Quarterly Business Reviews: Essential Metrics to Track for Your Account Growth
Quarterly Business Reviews (QBRs) are pivotal gatherings for a company’s stakeholders. They offer a platform to assess performance, align goals, and chart the course for the upcoming quarter. These strategic dialogues help everyone understand what has worked, what hasn’t, and why. By focusing on data, teams can make informed decisions that support the company’s strategic objectives. Importance of QBR Metrics QBR metrics power conversations with factual foundations, preventing opinions and presumptions from taking centre stage. Here is how they mitigate the influence of personal biases and ensure decisions are grounded in objective evidence. Visibility into what has been done: QBRs provide a comprehensive overview of progress made and key accomplishments over the past quarter, ensuring transparency and accountability. Aligning on goals and timelines: By revisiting quarterly goals and timelines during QBRs, teams can ensure alignment, identify potential roadblocks, and make necessary adjustments to stay on track. Relationship building: QBRs offer a valuable opportunity to strengthen relationships between stakeholders. By discussing progress, challenges, and future plans, teams can foster trust, collaboration, and a shared commitment to achieving business objectives. Course correction: By regularly reviewing performance metrics and identifying potential issues during QBRs, teams can proactively address challenges and mitigate risks before they escalate. Better forecasting: QBRs provide a solid foundation for accurate forecasting. By analyzing historical data, identifying trends, and evaluating current performance, teams can make informed predictions about future outcomes and make data-driven decisions. By focusing on quantifiable metrics, teams can evaluate the effectiveness of initiatives, hold individuals accountable for their performance, and identify emerging trends that inform future planning. Learn more: QBR Playbook for Sales and Account Management Leaders Key QBR Metrics to Track: Tracking the following metrics can help you gain valuable insights into the health and performance of your accounts, identify areas for improvement, and make data-driven decisions to strengthen your relationships and drive growth. Account Growth: Revenue growth: Track the increase or decrease in revenue generated by the account over time. Product adoption: Monitor the adoption of new products or features within the account. Expansion opportunities: Identify potential areas for cross-selling or upselling within the account. Customer Satisfaction: Customer satisfaction surveys: Conduct regular surveys to gauge the customer’s satisfaction with your products, services, and support. Net Promoter Score (NPS): Measure the customer’s willingness to recommend your company to others. Customer support ticket resolution time: Track the time it takes to resolve customer inquiries and issues. Engagement and Interaction: Website visits: Monitor the frequency of website visits from the account. Content consumption: Track the consumption of marketing materials and content. Meeting attendance: Measure the attendance rate of key stakeholders from the account in meetings and events. Contract Renewal and Expansion: Renewal rate: Track the percentage of contracts renewed within the account. Contract expansion: Monitor the growth of the account’s contract value over time. Upsell and cross-sell opportunities: Identify potential opportunities to sell additional products or services to the account. Project and Program Performance: Project completion rate: Track the percentage of projects completed on time and within budget. Project satisfaction: Measure the customer’s satisfaction with the delivery of projects and programs. Key performance indicators (KPIs): Track specific KPIs related to the account’s projects or initiatives. These are the standard metrics and may vary based on the industry, company size and KAM maturity. Read Now: 10 Best Practices to Run Super Productive Quarterly Business Reviews The Significance of QBRs in Key Account Management (KAM) Key Account Managers (KAMs) place a premium on QBRs. KAMs primarily oversee and foster ties with a business’s most significant clients. Preserving and expanding these relationships is essential because these consumers frequently account for much of the business’s revenue. Hence, QBRs are important for KAMs. 1. Creating More Robust Relationships QBRs give KAMs a planned way to routinely interact with important clients. These sessions allow for deeper conversations about the customer’s business objectives, difficulties, and how your organization can assist them. They go beyond the typical exchanges of information. Stronger, more strategic partnerships are fostered by this. 2. Putting Value Into Practice KAMs can highlight the value your business has produced over the previous quarter at QBRs. Through the display of pertinent data and customer testimonials, KAMs can demonstrate how your offerings have aided clients in realizing their objectives. This not only establishes the foundation for future cooperation but it also reaffirms the value of your partnership. 3. Finding Possibilities for Growth QBRs are an excellent time to investigate potential avenues for expansion. Through an analysis of historical data and an understanding of the customer’s future goals, KAMs are able to pinpoint new opportunities for your business to provide value. This could be branching out into new markets, working together on projects, or upselling extra goods or services. 4. Improving Alignment Strategically QBRs ensure that your business’s strategic priorities and the important client are in line. KAMs can better grasp the strategic direction of the client and coordinate your company’s efforts to meet these objectives by having open discussions about goals and problems. Growth in partnerships and long-term success depends on this alignment. Learn More: The Do’s and Don’ts of Quarterly Business Reviews (QBRs) Conclusion Quarterly business reviews are essential for keeping your organization successful and in sync. Concentrating on important QBR measures can ensure that your strategic conversations are data-driven and support well-informed decision-making and ongoing improvement. Monitoring the appropriate indicators, which range from financial performance to employee engagement and consumer happiness, can help you gain a thorough understanding of your business’s state and development. By routinely analyzing these indicators, you can remain flexible, adapt to changes, and make long-term plans.
