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Account-Based Sales - The Basics

By
Eric Morris
On
February 6, 2022

Why you should use Account-Based Sales?

Account-based sales are ideal for businesses that are looking to gain rapid traction in a specific niche market. In order to run a successful account-based sales campaign, you need to have your ducks in order to maximise your conversion rate from cold prospects into hot clients. It’s important to have your case studies, blog posts and results to back up your pitch.

Find New Business Opportunities

Account based selling’s highly targeted marketing strategies are best suited for finding right-fit target companies, as well as qualified point persons within these companies. These strategies include medium effort marketing, such as webinars and customized reports, and high-effort marketing, such as company workshops, demos and trials.

Improve Email Response Rates

When you know who you’re talking to, you are in a better position to personalize your communication with them. Email open rates, for instance, are observed to improve dramatically by as much as 60% when account-based selling is employed. Reply rates also improve by almost 50%.

Increase Revenue

Because the focus is on businesses that are likely to purchase, deals are often big and efforts pay off within shorter sales cycles. This can potentially mean increased revenue from larger deals and more efficient use of available resources.

According to a survey conducted by Demandbase, 60% of companies that use account-based selling for at least a year experienced an increase in revenue.

Increase Deal Size

Your CRM system’s features can be put to great use in determining a company’s fit as an account-based selling target. Note their purchase history, firmographics, and buyer behaviour, among other metrics. These metrics help you zoom in on qualified targets, and draft deals that suit their size and requirements.

Maximize Use of Resources Within Shorter Sales Cycles

A study found that 80% of marketers believe that account-based selling outperforms other marketing investments. This is often attributed to the approach’s highly targeted methodologies. When your coordinated efforts are on a target that is likely to buy, then you can look forward to a win – as long as your efforts are data-driven and well-planned.