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The use of marketing automation systems has grown by more than 50% in the US over the last years. In Europe however many European B2B companies still haven’t adopted marketing automation at all.
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Discuss how companies adapted during the global recession in 2008/2009, and what strategies they used to stay above water.
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Your success story can be next!
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More Information:
https://flevy.com/browse/flevypro/key-account-management-kam-large-global-accounts-3765
Large accounts make up a significant portion of business for most B2B companies. Therefore, losing an important customer can have detrimental effects on the organization. The significance of key accounts is urging top B2B companies to revisit their key account management approaches. Additionally, the increasing level of sophistication of the purchase process being adopted — such as, centralized procurement, competitive bidding and auctions, and laborious negotiations — by large buyers is a crucial element for B2B companies to consider to win large accounts.
Studies have shown that large buyers suggest price, product features, and reliability as the most important factors in their purchasing decisions, even more so than sales and service experience. However, detailed analysis of data into the actual purchasing decisions by buyers reveal that suppliers’ service and support capabilities mean a lot to large purchasers — in fact, almost as equal in importance as price. Large buyers often involve senior team members in procurement, which necessitates the need for inclusion of people possessing high-quality management and sales skills while serving key accounts.
With more intensifying sophistication of the procurement process at large businesses in future, the buyers will keep trying to cut costs and gain significant advantage while negotiating with procurement. The suppliers, in turn, can create a win-win situation by providing first-rate key account support and service.
Leading suppliers utilize the 4 drivers of growth to develop best-in-class key account management practices and increase their large contract win ratios. These drivers are actually the 4 imperatives that forerunners undertake to fuel their growth:
Quantified Value Proposition (QVP)
Value-based Selling
Coordinated Account Management
Negotiation Preparation
Got a question about this presentation? Email us at support@flevy.com.
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Jennifer Statham, Executive Director of Global Marketing Technology & Agency Management, Dell @JStathamAtDell
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3. The Evolution
in the Sales
Landscape
The Gap in
Today’s Sales
Technology
Account Maps:
The Underutilized
Key to Success
Agenda
How We Use
Account Maps at
Lucidchart
9 Steps to
Building Account
Maps
4. Dan Cook
“ “ Joined Lucid in 2014 and has played a critical role in
scaling Lucid’s sales and customer organizations
Built key sales motions in helping Lucid transition from a
solely freemium modeled company to a robust B2B sales
company.
“TBD based on how this webinar goes”
-- Max Altschuler
5. Earned results for brands such as: MLB, Grainger, Mattermark,
Contactually, DocSend, Klipfolio, Pipedrive, Sales Hacker, GoSkills.
Built a conversion focused SEO program @ Pipedrive, ranking #1 for
high-vol. terms like “Sales Management”
“His SEO and content strategy chops, auditing, and analysis skills are
world-class. Gaetano's SEO audits contained a level of depth that was far
superior to any agency I have ever seen.”
– Brad Zomick, VP Marketing @ Pathgather
Max Altschuler
“ “
6. The Evolution
in the Sales
Landscape
The Gap in
Today’s Sales
Technology
Account Maps:
The Underutilized
Key to Success
9 Steps to
Building
AccountMaps
How We Use
Account Maps at
Lucidchart
9. Every sale is a complex sale
5.4
people
have to sign off in
today’s B2B
purchase decision
Group conflicts peak
in the sales journey
early
It’s no longer about
getting to the
1 person
that will sign off.
“The best way to build
customer
consensus
is… to more effectively
connect customer
stakeholders...”
-CEB
10. Every sale is a complex sale
5.4
people
have to sign off in
today’s B2B
purchase decision
Group conflicts peak
in the sales journey
early
It’s no longer about
getting to the
1 person
that will sign off.
“The best way to build
customer
consensus
is… to more effectively
connect customer
stakeholders...”