A Definitive Guide to Master Account-Based Targeting
Yesteryear’s marketing tactics were all about casting a wide net and hoping for leads. In today’s fair playfield, it takes more than just widening your net. Taking a sniper approach has become table stakes. Account-based targeting (ABT) can be your team’s strategic methodology powering you to focus your efforts on high-value accounts. ABT= ABM + ABS ABT is a comprehensive approach that combines the best elements of Account-Based Marketing (ABM) and Account-Based Sales (ABS). ABT can significantly enhance your business performance by focusing on high-value accounts, tailoring your messaging, and aligning sales and marketing efforts. With ABT you can: Maximize efficiency: Instead of wasting time and effort on unqualified leads, you can invest in personalized outreach to prospects with the highest potential. Drive higher ROI: ABT can lead to increased conversion rates, higher deal sizes, and a stronger customer base. This guide will delve into the essentials of ABT. You’ll learn how to: Master the ABT methodology: Understand the core principles and benefits of this approach. Create a targeted account list: Identify the ideal prospects that align with your business goals. Execute personalized outreach: Develop tailored campaigns to engage and convert your target accounts. Let’s dive in! What is Account-Based Targeting? Account-based targeting (ABT), also known as account-based marketing (ABM), is a strategic approach that prioritizes high-value clients. Unlike traditional marketing, ABM focuses on building deep, lasting relationships with a select group of accounts who perfectly fit your ideal customer profile (ICP). Instead of a broad, spray and pray approach, ABT/ABM takes a personalized and focused route. You’ll tailor your marketing efforts to meet the specific needs of these accounts, providing them with relevant information, engaging content, and valuable updates. The goal is to nurture these relationships over time, ensuring customer satisfaction and loyalty. Types of Account Targeting Strategies: Industry-based Targeting: Focuses on targeting accounts within the same industry, assuming they face similar industry-specific challenges. Size-based Targeting: Targets accounts of a specific size, such as SMEs or large corporations, based on your business capabilities and resources. Geographic Targeting: Pursues accounts within a specific geographic location, relevant for companies with localization agendas. Customer Segment-based Targeting: Targets specific customer accounts based on profiles, demographics, or other characteristics. Strategic Targeting: Focuses on key strategic accounts that can significantly impact the overall business. Challenges of Account Targeting: Even though account-based targeting (ABT) offers a lot of potential, it’s not without its challenges. But they are worth overcoming! Let’s dive into some of the biggest hurdles businesses face: 1. Picking the Right Targets: It’s like trying to find a needle in a haystack! Figuring out which accounts are worth your time can be tough. Experience and a good understanding of your customers are key. 2. Cost and Resource Allocation: Implementing ABT requires significant investment in tools, data, and skilled personnel. Factors such as data accuracy, tool licensing, and team training can impact overall costs. 3. Staying on Top of Things: Markets are always changing. What’s hot today might be yesterday’s news tomorrow. Sales teams need to be quick on their feet to adjust their focus based on these shifts. 4. Personalizing with a Human Touch: Every customer is unique, and they want to feel special. Crafting personalized messages for each account can be time-consuming, but it’s worth it. 5. Navigating the Corporate Maze: Large companies can be complex, with multiple people making decisions. Understanding who’s who and what they want can be a real challenge. Deconstructing the account hierarchy and mapping key stakeholders are crucial for effective engagement. 6. Measuring the ROI of Account Targeting: Calculating the ROI of account targeting can be tricky. Unlike traditional marketing, where results are often more immediate and easier to track, ABT’s long-term focus can make it challenging to pinpoint the exact impact of your efforts. However, with the right tools and approach, it’s definitely possible. Here are some key strategies for measuring ABT success: Track interactions closely: Keep a record of every interaction, from website visits to emails and phone calls. This data will help you identify patterns and understand which activities are driving results. Tools? DF features link them Utilize analytics tools: Leverage advanced analytics tools to track website traffic, lead generation, and customer behavior. This data can provide valuable insights into the effectiveness of your ABT campaigns. Measure pipeline movement: Monitor the progress of your targeted accounts through the sales pipeline. Identify which stages are taking longer than expected and adjust your strategy accordingly. Calculate customer lifetime value: ABT is all about building long-term relationships. Measure the lifetime value of your targeted accounts to assess the overall impact of your ABT