How to Implement an Account Based Selling Strategy in 4 Steps
1. What is Account Based Selling?
• The definition of account based selling (ABS) refers to a primarily business-to-business (B2B) sales model that targets companies – or
“accounts,” in business speak – rather than specific leads. B2B companies use the account based selling model to predict and target
the accounts that will be most receptive to buying. While this is a relatively old business selling model, it has become more common
thanks to new technological advancements.
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Why do you want to use Account Based Selling in the Oil & Gas industry?
• The addressable market (# of accounts) and the transaction value is large
• The sales cycles are complex and require complex solutions.
• Sales and marketing teams are typically small.
• Sellers have access to information on Oil & Gas Producers allowing them to adopt an ABS model.
• Customer Retention is a key metrics.
• Acquisition of new accounts is a long difficult process.
• Key Performance Indicators (KPI) is important part of sales success.
2. First Step - Market Segmentation
• This is defined by how you divide the broad target market into subsets of buyers. These buyers should have common needs, priorities and
solution options. One of the key goals is to estimate the market opportunity of each market and evaluate your market share.
Why Market Segmentation?
• 70% of buying decisions come from solving the customer problems, only 30% to gain something. Being an expert in a specific market will make
you sales process repeatable.
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• Database tool allows us to collect Quantitative information from the internet & data providers that include wells drilled, facilities,
compressors HP, location and Qualitative information from internal systems like proposals, contacts and orders into a single user
friendly system.
• Market segmentation includes; location of operations(s), revenue and business lines the goal is identify market size and market
share.
Example – The table is an example of oil & gas related market segments
Market Segmentation
3. Second Step - Account Segmentation
• The second step is account segmentation. This is about understanding which accounts inside your market are going to generate the
most revenue in the least amount of time. In this step you should understand things like: Propensity to buy, Potential spend, Lifetime
value, Ideal customer profile. I would segment the accounts into Retain and New Acquisition/Grow.
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• Triangulation of top customer/prospects based on the Market Segmentation, data using Salesforce features like formulas, list views, reports and
dashboards to align with your sales process.
Example – list view that shows Accounts that only operate in GP area and relates sales call & opportunity data allowing a customer ranking.
Why Account Segmentation?
• Direct sales person has 2000 hours of selling time, companies need to ensure Return on Time Invested ROTI.
• 80% of sales are occurring after at least 5 follow-ups… the average salesperson only make 2 attempts, 44% give up after just 1 follow
up! – 92% of sales reps give up after “No”.
Account Segmentation
4. Third Step - Buyer Segmentation
• This is about understanding how buyers in your accounts make purchase decisions this includes people, partners and processes. The output
of this step are tools like buyer personas. The entire organization should be invested in understanding how your buyers buy. And how it
changes over time.
Purchase Process & People ResponsibleAccount Profiles
Example – CRM allows us to track contacts, partners & competitors and relate to buying process. We use tools like Linkedin to build org charts and relate to buying process.
Why Buyer Segmentation?
• In 100-500 employees companies, 7 people are involved in buying decisions.
• It takes 6.25 hours of prospecting to get 1 appointment, you do not want to be calling the wrong people.
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• Regulatory data includes contact and partner data.
• Integrate apps like Linkedin and Ecquire to identify contacts and add to CRM
Buyer Segmentation
5. Forth Step - User Segmentation
• This is defined as understanding the market problems that exist for users inside of your accounts. This is the foundation for Quantitative
data capture by the Sales person. Strategies related to user engagement include:
Engage continuously Monitor and measure activities
Document in the CRM Personalize sales content
Why User Segmentation?
• 40% of sales reps failed to understand the real customers' needs
• 82% of buyers viewed at least 5 pieces of content from the winning vendor
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• CRM platform allows user to capture information related specific to accounts, projects and contacts.
• Data can be captured using email, web browser and email.
• Analytic tools like reports & dashboards allow for the Quantitative & Qualitative to me measured
Example – the CRM allows us to measure our progress as it relates to our Market & Account segmentation goals. Are wee meeting more people, are we
communicating, is it resulting in new opportunity and sales?
User Segmentation
6. Set KPI Based on Segmentation
Key Performance Indicators (KPIs) are
used to effectively manage and guide
the progress of Account Based
Selling. ... The key performance
indicators and a balanced scorecard is
to align sales performance with the
strategic objectives of the company.
Implement the Plan
7. Reports & Dashboards
A business intelligence dashboard is a
data visualization tool that displays the
current status of metrics and key
performance indicators (KPIs) for an
enterprise. Dashboards consolidate
and arrange numbers, metrics and
sometimes performance scorecards on
a single screen.
Measure your Results