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 They identify the institution’s pain points, such as outdated systems and regulatory compliance challenges.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
7 Best Relationship Mapping Tools to Manage Complex Key Account Relationships
You are a sales representative trying to close a major deal with a large corporation. You’ve researched, prepared your pitch, and identified the potential client. However, despite your best efforts, navigating the intricate network of decision-makers within the organization is challenging. This is where a relationship mapping platform becomes a crucial asset for revenue teams. With Gartner reporting that between 6 and 10 people now participate in the average B2B purchase decision, companies can no longer rely on the strength of one relationship to ensure business decisions go in their favor. It doesn’t work like that anymore. Most executives just aren’t willing to put their names on the line to overrule a buying committee. It’s too risky. To handle this complexity, sellers need the right tools, strategies, and methodologies to understand the people, problems, and relationships that matter within an account. Let’s consider a practical example to illustrate the concept. Your company is trying to sell a new software solution to a large tech company. You’ve identified Jane, a senior manager in the IT department, as a key contact. Jane likes your product, but she’s not the final decision-maker. Through relationship mapping, you discover that Jane reports to Bob, the IT Director, who has a close working relationship with Susan, the CFO. Further analysis reveals that Susan is good friends with Alex, the CEO, who has the final say on all major purchases. Additionally, you learn that John, a project manager in the IT department, is an influential voice in tech-related decisions due to his extensive experience and technical expertise. Armed with this information, you can tailor your approach: Build rapport with John by addressing technical details and showcasing the software’s capabilities, gaining his endorsement. Engage Jane to gather insights and keep her in the loop as she is your initial contact. Prepare a strong business case for Bob that highlights the software’s benefits to the IT department. Craft a financial justification for Susan, emphasizing cost savings and ROI, ensuring she sees the value from a financial perspective. Present a holistic proposal to Alex, leveraging endorsements from Jane, John, Bob, and Susan, to secure his approval. By mapping these relationships, you can strategically influence the right people at the right time, significantly increasing your chances of closing the deal. Understanding the web of relationships within an organization can be a game-changer. Whether you’re in sales, project management, or customer support, knowing who influences whom and how decisions are made can significantly boost your effectiveness. Relationship mapping software tools are designed to provide this insight, offering a visual representation of the connections between individuals within an organization. These tools are essential for building meaningful relationships, driving informed strategies, and winning more business with the help of AI. With the benefits of relationship mapping tools in mind, it’s clear that relationship mapping software is a valuable tool for identifying key stakeholders and building meaningful relationships with them to drive success. What is Relationship Mapping? Mapping relationships software tools involve creating a visual representation of the connections between individuals within an organization. These maps can help identify key decision-makers, influencers, and the organization’s overall structure. By leveraging a relationship mapping app or platform, businesses can understand relationships and strategize more effectively. Relationship mapping tools are designed to automate and simplify this process. They collect data from various sources, such as CRM systems, emails, and social media, to create comprehensive maps that can be easily interpreted and acted upon. Best Business Relationship Mapping Tools in 2024 1. DemandFarm DemandFarm stands out as a comprehensive solution for relationship mapping and key account management. DemandFarm’s Org Chart tool integrates seamlessly with major CRM systems like Salesforce, Microsoft Dynamics, Hubspot, etc., making it easy to gather and visualize data. DemandFarm offers features like: Relationship Maps / Org Chart: This feature allows users to create detailed organizational hierarchy charts that visually represent the structure of an organization. By mapping out the entire hierarchy, users can quickly identify key stakeholders, understand their roles, and see how different departments and individuals are connected. This visualization is crucial for strategizing engagements and ensuring that you are communicating with the right people in the right way. Relationship Intelligence: DemandFarm goes beyond simple organizational charts by providing in-depth relationship intelligence. This feature gives users insights into the strength and type of relationships between contacts within an organization. For example, it can highlight who the decision-makers are, who the influencers are, and who might act as potential blockers in a deal. At the same time understand their influences, status, power, and level with the buying group. Engagement Analytics: DemandFarm helps you visualize and analyze stakeholder communication analyze your entire team’s interactions with key account stakeholders and assess the engagement levels. This helps sales leaders and account managers monitor relationship health in their key accounts and spot unknown gaps and risks early for proactive mitigation and fostering stronger client relationships. Customizable Views: Flexibility is key with DemandFarm’s customizable views. Users can tailor their relationship maps to focus on specific departments, opportunities, types of relationships, or even individual roles. This customization allows teams to hone in on the most relevant information for their specific objectives, whether it’s targeting a particular division for a sales pitch or understanding the leadership dynamics of a project team. Learn more about DemandFarm’s relationship mapping product org chart software. Ready to Understand Your Key Relationships, Decision-Makers, Influencers & Detractors Better? 