efforts. Benefits of Account Targeting: Account-based targeting (ABT) offers a host of benefits that can significantly enhance your business performance. Here’s why it’s worth considering: Increased Website Traffic and Lead Generation: When you tailor your messaging to your target accounts, you’re more likely to capture their attention and drive them to your website. This can lead to a significant increase in website traffic and higher-quality leads. Improved Conversion Rates and Higher Revenue: ABT allows you to focus your efforts on the accounts that are most likely to convert. By providing personalized solutions and addressing their specific needs, you can significantly improve your conversion rates and boost your revenue. Greater Customer Retention: Building strong relationships with your target accounts is essential for long-term success. ABT helps you foster loyalty and trust, leading to higher customer retention rates. Shorter Sales Cycles: When you understand your target accounts’ unique needs and challenges, you can tailor your sales approach to address them more effectively. This can lead to shorter sales cycles and faster time-to-value. Cross-Selling and Upselling Opportunities: ABT provides a solid foundation for building strong relationships with your customers. By understanding their needs and preferences, you can identify opportunities to cross-sell and upsell additional products or services. When is the Right Time to Implement Account Targeting and Target Account Selling? Account Targeting and Account-Based Selling (ABS) can be a game-changer for businesses looking to: Align marketing and
Master the Sandler Selling System for Lasting Client Relationships
When customers’ needs are dismissed and their frustrations ignored, it’s no surprise they choose to walk away and never look back. Exceptional customer service isn’t just a courtesy; it’s necessary to build lasting relationships and keep customers coming back. Forging sustainable relationships with customers A strong, lasting bond with customers is the cornerstone of any successful business. While thoughtful gestures like seasonal greetings and exclusive offers contribute to this, the most impactful factor is the quality of your interactions. Meaningful conversations, fueled by a deep understanding of your clients’ needs, are the key to building trust and loyalty. Sales teams, armed with the right data, can tailor their approach to each customer, ensuring their needs are met and their satisfaction is maximized. This personalized communication goes beyond the initial sale; it’s about nurturing a long-term partnership that benefits both parties. By leveraging proven sales methodologies, your team can uncover valuable insights, build rapport, and foster relationships that withstand the test of time. Sales methodologies -> Data -> Meaningful conversations -> Sustainable client relationships Sandler’s Sales Methodology stands out as a top choice among these methodologies. Why? It’s customer-centric at its core, focusing on understanding and meeting client needs through a consultative approach rather than just closing the deal. This approach not only helps secure new clients but also maintains the trust and loyalty of those who have already come on board. Ultimately, it’s not just about the sale—it’s about the relationship. And that’s where your true success lies. In this blog, we will dive deep into the following topics: What is the Sandler Selling System? How does Sandler’s Sales Methodology stand out from other approaches? Steps in the Sandler Selling System How to Implement the Sandler Selling System Effectively This comprehensive guide will help you understand the Sandler sales methodology thoroughly, enabling you to implement it successfully and achieve lasting results. What is the Sandler Selling System? The Sandler Selling System is a departure from traditional, aggressive sales tactics. It prioritizes building lasting relationships over short-term gains. By adopting a consultative approach, salespeople act as trusted advisors, helping customers identify their challenges and find tailored solutions. This not only enhances the customer experience but also fosters trust and loyalty, transforming sales interactions into the foundation of enduring partnerships and customer success. The Three Key Stages in the Sandler Selling System – Why It Stands Out Inspired by the stealth and precision of a submarine, David Sandler’s Selling System encourages salespeople to “run silent and deep.” This means building meaningful customer relationships while avoiding the aggressive tactics common in traditional sales. The Sandler Submarine, as it’s known, consists of seven stages, or compartments, that guide sales reps through a logical and effective selling process. Following these stages can streamline your sales efforts and prevent costly mistakes. This system’s emphasis on subtlety, consistency, and logic over emotion is essential for long-term success. 1. Building and Sustaining Relationships The first stage is all about leading the buyer-seller interaction with a focus on listening and understanding. The goal is to set clear expectations and foster a relationship based on openness and honesty. By truly understanding the customer’s needs, you can better align your service with their goals, ensuring the relationship is not just built, but sustained over time through the establishment of ground rules. 