-CEB
Consensus is key
11. The Evolution
in the Sales
Landscape
The Gap in
Today’s Sales
Technology
Account Maps:
The Underutilized
Key to Success
9 Steps to
Building Account
Maps
How We Use
Account Maps at
Lucidchart
14. Our Results
Larger deal sizes
Deeper executive sponsorship
Increased upsell value and frequency
Deeper awareness across all teams and accounts
Increased engagement and relationships
15. The Evolution
in the Sales
Landscape
The Gap in
Today’s Sales
Technology
AccountMaps: The
Underutilized Key
to Success
9 Steps to
Building Account
Maps
How We Use
Account Maps at
Lucidchart
17. o Discover and understand key relationships
o Identify new potential avenues for revenue
o Streamline deal reviews and 1:1s
o Ease the pain of onboarding and territory
realignment
Purpose of an Account Map
18. The Evolution
in the Sales
Landscape
The Gap in
Today’s Sales
Technology
Account Maps:
The Underutilized
Key to Success
9 Steps to
Building Account
Maps
How We Use
Account Maps at
Lucidchart
25. Name
Title
Influencer
- Close with Angie on Marketing
- Hesitation with cloud-based
products
Name
Title
Do Not Contact
- Bad experience with us in
past – do not reach out.
Add additional glances6
27. • Deal Reviews
• Executive Briefings
• 1:1s
• Internal stakeholders
Share with leadership and beyond8
28. Add Contacts
Attach contact
details
Build the
hierarchy
Identify key
roles
Identify key
relationships
Add notes
and key
information
Share with
sales org
Maintain,
maintain,
maintain
Account Maps
Maintain, maintain, maintain9
29. The Evolution
in the Sales
Landscape
The Gap in
Today’s Sales
Technology
Account Maps:
The Underutilized
Key to Success
9 Steps to
Building Account
Maps
How We Use
Account Maps at
Lucidchart
Old School Sales was disorganized and disconnected
CRMs were hard to come by.
Tasks and activities were hard to log, follow, and organize.
All sales information and activities were logged manually
Little or no standardized sales processes.
How Has Sales Changed the Past Few `xDecades? Let Us Count the Ways
Then comes the CRM and all the tools that accompany it.
CRM:
Stores all customer data
Track and analyze sales activities.
This is the operating system of the modern sales team.
While CRM becomes the core, companies have built additional applications on top of the CRM to drive sales productivity, accelerate the sales cycle, and increase deal size.
Prospecting
Predictive Analytics
Power dialers
Social selling
Email Tracking
Sales Content
Demo/Presentation
Deal Management
B2B Buyer has changed
- But the B2B sales motion has changed. It’s evolved.
- 5.4 people, on average (according to CEB), sign off in today’s B2B purchase decision.
- It’s no longer educating your one stakeholder and selling the deal - you have to go through many individuals.
- Group conflicts now arrive early in the sales journey.
- At the end of the day, building consensus amongst prospects is crucial. You must connect stakeholders to each other.
Consensus is key.
B2B Buyer has changed
- But the B2B sales motion has changed. It’s evolved.
- 5.4 people, on average (according to CEB), sign off in today’s B2B purchase decision.
- It’s no longer educating your one stakeholder and selling the deal - you have to go through many individuals.
- Group conflicts now arrive early in the sales journey.
- At the end of the day, building consensus amongst prospects is crucial. You must connect stakeholders to each other.
Consensus is key.
No organizational hierarchy
No way to understand key relationships
No way to understand the political landscape
As the B2B buyer has become more educated, our CRMs and other technology have failed to help us manage this complex deal cycle.
As we navigate complex B2B sales environments, manage loads of contacts, calls, and activities - it still looks like this screenshot at the end of the day.
“This is what our sales team uses at Lucidchart”
“We realized were leaving a lot on the table”
”We were selling to the person we thought was our only way in the door”
And that plays directly into our story at Lucidchart.
As we navigated the B2B sale, we realized we were leaving a lot on the table.
I started to recognize that our sales motion was often too linear. We would take a single-track approach and go for the admin - the only person we thought could influence the deal.
Too often, when we couldn’t get traction there, we’d walk away and believe the account was bad or believed there was no additional avenues to sell.
As sales reps started building these account maps, we quickly realized there were alternate paths to sell. There was much more whitespace than we had perceived, and there were alternate ways to closing the deal.
Insert picture of executive deal review
We saw upgrades increase, deal size grow, and we watched the reps become more strategic.
They increased their awareness across their accounts, and we saw the entire organization, especially the executive team, become more involved and engaged with each deal.
Dive into how influence maps are made and how they’ll impact the sale
Key Value Props of an Influence Map
How to build an influence map
Pro Tip: Too often, I see reps treating their discovery process like a series of chronological check boxes. Once you check one box, you move onto the next thing.
WRONG.