2. ClickUp ClickUp is renowned for its versatility as a project management tool, but it also excels in the realm of relationship mapping with its best relationship mapping software features for business development. This multifaceted platform offers a comprehensive set of features designed to help businesses visualize and manage their relationships and workflows effectively. By integrating mind maps, whiteboards, and numerous other tools, ClickUp provides a seamless experience for teams looking to streamline their operations and improve their strategic planning with the best comprehensive guide for relationship mapping tools available. Additionally, ClickUp also offers integration with Salesforce and Quip, making it a
A Simple Handbook to SPIN Selling: What It Is and Why It Works
What’s your sales approach? Do you rely on intuition or data to drive your sales strategy? Intuition might get you started, but data drives results. A structured data-driven sales approach can significantly enhance your win rates. SPIN selling is a proven method that combines consultative expertise with strategic questioning. Explore more about the definition of SPIN selling, its four fundamental questions about Situation, Problem, Implication, and Need-Payoff, and how to implement this powerful method in your sales success process. Dive right in! What is SPIN Selling? SPIN selling is a consultative sales methodology technique developed by Neil Rackham in the 1980s. Unlike traditional sales methods that focus on pushing products, SPIN selling emphasizes on understanding customer needs through strategic questioning that guide conversations with potential buyers. Learn more: Complete Guide on Sales Methodologies to Win Large Deals Why SPIN Selling Works Rackham’s research revealed that successful sales reps use specific questioning techniques to build relationships and identify customer pain points. SPIN selling method focuses on the customer’s needs rather than the product’s features. Effective identification of the prospect’s challenges help sellers demonstrate how their solutions provide real value, ultimately leading to increased sales success. SPIN Selling process has transformed the way salespeople engage with prospects and customers, making their sales conversations more meaningful and productive. The methodology also fostered long-term relationships with clients by prioritizing their specific needs. Four Stages of SPIN Selling Method SPIN selling follows a structured approach through four stages, each designed to guide sales reps in managing conversations as the buyer’s journey progresses. 1. Opening or Preliminaries SPIN selling begins with light, open-ended Situation-related questions to build rapport with potential clients. The seller focuses on understanding the prospect’s current situation and expressing genuine interest in knowing their pain-points and challenges. They avoid mentioning features or products early in the conversation. 2. Investigating The investigative phase is crucial for identifying underlying issues that your solutions can address. Salespeople focus on uncovering the lead’s specific pain points by asking Problem-related questions. They balance the need to prompt and guide the conversation without overwhelming the prospect with interrogative questions. 3. Demonstrating Capability In this stage, the questions transition into Implication to explore consequences and highlight the need for a specific solution. More conversations happen about the value of solving the problem. Once the prospect is well-connected with the implication, they’re now open to hearing how the product or service can help them. 4. Obtaining Commitment This stage encourages a small step forward with Need-Payoff questions. This could be a trial, follow-up meeting, or a final deal. This step guides the client to move forward to the next steps. At this point, it’s important for the sales team to reflect on what worked and what didn’t in each customer interaction to make future deals even more impactful. Four Types of SPIN Selling Questions 1. Situation Questions Situation questions help understand the buyer’s current circumstances. These questions gather essential background information about the customer’s business, goals, and processes. Examples: Can you tell me about your role at your company? What tools do you currently use? What is your approach to [use case]? 