2. Identifying and Qualifying Opportunities This stage emphasizes the importance of talking to the right prospects, not just any buyer. Here, you narrow down potential customers by assessing whether their budget and needs align with what you’re offering. It’s about being selective and strategic, ensuring that your time and effort are spent on opportunities that are likely to convert. 3. Closing the Sale with the Right Customer Once you’ve identified a good fit, the final stage is about closing the sale by providing the necessary details and smoothly onboarding the customer. This step solidifies the relationship and sets the foundation for a long-term partnership, ensuring both parties are aligned and ready to move forward together. These stages highlight why the Sandler Selling System stands out—it’s not just about making sales, but about making the right sales with the right customers, ensuring long-lasting and mutually beneficial relationships. What are the 7 steps in the Sandler selling system? 1. Bonding and Building Meaningful Relationships In the Sandler Selling System, it’s not just about the product or the sale—it’s about genuinely connecting with your customers on a deeper level. Building rapport goes beyond the typical sales process. Start by paying attention to small details, like pronouncing their name correctly, and engage in conversations about everyday topics. You can also ask a set of casual, yet thoughtful questions that help you understand them as individuals. Discuss their pain points, share how you can relate, and ask meaningful questions that demonstrate your commitment to solving their problems. This approach helps build trust and fosters a relationship that goes beyond a simple transaction. 2. Setting Clear Expectations A common pitfall for many salespeople is over-promising and under-delivering. To avoid this, ensure that you double-check with your internal team before committing to any features or promises. This prevents unwanted surprises and maintains the trust you’ve built with your prospect. Two key practices to keep in mind: Clarify the Meeting Agenda: Discuss and document the agenda, key discussion points, and review action items for the next phase. Document Expectations: Clearly outline the prospect’s expectations for the product or solution to ensure everyone is aligned. 3. Identifying the Pain Points What sets Sandler’s sales methodology apart is its focus on identifying and addressing the prospect’s pain points before making a pitch. Instead of leading with your product, you lead with empathy and understanding. Speak the language of your prospect by honing in on the problems they’re facing—the very reason they’re seeking your help. This approach helps uncover their true needs, challenges, and goals. To effectively identify these pain points using the Sandler pain funnel, the third step in the Sandler sales method, ask probing questions such as: What
Key Account Management (KAM) Maturity Modelling Guide
Key Account Management Maturity Framework Focusing solely on acquiring new business often leads to missed opportunities within existing key accounts. In fact, key account management (KAM) can drive significant growth—improving deal closure rates by up to 25%. Yet, many companies remain trapped in reactive KAM practices, which are often as ineffective as having no program at all. DemandFarm’s KAM Maturity Assessment Guide offers a comprehensive framework to help organizations evaluate their KAM maturity, identify strengths, uncover areas for growth, and highlight expansion opportunities. Before strategizing ways to increase revenue from key accounts, it’s essential to understand your current KAM position. This guide will help you: Measure essential KAM metrics Understand the key components of KAM maturity modeling Implement actionable steps to strengthen long-term client relationships
Strategic Selling 101: The Ultimate Framework to Win B2B Deals
Imagine you’re watching a thrilling football game, and you notice the coach glancing at their clipboard. Ever wondered what’s in that cryptic note? It’s the X’s and O’s of the game—the strengths, weaknesses of each player, and the influencing factors that change the outcome. In sales, closing a deal is the goal, and it’s obvious. Many sales professionals charge headlong toward the finish line, eyes fixed on the deal. But true success in sales, like in football, demands a deeper strategy, including understanding the buyer team dynamics, connecting with multiple stakeholders, reading the field, and adapting your playbook to the ever-changing market conditions. But what can you refer to whenever you hit a blocker? It’s the Strategic Selling framework developed by Robert Miller and Stephen Heiman. The framework focuses on building relationships with various stakeholders and decision-makers rather than just one contact. This guide will help you understand Strategic Selling, its benefits and challenges, and how to implement it effectively in your organization. So, let’s huddle up and dive into the strategic plays that will lead you to