This influence map should begin the moment you get an account. It may begin with only one person. But this becomes your direct companion along with the CRM.
As you’re on calls and are trying to navigate a complex deal, understand relationships, and find new opportunities, this influence map becomes your compass. As we like to say at Lucidchart, “it’s leaving and breathing”.
Bring all relevant contacts into view.
You may have a lot of contacts in Salesforce, and this can be troublesome. Pick your top 10-20 contacts to begin with.
If you’ve just been given the account, you should begin with those who have the most prominent titles or those that have the highest activity history.
Ensure all these contacts are easily visible on the canvas.
Name, Title, and LinkedIn profile. Other information can be added, but we generally let Salesforce stand as the single source of truth on that information. If you need the phone number to make a call, you’re likely going to Salesforce anyway to make and track that call – so putting phone number in here usually creates more noise.
Attach relevant information.
In addition to name, you’ll want title. Because this is an influence map for a specific account, we recommend leaving company name off the contact - it’s only complicating.
It’s often helpful to attach/hyperlink information you’re referencing frequently.
This almost always means attaching a link to the LinkedIn profile. This is something you’re always referencing, and the first thing an executive sponsor will want to see when introduced to a deal.
Helpful to attach additional information
Link to Salesforce contact record
Hyperlink other additional information throughout the influence map.
Build out the hierarchy.
These are the relationships determined by company organization hierarchy. It’s always most helpful to start with this structure.
These organizational relationships will immediately help you understand hierarchical blocks you may run into, and help you understand how deep you really are in an account.
Influencer: A person whose job or perspective has an impact on the purchase decision (such as a software end-user)
Blocker: A person who prevents you from moving the deal forward, typically because they are difficult to reach or they oppose change
Champion: A person who uses and advocates your product/service and who can provide information on the decision-making process
Buyer: A person (often part of a committee) who ultimately decides whether the company should purchase your product/service
This is absolutely crucial.
Much of the time, I see sales organizations who have already developed sales roles that align well with their business.
Anything from mobilizers to champions - I’ve even seen “juicer”.
If you don’t have these roles in place, I recommend looking at getting them in place as soon as possible.
They help sales reps, and perhaps even more importantly, sales leaders, understand the true health of an account.
Salesforce has standard roles they recommend. We’ve adopted these at Lucidchart, and modified some of them to fit our business.
For example, we’re a software company - so, one of our roles is simply a “user”.
If you’re already using these roles, then you can begin to assign these to the individuals on your influence map.
I recommend using a standard set of colors. The more visual you can make it, the easier it will be to build and use.
At Lucidchart, here’s what we do and recommend:
Screenshot located on slide
Ensure that each of these is tied to every contact on the page. This immediately changes my ability to understand an account - as a sales rep and a sales leader.
Before doing this, we were forced to try to get a pulse on deals by watching reps click through tons of contacts and calls in Salesforce and bringing up way too many LinkedIn profiles. It was impossible for me to really get a good sense, understand gaps, and offer valuable insight to the reps.
But now, I can quickly look an account, notice we are missing champions, and give that back to the rep.
Or maybe the rep has some champions, but they’re very low level. Perhaps we need to uplevel the champions.
Influencer: A person whose job or perspective has an impact on the purchase decision (such as a software end-user)
Blocker: A person who prevents you from moving the deal forward, typically because they are difficult to reach or they oppose change
Champion: A person who uses and advocates your product/service and who can provide information on the decision-making process
Buyer: A person (often part of a committee) who ultimately decides whether the company should purchase your product/service
Identify the political landscape
Once we’ve understood that the B2B sales landscape has at least 5-6 key stakeholders in the decision making process, it becomes critical to understand those relationships.
It’s impossible to depict and visualize those relationships in a CRM. And as a sales manager, it’s impossible for me to understand those relationships within an account.
Next step: Build out the political landscape. Map out warm relationships. Map out cold relationships. Map out key friendships.
This is not restricted to hierarchy alone. It is crucial to map key relationships that exist amongst people outside the org hierarchy
Adding key glances and key notes
Not all the Salesforce notes
Key notes to be used while on a call
Adding key glances and key notes
Not all the Salesforce notes
Key notes to be used while on a call
Use in executive deal reviews
Use in 1:1s
Occasionally share with prospects when important
Share with development reps
Maintain, maintain, maintain - this should be an ongoing process
How we make them at Lucidchart
Salesforce integration