2. Problem Questions Problem questions identify the challenges and issues the buyer faces. These questions highlight the customer’s pain points and uncover problems that your product or service can solve. Examples: What is your biggest day-to-day challenge? How easy is it to make progress against [priority]? Does your current approach to [priority] ever fail? 3. Implication Questions Implication questions explore the consequences of the identified problems. These questions emphasize the urgency of finding a solution and help the buyer understand the broader impact of their challenges. Examples: What is the cost of your current approach? How much time does your current approach require? How is [problem] impacting your team’s work? 4. Need-Payoff Questions Need-Payoff questions focus on the benefits of solving the problem. These questions help the buyer articulate the value of your solution and encourage them to envision the positive outcomes. Examples: How would it be easier to achieve [priority] with [solution]? Would your team get value from [solution]? How will solving the [problem] help you? Why SPIN Selling works SPIN Selling works due to its focus on understanding customer needs through a structured approach. Salespeople can tailor their solutions effectively by engaging clients in a dialogue that uncovers their specific challenges and the consequences of not addressing them. This consultative approach builds trust, fosters deeper relationships, and ultimately leads to more successful sales outcomes. Additionally, it aligns with psychological principles, as people are more likely to buy when they feel understood and see the value in addressing their needs. SPIN Framework The SPIN framework is a well-structured methodology that guides sales conversations in a logical flow. This approach makes the buyer feel more involved, heard and understood. Here’s a breakdown of how each component of SPIN contributes to its effectiveness: 1. Situation Questions Situation questions lay the groundwork for the conversation by gathering essential background information. This knowledge derived from situation questions allows for a more tailored approach in later discussions. Why it works: The Situation questions help the salesperson to gauge the landscape within which a potential sale will occur, creating a foundation for deeper exploration. 2. Problem Questions Problem questions delve into the specific issues the buyer is facing. This stage is critical as it shifts the conversation from generic context to unique pain points. Why it works: When a salesperson identifies and articulates a buyer’s problems, the buyer often feels a sense of relief realizing that their concerns are being seriously acknowledged. Implication Questions Implication questions help the buyer understand the consequences of the problem. This stage is crucial as it transforms the problem into a more significant issue, highlighting the potential negative impact. Why it works: The questions increase the buyer’s motivation to find a solution. It creates a sense of urgency and emphasizes the need for an immediate change or solution. Need-Payoff Questions These questions help the buyer envision the positive
Sales Operations KPIs You Should Always Keep Track
Sales operations KPIs are the metrics that help sales teams measure their performance, identify areas for improvement, and make data-driven decisions. Without these metrics, it would be challenging to understand what’s working, what’s not, and where to focus efforts to drive better results. Once you understand which key metrics to go after, you can start training your sales representatives and replicating the success blueprint. Training your sales team the right way can have a 353% return on ROI! In this piece, we’ll cover the key KPIs you should track and why they’re important for your business! What are Sales Operations KPIs? Sales operations KPIs are specific metrics used to measure the effectiveness and efficiency of a sales team’s operations. These KPIs help sales operations managers and leaders monitor performance, identify areas for improvement, and make data-driven decisions. By tracking these metrics, organizations can streamline processes, enhance productivity, and ultimately boost sales outcomes. Importance of Sales Operations KPIs Performance Monitoring: By regularly reviewing these metrics, managers can identify trends, track progress, and ensure that the team is on track to meet its goals. Identifying Bottlenecks: By analyzing KPIs, sales operations managers can pinpoint areas where the sales process is slowing down or encountering issues. This helps in making targeted improvements to enhance efficiency. Data-Driven Decisions: KPIs offer concrete data that can be used to make informed decisions. Whether it’s adjusting sales strategies, reallocating resources, or setting new targets, having accurate metrics ensures that decisions are based on facts rather than guesswork. Optimizing Processes: Continuous monitoring of KPIs helps in identifying best practices and optimizing sales processes. This leads to more streamlined operations and better use of resources. Boosting Productivity: By focusing on the right KPIs, sales operations managers can implement strategies that improve the productivity of the sales team. This includes better training, improved tools, and refined processes. Achieving Goals: Ultimately, KPIs help sales teams stay aligned with the overall business objectives. They provide a roadmap for achieving sales targets and driving business growth. According to a survey conducted by ZS, 79% of high-growth B2B companies set KPIs annually, and 22% do it at the beginning of each quarter. Interestingly, 54% of the companies track the same KPIs as in the previous year, 30% expect to track more, and the remaining 7% plan to decrease the number of metrics. How to Set Sales Operations KPIs Deciding which metrics to track can be challenging. One effective strategy is using the North Star metrics framework. This approach focuses on one critical metric as the main indicator for product or business growth, though multiple metrics can be tracked if necessary. The North Star metrics framework includes six broad categories: Revenue: Metrics like Monthly Recurring Revenue (MRR) and annual revenue. Customer Growth: Metrics