victory in the sales arena. What is Strategic Selling? Strategic Selling emphasizes identifying and engaging all key members of the decision-making process within a target organization. Rather than targeting a single contact, Strategic Selling involves understanding the roles and interests of various stakeholders to tailor the sales approach accordingly. The Four Roles in Strategic Selling In Strategic Selling, every player has a position, a role that defines their contribution to the selling game’s outcome. These roles include: Economic Buyers User Buyers Technical Buyers Coaches Each of these roles brings a unique set of expectations, motivations, and decision-making powers to the table. Understanding the different roles within a prospective client’s organization is key to Strategic Selling. Economic Buyers are the financial quarterbacks, the C-suite executives who hold the purse and determine a purchase’s financial feasibility. They’re focused on the bottom line, so your pitch needs to highlight cost savings, revenue generation, and strategic alignment. User Buyers are the wide receivers, the end-users who will directly interact with the product or service. They’re looking for a smooth catch that enhances their workflow and addresses their daily challenges. Your approach here should emphasize user experience and ease of integration. Technical Buyers are the defensive linemen, the goalkeepers who scrutinize the product’s technical specifications to ensure it meets the company’s standards. For them, the pitch must be precise, detailing how your product outmatches the competition regarding technical requirements and quality. Coaches are the advisors within the client’s organization who guide the sales process. They want the sale to succeed and can provide invaluable insights. Nurturing these relationships can be the difference between a fumble and a goal. Engaging these roles requires a tailored strategy that’s not just about selling a product; but about building a team of advocates who see the value in your offering. The Strategic Selling Process Dive deeper to learn the process for a successful sales outcome, which involves four strategic steps, with sub-steps in each to follow. 1. Identifying and Engaging Your Ideal Customer Since strategic selling takes time, it’s important to focus on potential customers who match your ideal customer profile. This means examining details like age, location, and interests. Doing Good Research on Prospects – After you know who your ideal customers are, you need to research and understand the different people who can influence a sale. A solid tool like DemandFarm’s Relationship Mapping will give visual and contextual maps to learn more about these people. Your inside coach can also assist you in finding and connecting with key decision-makers. Understanding How Much Influence Each Person Has – Even though there might be many stakeholders, not everyone has the same level of influence. You need to figure out how much influence each person has. Look at their background and see if it relates to your product or service line. Then, focus on the people who have more sway in making a sale. 2. Understanding Buyer Readiness How you present your pitch depends on how buyers see their business situation. It’s important to know the right time to approach them based on their needs. According to strategic selling, there are four different ways buyers respond based on how they evaluate their situation. You should adjust your sales approach for each response. Here are the four response types: Growth buyers are looking to the future, aware of a gap they need to fill and ready to act. Your pitch should be forward-thinking, emphasizing how your product can drive innovation and growth. Trouble buyers are in crisis mode, seeking a solution to a pressing problem. Here, you need to be the relief pitcher, offering a quick fix that can get them out of the jam. Indifferent buyers are the toughest crowd. They don’t see a need for change. Your challenge is to wake them up, showing them the potential they’re missing out on and why your product is the game-changer they didn’t know they needed. Overconfident buyers are in denial, believing they’re already winning. They may not see the value in your offering. It might be wise to bench these prospects, focusing your energy on those who are more receptive. Reading the buyer’s state will help you tailor your pitch, making it more relevant and persuasive. 3. Customer-oriented competitor analysis When you think about competition in strategic selling, there are many factors beyond just your direct competitors. To get a complete view of your competition, you should consider other factors like: Some companies might create their own solutions They might spend their budget on something else They might think your product isn’t worth it You might be asking how to analyze competition by focusing on your potential customers. Here’s a simple way to do it: Identify the competition: Look at all the alternatives mentioned above. Check if your potential customer has any internal solutions. Find out if they have other issues that might use up their budget. Look for other companies trying
What is Sales Account Planning, and Why is it Important?
