of account prioritization include improved decision making, better resource allocation, and increased customer satisfaction. When done correctly, account prioritization can help organizations to focus their efforts on the most important accounts and avoid wasting time and resources on less important accounts. Additionally, account prioritization can help to increase customer satisfaction by ensuring that the most relevant customers receive the best possible service.
Account prioritization strategies
There are a few different account prioritization strategies that sales teams have used with success. One is to prioritize accounts based on their likelihood to buy. This can be determined through a variety of methods, including customer surveys, market research, and past buying behavior. Another common strategy is to prioritize accounts based on their potential order size. This can be estimated by looking at factors such as customer budget, company size, and past orders. Finally, some companies prioritize accounts based on how much hand-holding they require. This may include factors such as whether the account is new or existing, the complexity of the product or service being purchased, and the customer's decision-making process.
Account prioritization tools
To assist in the prioritization process, there are many tools that help sales and marketing teams identify and prioritize the accounts that are most likely to generate revenue. There are three software categories that teams can use: account-based marketing, account scoring, and account intelligence.
- Account-based marketing (ABM) is an account prioritization software tool that uses data and analytics to identify the ideal customer profile for a company's products or services. ABM software also helps sales teams create personalized campaigns for each account. The main disadvantage of account-based marketing is that it can be time-consuming and expensive to set up. It also requires close alignment with the marketing team; it works best when the two teams operate in tandem to close key accounts.
- Account scoring is a category of tools that assigns a score to each account based on factors such as company size, industry, and location. It can help sales teams prioritize their accounts and focus their efforts on the accounts with the highest scores. However, account scoring does not take into account the changing needs of an account over time, market shifts, or changing company goals.
- Account intelligence is a sales tech category that provides sales teams with real-time insights into an account's activity, such as phone calls, emails, and website visits. It also includes information about the decision-makers at an account and their contact information. The main advantage of account intelligence is that it helps sales teams stay up-to-date on an account's activity. However, account intelligence can be costly to set up and maintain.
MoneyMap for Account Prioritization
MoneyMap is a market opportunity tool, developed by Bain & Co., that is used to prioritize accounts and develop target sales plans for these key accounts. It considers a variety of factors, including customer attributes, purchase history, share of wallet, propensity to buy, and channel data. This information is then analyzed to provide a prioritized shortlist of accounts.
There are many benefits to account prioritization. Perhaps most importantly, it allows sales teams to focus their efforts on the accounts that will have the biggest impact on the bottom line. By dedicating more resources to these accounts, businesses can win more business and grow their revenue. Additionally, account prioritization can help sales teams build stronger relationships with their customers by providing them with the dedicated attention they need and deserve.
If you're looking to grow your business, account prioritization is a strategy that is well worth considering. MoneyMap can help you get started.
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