like the number of paid users, customers, or subscribers. Consumption Growth: Metrics like the number of messages sent or other usage indicators. Engagement Growth: Metrics like Daily Active Users (DAU) and Monthly Active Users (MAU). Growth Efficiency: Metrics like customer acquisition cost (CAC), Lifetime Value to CAC ratio (LTV/CAC), and buying frequency. User Experience: Metrics like Net Promoter Score (NPS) and Customer Satisfaction Score (CSAT). Top 7 Sales KPIs You Should Track in 2024 1. Sales Pipeline Velocity Sales pipeline velocity measures the speed at which deals move through the sales pipeline. It helps identify bottlenecks and streamline the sales process to close deals faster. Example and Calculation: If your sales team has $500,000 in opportunities, a win rate of 20%, an average deal size of $10,000, and a sales cycle length of 30 days, the pipeline velocity can be calculated as: Image: Pipeline Velocity =Total Opportunities x Win Rate x Average Deal Size / Sales Cycle Length Therefore, our pipeline velocity will be Pipeline Velocity = 500,000 x 0.20 x 10,000 / 30 = $33,333 This means that your sales pipeline generates $33,333/ day 2. Lead Conversion Rate Lead conversion rate is the percentage of leads that become customers. It helps in understanding the effectiveness of lead nurturing and conversion strategies. Example and Calculation: If you had 500 leads in a month and converted 50 into customers, the lead conversion rate is calculated as: Image: Lead Conversion Rate = (number of conversions/ number of leads) x 100 Lead Conversion Rate = (50/500)x100 = 10% This means 10% of your leads are converted into customers. 3. Average Sales Cycle Length This KPI tracks the average time to close a deal from initial contact to the final sale. Example and Calculation: If the sales cycle for five deals is 20, 25, 30, 35, and 40 days respectively, the average sales cycle length can be calculated as: Image: Average Sales Cycle Length = Sum of Sales Cycle Lengths / Number of Deals Average Sales Cycle Length = 20+25+30+35+40/5 = 30 days This means it takes on average 30 days to close a deal. 4. Win Rate Win rate measures the percentage of deals closed successfully compared to the total number of opportunities. Example and Calculation: If your team closed 30 deals out of 100 opportunities, the win rate is calculated as: Image: Win Rate = (Number of Deals Closed / Total Opportunities) x 100 Win Rate = (30/100) x100 = 30% This means your win rate is 30%. 5. Customer Acquisition Cost (CAC) CAC calculates the total cost of acquiring a new customer. Example and Calculation: If your sales and marketing expenses for a month are $50,000 and you acquired 100 new customers, the CAC can be calculated as: Image: CAC = Total Sales and Marketing Expenses / Number of New Customers CAC = $50,000/100 = $500 This means it costs $500 to acquire each new customer. 6. Customer Lifetime Value (CLTV) CLTV estimates the total revenue a business can expect from a single customer account over its entire relationship with the company. Example and Calculation: If the average purchase value is $200, the purchase frequency rate is 5 times per year, and the average customer lifespan is 3 years, the CLTV can
Top Stakeholder Mapping Tools for Sales Success in 2025
Driving high-value leads into the pipeline and turning them into deals is all about knowing the right people on the other side of the spectrum. As a Key Account Manager (KAM), your success depends not just on having the right products and services, but on understanding the key stakeholders that influence decision-making, budget allocation, and future growth in your accounts. Without a clear view of these relationships, you’re missing out on crucial opportunities and wasting valuable time on less impactful contacts. This is where stakeholder mapping software comes in – a stakeholder relationship management tool that helps you identify, analyze, and engage with the right individuals in a way that maximizes your impact. What is Stakeholder Mapping in Key Account Management? Stakeholder mapping in Key Account Management is the process of identifying and analyzing the key players involved in your account’s decision-making process. These are the individuals who either influence or make decisions related to budget, contracts, and long-term strategic goals. Understanding who these stakeholders are, what drives them, and how to best engage with them is crucial to effectively managing and growing your key accounts. By mapping these relationships, you ensure that your efforts are focused on the right people at the right time, driving meaningful and measurable outcomes for your organization. Stakeholder mapping software helps KAMs efficiently visualize and manage these relationships, while tools for stakeholder engagement ensure proactive and targeted outreach strategies. Why Stakeholder Mapping is Crucial for Key Account Managers? Simply identifying stakeholders isn’t enough. As a KAM, you need a clear, visual representation of these relationships so you can make better, more informed decisions and prioritize your efforts effectively. When you map out your stakeholders, you can: Identify the key decision-makers who hold the budget or power to influence purchasing decisions. Understand the dynamics within your accounts, including any internal conflicts or power struggles that could impact your relationship. Pinpoint potential champions who can advocate for your solution and help you push through barriers. Anticipate risks by understanding the perspectives and potential objections of detractors or non-supporters. A visual stakeholder map not only helps you understand who is who but also allows you to adjust your strategy to each