Imagine you are a sales manager at a mid-sized tech company. Your team has a diverse client portfolio—from small startups to large enterprises. One of your top clients, a major retail chain, has hinted at expanding their contract. However, your team doesn’t have a clear strategy for approaching this opportunity. Without a structured plan, the chances of securing the expanded contract are uncertain. This is where sales account planning comes into play. In this blog, we’ll examine sales account planning, its importance, and account planning templates that can help you get started right away. What is Sales Account Planning? Sales account planning is a strategic process used by sales teams to systematically analyze, manage, and grow key customer accounts. It involves developing a comprehensive understanding of a client’s business, needs, and goals to create tailored strategies for maximizing sales opportunities and building long-term relationships. According to research by Gartner, companies that implement formalized account planning processes see an average increase of 16% in their win rates. Why is Sales Account Planning Important? Sales account planning is crucial because it helps sales teams align their strategies with client needs and business goals. It provides a framework for identifying key accounts, understanding their challenges, and developing tailored strategies to grow these relationships. Effective account planning can lead to: Increased revenue from key accounts Improved customer retention and loyalty More predictable sales forecasts Better alignment between sales efforts and customer needs Enhanced cross-functional collaboration within your organization Sales Account Planning Example Consider a software company that has identified a large financial institution as a key account. The sales team uses an account planning template to map out the institution’s organizational structure, key decision-makers, and current technology stack. They identify the institution’s pain points, such as outdated systems and regulatory compliance challenges. By leveraging this information, the sales team creates a tailored proposal highlighting how their software can streamline operations and ensure compliance. This targeted approach results in a multi-million dollar contract and a long-term partnership. Key Aspects of Sales Account Planning Account analysis: Gathering and organizing information about the customer’s business, industry, challenges, and objectives. Stakeholder mapping: Identifying key decision-makers and influencers within the account, understanding their roles, priorities, and preferences. Opportunity identification: Uncovering potential areas for new sales, upselling, or cross-selling based on the customer’s needs and your product/service offerings. Competitive analysis: Assessing your position relative to competitors and developing strategies to differentiate your offerings. Goal setting: Establishing clear, measurable objectives for the account, including revenue targets and relationship milestones. Action planning: Developing specific strategies and tactics to achieve your goals, including timelines and resource allocation. Risk assessment: Identifying potential obstacles or threats to your success with the account and planning mitigation strategies. Performance tracking: Regularly monitoring progress against goals and adjusting strategies as needed. Access our Sales Account Planning Template Here >> Why should you use DemandFarm’s Account Planning Template? Using DemandFarm’s account planning template streamlines your sales strategy by providing a comprehensive and structured framework to understand clients, identify growth opportunities, and mitigate risks. It enhances client relationships through personalized solutions and allows for efficient performance tracking with customizable sections tailored to your needs. Conclusion Effective sales account planning enables businesses to deeply understand their clients, anticipate challenges, and deliver tailored solutions that drive mutual growth. Sales teams can align their efforts with client goals, identify key opportunities, and mitigate potential risks by utilizing structured templates such as client overviews, opportunity mapping, and SWOT analysis. As you implement these templates in your sales strategy, remember that flexibility is key. Customize each template to fit the unique needs of your accounts and continuously refine your approach based on feedback and performance metrics. With a robust account planning framework in place, your sales team will be well-equipped to build stronger client relationships, secure new business, and drive sustainable growth. Explore for more tools and resources to enhance your account planning process and check out what Demandfarm can offer to help you achieve your sales goals efficiently and effectively.
Simplify Your Strategy with Stakeholder Mapping Template
Dealing with multiple people and losing track of who you’ve reached out to for what can be a daunting task to remember. It’s only when you feel the pinch of it that you really look out for a solution that will simplify the whole process. Because honestly, pulling out a sheet and listing names and designations is not a viable solution especially when there are multiple projects and targets to juggle. You don’t have to start color-coding your Excel sheets either. A stakeholder mapping temple is the holy grail you need in this situation. It makes things even more efficient especially when you have to collaborate with teams remotely. Thankfully there are plenty of tools out there that can help you do this. All you need is to figure out which tool works best for your organisation. We’ve made a handy list on that too! A stakeholder mapping template is a visual tool that you will use to define the relationship between various key stakeholders and/or the relationship between the stakeholders and the project. It could be a chart, a grid or a simple flow. You can choose templates based on the nature of your project to easily visually represent the whole list of stakeholders, including sponsors, the project team, contractors, project managers, and end-users of the product or service being delivered. This allows for equal access to information for all involved in the project, ensuring transparency and addressing any potential conflicts of interest from those with vested interests through effective stakeholder management. The stakeholder mapping template also helps identify the levels of influence and interest of each stakeholder, allowing for a more streamlined approach in managing their involvement. Why is stakeholder mapping important? Identifying key partners and their influence on the project can help create clear communication lines. It will set expectations as to who has to be involved in various process timelines and how can they contribute. Furthermore, a stakeholder map also helps you identify possible areas of conflict or misunderstanding that can be avoided right at the beginning so they don’t manifest as bigger problems at a later stage. Additionally, a stakeholder map is important because it helps identify and involve all relevant stakeholders, including project stakeholders and key players responsible for decision-making, in the project and ensures a clear understanding of their roles and responsibilities. This exercise should be done regularly to account for any changes and updates in the project. Three prominent ways of grouping your stakeholders Based on the relationship to the project This group determines how much influence a set of people has on the outcome of the project or the product. They can be further categorized as primary, secondary, and tertiary stakeholders. Of these, primary stakeholders are of utmost priority as they have a direct impact on the project. One example could be customers. Based on power and legitimacy Definitive stakeholders have both power and legitimacy and require active engagement. Dominant stakeholders have power and legitimacy but may not be urgent, while dependent stakeholders lack power but have legitimate and urgent claims. Dormant stakeholders have power but lack urgency and legitimacy. Based on their role This categorization differentiates between those within the organization (internal stakeholders) and those outside of it (external stakeholders). Internal stakeholders are involved in day-to-day operations, while external stakeholders, such as customers or regulators, have an interest but are not part of the organization. Ok, now that you have your groups listed and remember, you can also further bifurcate your stakeholder grouping based on impact, support or geographical location. The first step is to identify all of your potential stakeholders and then have a picture on how these stakeholders are related to each other with respect to the project. And this is where we ideally start charting out the stakeholder map on a whiteboard or shared space. Are there different types of stakeholder mapping templates available? Yes, there are various stakeholder mapping templates available. Some common types include the power-interest grid, influence-impact grid, and salience model template. Choosing the right template depends on the project’s objectives and the level of stakeholder engagement needed for successful implementation. 1.The Salience Model The Salience Model is all about figuring out which stakeholders are most important for your project. It helps you prioritize based on three key factors: power, legitimacy, and urgency. Let’s break down what each type of stakeholder means: Definitive Stakeholders: These are your top priority. They have a lot of power, their involvement is legitimate, and they need things done urgently. Think of your project sponsor or a key client who needs results now. Dominant Stakeholders: These folks also have significant power and a legitimate role in your project, but they’re not in a hurry. They might be senior executives who support your project but don’t need daily updates. Dependent Stakeholders: These stakeholders have a legitimate interest in your project and need things done urgently, but they lack the power to influence decisions directly. They might be end-users who need the project to succeed but can’t make big decisions themselves. Dangerous Stakeholders: Watch out for these! They have a lot of power and want things done quickly, but their legitimacy is questionable. They could be influential critics who might derail your project if their concerns aren’t addressed. Dormant Stakeholders: These people have the power to impact your project but aren’t currently active or interested. They might be high-level managers who aren’t involved unless something goes wrong. Discretionary Stakeholders: They have a legitimate interest in your project but neither the power nor the urgency to act. These could be community members who support your project but don’t have the influence to change its course. Demanding Stakeholders: These stakeholders need something urgently but don’t have power or legitimacy. They might be vocal customers who want immediate improvements but don’t have much sway. 2.Stakeholder Knowledge Base Chart The Stakeholder Knowledge Base Chart, from the Gower Handbook of Project Management, is a handy tool for understanding where your stakeholders stand in terms of