individual’s influence and interest in the project or partnership. Using stakeholder management software can make this process much easier by automating the analysis and providing real-time insights. Stakeholder mapping tools come with certain specific features that help bring out efficient results. Relationship Mapping Software: Helps visualize and analyze the connections between stakeholders, identifying key influencers and potential areas of conflict. Stakeholder Mapping Templates: Pre-designed templates that simplify the process of creating stakeholder maps. Stakeholder Analysis Tools: Provide detailed insights into stakeholder interests, influence, and impact, aiding in better decision-making and strategy formulation. How to Map Stakeholders Effectively in Key Account Management? Effective stakeholder mapping involves three critical steps: Identification, Analysis, and Visualization. Identification: Start by identifying all the key stakeholders in the account. These could be decision-makers, influencers, champions, detractors, or anyone who has a significant role in the project or ongoing relationship. Consider factors like: Decision-Makers – Who is responsible for the final purchasing decision? These are typically your primary stakeholders. Influencers – Individuals who may not make the final decision but have substantial influence over it. Champions – Internal advocates who will support your solutions and can help you navigate challenges. Detractors – Stakeholders who may oppose your solution and could be obstacles to progress. Analysis: Once you have identified your stakeholders, it’s time to analyze their influence, interest, and potential impact on your account’s success. Evaluate their: Level of influence – Do they have the power to veto a decision, or do they just influence others? Interest and needs – What motivates them? What are their goals and how can you align your solution to meet them? Relationship with you – Are they a champion, or do you need to nurture trust with them over time? Visualization: The final step is to create a visual stakeholder map that clearly outlines the relationships between stakeholders and their level of influence on the account. A well-designed map helps you prioritize engagement efforts and focus your resources on the most critical stakeholders. You can use various stakeholder mapping software or stakeholder relationship management tools to create these visualizations. They allow you to map out connections, analyze the influence dynamics, and plan your engagement strategies accordingly. Best Stakeholder Mapping Tools in 2024 1. DemandFarm DemandFarm is a comprehensive stakeholder mapping tool designed to provide project managers and teams with the visibility and engagement necessary for successful stakeholder management. DemandFarm simplifies the process of identifying, analyzing, and visualizing stakeholders, making it an invaluable asset for any organization aiming to streamline its stakeholder management practices. Key Features: Visual Maps: DemandFarm helps create intuitive and customizable stakeholder maps. These visual maps allow you to easily identify and understand the relationships and influences between different stakeholders. Whether you’re mapping out internal team members, external partners, or community groups, DemandFarm’s visual tools help you see the bigger picture with clarity and precision. You can drag and drop elements, adjust connections, and annotate maps to suit your specific project needs, ensuring that every detail is accounted for. Analytics: Understanding the impact and priorities of your stakeholders is crucial for effective project management. DemandFarm provides detailed analytics that offer deep insights into stakeholder behavior, influence, and engagement. Integration: One of DemandFarm’s standout features is its seamless integration with Customer Relationship Management (CRM) systems. By integrating with your existing CRM, DemandFarm provides a holistic view of stakeholder data, eliminating the need for manual data entry and ensuring that all relevant information is accessible in one place. Collaboration: Effective stakeholder management often involves multiple team members working together. DemandFarm’s collaborative features are designed to facilitate teamwork and ensure everyone is on the same page. Team members can collaborate in real-time, share insights, and update stakeholder information collectively. Why Choose DemandFarm? DemandFarm stands out as an excellent choice for organizations looking to elevate their stakeholder management practices. Here’s why: The platform is designed with the user in mind, offering an intuitive and easy-to-navigate interface that requires minimal
Implementing MEDDPICC Sales Methodology: How-to Guide for Sales & Sales Ops Leaders
Developed by Jack Napoli and Dick Dunkel at PTC, MEDDPICC has a proven history of success in managing complex sales cycles time and again. Using the MEDDIC framework, the duo increased PTC’s sales from $300 million to $1 billion in just four years, a remarkable achievement in tech sales. I want to break down the MEDDPICC framework, compare it with its predecessor, MEDDIC, and explain why this methodology has become a vital part of modern sales strategies. Learn more: Complete Guide on Sales Methodologies to Win Large Deals Key Components of the MEDDPICC Sales Methodology The MEDDPICC methodology is built around eight components: Metrics, economic buyer, Decision Criteria, Decision Process, Identifying Pain, Champion, Paper Process, and Competition. These elements equip with a structured approach to qualifying leads and navigating the complex sales processes. Navigating Sales Complexities with MEDDPICC Sales today