The SNAP Selling Handbook: Your Sure-Fire Path to Sales Success
What does it feel like to navigate through a stormy sea on a leaky boat? Never got a chance to experience it? Well, try selling a product using the traditional sales methodologies. Outdated methodologies are drowning your team’s sales potential. Peddling these ineffective tactics does not drive results and it’s high time to change it. If you are just starting your journey in sales, this handbook offers a deep dive into SNAP Selling. If you are a seasoned sales pro, this can be your comprehensive refresher! So, dive right in to level up your sales strategy. What is the SNAP Selling Methodology? SNAP Selling tackles the biggest challenges facing salespeople today: impatient customers, information overload, and cutthroat competition. SNAP selling methodology has helped millions of sales teams to simplify their sales process, deliver exceptional value, and build lasting relationships with their prospects. In 2010, Jill Konrath, a seasoned sales strategist and author, released the book SNAP Selling: Speed Up Sales and Win More Business With Today’s Frazzled Customers, which made her the modern sales guru! In her work, Jill introduced a methodology designed to help sales professionals win deals in complex sales landscapes where potential buyers are inundated with information and always short on time. The SNAP methodology built on two core principles—Four Basics and Three Decisions. Four Basics: These are the cornerstones of effective sales interactions. Keep It Simple: Less is more. Cut the fluff and focus on what matters. Be Invaluable: Become a trusted advisor, not a pushy salesperson. Always Align: Match your offerings to your buyer’s goals. Raise Priorities: Make your solution the most urgent problem to solve. Three Decisions: This outlines the buyer’s journey. Allowing Access: Get your foot in the door. Moving Away from the Status Quo: Convince them there’s a better way. Changing Resources: Seal the deal. Since its inception, SNAP selling has been a game-changer mainly if your target audience includes busy professionals who are overwhelmed by too much information and too short on time. Understanding the Four Basics of SNAP The Four Basics are the foundation of SNAP Selling and implementing them right will enhance your team’s efficiency and keep them always close to closures. 1. Keep It Simple In the SNAP Selling methodology, simplicity is crucial. Buyers are often overwhelmed with options and information, so your goal should be to make the decision-making process as straightforward as possible. Key considerations: Opt for fewer, higher-quality, hyper-personalized meetings. Propose fewer options to simplify decision-making. Keep presentations short and focused. 2. Be Invaluable Position yourself as a go-to expert and trusted partner. Your goal is to connect the value of your solution to the buyer’s problem, showing them that you can help where they struggle to find the time or resources. Key considerations: Add value to every interaction. Avoid overt persuasion tactics. Engage buyers on equal footing. 3. Always Align Align your business goals with the buyer’s needs, priorities, and beliefs. Understand their goals and keep them central to your sales cycle. Key considerations: Understand buyer needs and concerns. Identify organization-wide and individual goals. Align your solution with these goals and pain points. 4. Raise Priorities Frazzled customers juggle multiple priorities. Ensure your solution addresses the most critical issues. Key considerations: Create a gap between the status quo and the ideal future state. Use trigger events to shift priorities. Focus on presenting a vision of a better future. The Three Decisions in SNAP Selling The Three Decisions are the critical in sales cycle and significantly influence your overall conversion rates. 1. Allowing Access The first decision a buyer makes is whether to give you access to their time and attention. Your goal here is to show that you’re worth their time. 2. Moving Away from the Status Quo Buyers are naturally inclined to stick with what they know. Convince them that change is necessary and beneficial. 3. Changing Resources Finally, buyers decide whether your solution is the right fit. Provide tangible evidence that your solution can solve their problems. Benefits of Using SNAP Sales Methodology Simplified Sales Process: It reduces complexity, making it easier for prospects to understand and trust your solution. Better Buyer Engagement: By focusing on what truly matters to the buyer, you can build stronger relationships and increase your chances of closing deals. Increased Efficiency: SNAP Selling helps you prioritize your efforts, ensuring you spend time on the most promising leads. Examples of SNAP Selling Questions The right questions can make or break a sales conversation. Here are some examples of SNAP Selling questions you can use: Keep it Simple: “What is the one thing you wish you could change about your current solution?” Be Invaluable: “How can I provide the most value to your organization?” Always Align: “What are the top three priorities for your business this quarter?” Raise Priorities: “What challenges are keeping you from achieving your goals?” Key Terms in SNAP Selling 1. Frazzled Customer Syndrome This term describes modern buyers who are impatient, distracted, demanding, and super busy. 2. SNAP Factors These are four questions buyers ask about your solution: Is it simple? Does it provide value? Does it align with our goals? Is solving this problem a priority? 3. Buyer’s Matrix A tool used to get inside the heads of decision-makers, helping sellers address buyer needs effectively. 4. Go Zone and D-Zone The Go Zone is where SNAP factors are met, and the buyer is engaged. The D-Zone is where outreach is ignored or deleted. Buyer’s Journey in SNAP Selling Understanding the buyer’s journey is crucial in SNAP Selling. Buyers make three key decisions before committing to a purchase. 1. Key Decisions Buyers Make 1. Allowing Access: The first decision is whether to hear what you have to say. Establish credibility early to gain access. 2. Moving Away from the Status Quo: Buyers must decide if they’re willing to change. Demonstrate the benefits of moving away from their current situation. 3. Changing Resources: Convince buyers that your solution is the best option. Provide tangible evidence