isn’t what it used to be. With longer cycles, more stakeholders, and the complexities of multi-threaded sales, you need a framework that tackles these challenges head-on and offers a clear path to success. That’s where MEDDPICC comes in! MEDDPICC breaks down the sales process into manageable parts, ensuring that the salesperson covers each critical aspect thoroughly. In my 15+ years of the sales journey, I have seen many of my customers use MEDDPICC to align their strategy with their client’s needs, organize internal processes, and manage competition effectively. I’ve observed adopting MEDDPICC fosters continuous improvement and professional development in your approach, boosting your performance and driving success for your entire organization. Let’s dive into what makes MEDDPICC so impactful, why it’s an essential tool, and how it’s applied in today’s sales landscape. What is MEDDPICC? MEDDPICC is a detailed framework that guides the SDR through the B2B sales process. Each element represents a key step in the cycle, ensuring no stone is left unturned. Metrics Understanding and aligning with my client’s key performance indicators (KPIs) is crucial to me. It’s not enough to meet these metrics; I must ensure they’re realistic and achievable within my sales plan. If a client’s goal is a 15% sales increase within a year, I should be able to demonstrate how my solution can help reach that target by improving efficiency or market reach. Economic Buyer Identifying the person with budgetary authority is essential. Often, this means navigating complex corporate hierarchies and understanding who holds the real decision-making power. For example, when pitching a new CRM to a large company, I need to know whether the CFO or the Head of IT will sign off on the purchase, as each has different concerns. Decision Criteria I take the time to understand the factors my client uses to make purchasing decisions. This allows me to tailor my approach to meet their specific needs. If data security is their top priority, I emphasize our solution’s superior encryption and compliance with industry standards. Decision Process Map out the decision-making process within the client’s organization—who’s involved, the timeline, and any needed approvals. Knowing this helps me plan follow-ups and anticipate potential slowdowns. If the process involves a technical review, a pilot phase, and a final executive review, I should be ready for each step. Paper Process Never underestimate the importance of the administrative side of a sale. Ensuring that all documentation is complete and compliant is critical to avoid delays. For example, if extensive legal review is required, I ensure all documents are prepared and easily accessible to keep things moving. Identify Pain Uncovering and understanding my customer’s pain points is non-negotiable. I analyze their challenges to show how my solution can address them directly and effectively. If high customer churn is a concern, I illustrate how my product can improve customer satisfaction and retention. Champion Prioritize identifying and cultivating a champion within the client’s organization—someone who believes in my solution and can advocate for it internally. This person acts as your ally, providing insights and helping me sway opinions in your favor. Competition Understanding my competition’s strengths and weaknesses allows me to position my solution effectively. If my competitor’s product is cheaper but lacks reliability, I highlight my solution’s robust performance and long-term value. This way, I can make my offering stand out and address potential client objections proactively. M E D D P I C C “I’ve seen how MEDDPICC pushes sales teams to dig deeper—not just understanding the ‘what’ but the ‘why’ behind every metric, decision criterion, and stakeholder. This approach reshapes engagement, making every touchpoint more strategic and impactful.” — Pawanjeet Singh, VP of Sales at DemandFarm MEDDPICC vs. MEDDIC framework: Which is the right one for you? MEDDPICC evolved from the original MEDDIC framework, adding two crucial components: Paper Process and Competition. While MEDDIC covers Metrics, economic buyer, Decision Criteria, Decision Process, Identifying Pain, and Champion, MEDDPICC tackles the increased complexity of today’s sales environment by addressing these additional elements. The “P” for Paper Process acknowledges how important administrative efficiency and compliance have become. The “C” for Competition ensures I’m aware of my competitors and can strategically position against them. Step-by-Step Process of MEDDPICC Here are a few observations I’ve made from watching the MEDDPICC framework being implemented across various clients: Define Metrics: Identify the KPIs that matter most to my client, making sure your solution aligns with customer goals. Identify the Economic Buyer: Pinpoint who has budgetary control and tailor your strategy to their concerns. Understand Decision Criteria: Engage with clients to grasp the factors they prioritize in their purchasing decisions. Map the Decision Process: Outline the steps in their decision-making, including who’s involved and any required approvals. Manage the Paper Process: Ensure that all necessary documentation is ready to minimize delays. Identify and Address Pain Points: Conduct an in-depth analysis to understand their challenges and position my solution as the answer. Cultivate a Champion: Nurture relationships with internal advocates who can support my solution. Analyze the Competition: Do a competitive analysis to highlight my unique value proposition. Here is a quick explainer video by MEDDICC on implementing MEDDPICC in 10
What is cross-selling and how does it increase sales?
A McKinsey study pointed out that companies implementing cross-selling strategies have seen an increase in revenue of up to 30%. So what is cross-selling? Imagine you run a software company that provides CRM tools. One of your clients, a mid-sized business, uses your CRM software to manage their sales pipeline. During a routine check-in, your account manager learns that this client struggles with project management and team collaboration. Seeing an opportunity, the account manager suggests an add-on project management tool that your company offers. Since the client is already satisfied with the CRM software, they are likely to consider this additional product. This can lead to increased sales and enhance the client’s overall experience. This scenario illustrates cross-selling, a technique where a seller encourages a customer to purchase complementary or related products. Properly executed cross-selling can raise product portfolio sales by 10%. In this blog, let’s explore what is cross-selling, the difference between upselling and cross-selling, and also common cross-selling strategies that are implemented. What is cross-selling? Cross-selling is a sales technique implemented by key account managers, where a seller encourages a customer to purchase additional, complementary, or related products or services to the one they are already buying or considering. The goal of cross-selling is to maximize the value of each customer transaction by fulfilling more of the customer’s needs with a broader range of offerings from the same seller. This strategy not only boosts sales but also enhances customer satisfaction by providing a more comprehensive solution to their needs. Difference between upselling and cross-selling It’s essential to distinguish between cross-selling and upselling, as they are often confused but serve different purposes. Cross-selling involves offering complementary products to the one a customer is already purchasing. For example, suggesting a project management tool to a CRM software user, as in the scenario above. Upselling, on the other hand, is about encouraging the customer to purchase a more expensive version or an upgrade of the product they are considering or already own. For instance, if the same CRM software company offers a basic, professional, and enterprise version of their product, upselling would involve persuading a customer to move from the basic to the professional version. Cross-selling is also one of the easiest tactics to increase revenue. It can cost businesses 5 times more to get a new customer than to retain an existing one, making cross-selling important for customer retention. Both strategies aim to increase revenue, but cross-selling focuses on broadening the product portfolio a customer uses while upselling aims to enhance the value of a single product. Guide: Cross-selling and Upselling Explained Advantages of cross-selling 1. Increased Revenue Cross-selling can significantly boost a company’s revenue by encouraging customers to purchase additional products or services. 2. Higher Customer Lifetime Value When customers buy more products or services from the same company, their lifetime value increases. Cross-selling keeps customers engaged with the brand and encourages repeated transactions over time. 3. Efficient Use of Customer Data Cross-selling strategies leverage customer data to make personalized recommendations. This efficient use of data not only boosts sales but also ensures that customers receive relevant and useful suggestions. 4. Market Penetration Cross-selling allows companies to introduce new products to existing customers, thereby increasing the market penetration of their product portfolio. This strategy can be particularly useful for new product launches. Disadvantages of Cross-selling A Harvard Business Review study discovered that some customer profiles aren’t suited for cross-selling as they tend to use loop-holes and result in net loss for the company. “Cross-selling is profitable in the aggregate. But one in five cross-buying customers is unprofitable—and together this group accounts for 70% of a company’s “customer loss.” – The Dark Side of Cross-selling, HBR Before undertaking cross-selling decisions, firms need to look at their data set and formulate the customers they’ll be targeting in their marketing campaigns, that will make this favorable. “If the cross-sell products/services bring additional value and enrich the customer outcomes, then it is less ‘selling’ and more ‘solving.’ The focus should be on what the customer benefits from, not what the salesperson needs to sell.” – Natalie Hogg, Method Q Some other common pitfalls include, 1. Over-communicating and Spamming 33% of consumers said they wouldn’t return to businesses that didn’t send relevant follow-ups. If not done correctly, cross-selling can annoy customers. Persistent or irrelevant cross-selling attempts can lead to customer dissatisfaction and might even result in losing customers. 2. Increased Sales Cycle Complexity Introducing additional products or services during the sales process can complicate and lengthen the sales cycle. A Mckinsey study noted that accounts where the reps had to cross-sell to unfamiliar people/products took about 18 months longer to achieve results. Sales representatives need to be well-trained to handle these complexities effectively. 3. Risk of Overextension There’s a risk that companies might overextend their product offerings, leading to inventory issues and operational inefficiencies. Offering too many products can also dilute the company’s brand focus. Common Cross-selling Strategies and Examples 1. Personalized Recommendations Personalized recommendations leverage customer data to suggest products that are relevant to the customer’s specific needs and past behavior. Personalized recommendations are one of the most effective cross-selling techniques, with a 35% increase in sales when recommendations are based on customer data. This approach requires a good understanding of the customer’s business and challenges. Amazon is a prime example of personalized cross-selling. When a customer views a product, Amazon shows a “Frequently Bought Together” section, suggesting complementary items. For B2B companies, this can translate into using CRM data to understand what additional tools or services might benefit a particular client. Use customer data to create personalized product recommendations. This can involve using CRM systems to track purchase history, customer feedback, and industry trends. By understanding your customers’ needs and behaviors, you can offer relevant products that add value to their business. 2. Bundling Products Bundling involves offering a set of products together at a discounted rate, which can be more appealing than purchasing each item separately. Businesses implementing bundling strategies
Top 5 People.ai alternatives
As turbulent socioeconomic factors continue to put revenue forecasts at risk, B2B organizations are looking inward to strengthen the strongest player in their arsenal – their strategic accounts. This renewed focus in the post-COVID hybrid work environment era also means an accelerated adoption of key account management (KAM) tech tools. Technology is no longer a nice-to-have to boost the performance of your strategic accounts. Without it, you’re left behind in the dynamic, collaborative sales cycles of 2024. But picking a KAM tool for your organization is no mean feat. Consulting multiple stakeholders and balancing critical parameters can be time-consuming and exhaustive. There are several robust solutions on the market – People.ai is one such tool. However, for those seeking more flexibility in terms of pricing and capabilities, we’ve curated this list of People.ai alternatives. Selection criteria for the People.ai alternatives list We’ve carefully evaluated these tools with thorough research and consideration. We’ve paid close attention to factors of critical importance in the strategic account management space, like the ease of use, customizability, 2 way sync with your CRM, and quality of support. 1. DemandFarm DemandFarm is a robust, comprehensive solution for managing your key account portfolio. Their Salesforce-native suite has products for account planning, relationship mapping, and opportunity (large deal) management. If you’re not a Salesforce user, their CRM-agnostic suite (Account Central) would be a good fit for you. The DemandFarm product suite is highly customizable, and the team practices a unique phased approach to implementation that improves tool adoption within your organization. Their value-driven account-based pricing is also a unique differentiator in this space, which incorporates the cross-functional collaborative nature of key account management. With a customer base of global organizations like HCL Tech, DHL, and Tech Mahindra, DemandFarm is one of the best, most reliable alternatives to People.ai. DemandFarm is all the things I wish SF did for account management from the start. Sean Neighbors Senior Vice President, Global Product Offerings Pros They have a 100% Salesforce-native product suite and a CRM-agnostic version – a win-win. Known for their proactive support and implementation teams DemandFarm recommends a unique multi-step phased rollout of their tools to encourage immediate adoption by the customer organization A first-in-the-market account-based pricing designed to accommodate and encourage the collaborative nature of key account management Cons Lacks multi-language support People.ai vs DF Pricing Pricing model. Unclear of the different tiers available for scaling the reach of this tool.Would love more transparency of pricing for large roll-outs to large enterprises. I use the tool a lot and it is definitely worth its price. The support is excellent, our feedback is picked up! Two-Way Sync Not able to capture the physical meetings. It has to be on the calendars for getting captured. Can there be a 2-way flow of info between People.ai and the CRM? Some of the downsides of People.ai and the ones I appreciate the least include its price factor. and that its not suited to some industries and some domain areas. Fully integrated with Salesforce to avoid duplication of work, and provide a single user experience for the GTM team! 2. Prolifiq.ai Prolifiq.ai is also a worthy alternative to People.ai. In addition to having tools for relationship mapping and account planning (CRUSH), Prolifiq.ai also has a digital content management tool (ACE). All their tools are Salesforce-native and are available through the Salesforce AppExchange platform. With a product suite that caters to the sales and sales enablement teams, Prolifiq.ai attempts to create a holistic solution for strategic account management. The bi-directional sync with Salesforce makes this an easy choice for SF users, although some reviews report that the onboarding and product training could have been better. Pros Their products are 100% Salesforce-native. They have a solution for digital content management, which is incredibly helpful for sales enablement teams. Cons The training content to use Prolifiq is somewhat confusing to track and get relevant information. Onboarding could be a little more prescriptive. Prolifiq.ai vs DemandFarm Customizability The only downside would be the “home page” only allows you to have 1 or 2 columns. The flexibility to customize sections of the tool to align with our specific business. Two-Way Sync Onboarding could be a little more prescriptive. The onboarding was smooth and aftercare has been excellent. Two-Way Sync The training content to use Prolifiq is somewhat confusing to track and get relevant information. The service is top-notch and highly personalized. Our account rep is responsive and accommodating. 3. Altify Altify is another Salesforce-native alternative to People.ai. They have solutions for relationship mapping, opportunity management, account planning, collaboration, and managing customers’ buying cycles. Upland Altify combines technology, strategy, and best practices to enhance account planning, opportunity management, as well as insight and relationship mapping natively within Salesforce. Altify guides sellers with contextual actions, insights, and coaching to build intimacy with customers, uncover new pipeline, and grow significant revenue. (maybe rephrase – make it lame) Pros 100% Salesforce-native Intuitive visuals, easy to use Cons I think having access to some types of quick on demand training videos would be helpful. Usability for very large maps (>30 contacts). Requires several account or opportunity maps instead of just one. With all things associated with Upland Software, their support is non existent. They are only meant to sell you something and then walk away. Unless you have deep technical expertise, I would not waste your time. Their updates will break your system leaving you without the ability to move forward. Altify is it is only available with Salesforce.com (SFDC). Altify vs DemandFarm Training I think having access to some types of quick on demand training videos would be helpful. The application is very easy to set-up and use. Great training and customer support. I am impressed with Allen’s training skills. Org Chart Usability Usability for very large maps (>30 contacts).Requires several account or opportunity maps instead of just one. Org chart is my favorite part of the tool. I also like the overall account profile to see at a high level where
