Role of Artificial Intelligence (AI) in Large Enterprise Account Planning
Did you know? The global AI market is valued at over USD $136 billion By 2025, as many as 97 million people will work in the AI space 48% of businesses use some form of AI to use big data effectively 83% of companies claim that AI is top priority in their business plans AI industry value is projected to increase over 13x over the next 7 years Netflix makes USD $1 billion annually from automated personalized recommendations In case you were wondering, the future is already here! Gone are the days of manually sifting through massive amounts of data to identify patterns and trends. We now live in a world where large enterprise account planning is no longer a tedious and time-consuming process. It is, instead, a streamlined and highly effective business strategy that provides companies with a significant competitive advantage. This is the difference that Artificial Intelligence (AI) has made. AI has the ability to process large amounts of data with ease, generate valuable insights and provide businesses with the tools they need to make informed decisions that accelerate growth and strengthen customer relationships. With AI, large enterprise account planning is transformed. The benefits are clear – improved efficiency, enhanced accuracy, and a more personalized approach to customer relationship management. From identifying potential sales opportunities to predicting customer behaviour, the power of AI is revolutionizing the way businesses plan for the future. It’s not about technology alone. Successful AI implementation requires careful consideration and planning. Businesses must have a clear and deep understanding of their customers and their unique needs, and the willingness to invest in the tools and resources necessary to make AI work for them. The good news is that real-world examples of successful AI implementation are already available. Companies that have embraced Netflix are seeing significant returns on their investments, including increased revenue, improved customer satisfaction, and reduced costs. The future of large enterprise account planning will only continue to improve with the power of AI. By embracing this technology and all its benefits, businesses can set themselves up for long-term success and growth. Read More: Analysts’ Predictions of AI for Sales, Account Management and Sales Enablement in 2023 Benefits of AI in Large Enterprise Account Planning AI technology offers a range of advanced benefits for large enterprise account planning. With the help of the modern tools and techniques that AI employs, businesses can gain deeper customer insights, optimize their account plans, and make better strategic decisions. Here’s how businesses can benefit from using AI in large enterprise resource planning. 1. Enhanced insights and data analysis AI can help businesses analyze large amounts of customer data with speed and identify patterns and trends. Using traditional data analysis techniques to perform these same tasks would be time-consuming and difficult. For example, machine learning algorithms can identify the most relevant customer attributes and predict which customers are most likely to make a new purchase or renew a contract. Businesses can gain a competitive edge and optimize their account plans more effectively through the use of advanced data analysis tools. 2. Improved efficiency and productivity Through the use of AI, many routine tasks and processes involved in account planning can be automated. This frees up time for sales and account management teams to focus on more strategic activities. For example, natural language processing (NLP) tools can analyze customer interactions and identify potential upsell and cross-sell opportunities. Also, automated lead generation tools can identify new potential customers using predefined criteria. By using these tools, businesses can improve their efficiency and productivity, thus ensuring that they achieve revenue goals more effectively. 3. Streamlined collaboration and communication Project management tools powered by AI are useful in helping teams collaborate more effectively and communicate more efficiently. Team members can have access to a centralized platform to access and share information. Workflows can be streamlined to ensure that everyone is working towards shared business goals. Advances virtual meeting tools can also be used to facilitate real-time communication and enable remote collaboration. This level of connection and accessibility has a positive effect on team productivity. It also reduces the time and costs associated with travel and in-person meetings. 4. Better risk management and decision-making By providing real-time insights into key performance indicators (KPIs) and identifying potential risks, AI can assist businesses in making more informed decisions. For example, network analysis tools can help companies identify potential risks in their supply chain and even predict when a supplier may become unreliable. Predictive analytics can help businesses anticipate market shifts and adjust strategies accordingly, minimizing the risk of lost revenue and possible damage to their reputations. 5. Increased accuracy and reliability Companies are always looking to identify their high-value customers and tailor their account plans accordingly. Working with AI-powered customer segmentation tools, this task is so much easier. These tools help businesses to segment customers based on a variety of attributes, such as demographics, purchase history, and engagement metrics. Advanced data analysis tools can also help businesses track the performance of their account plans. This data can then be used to develop and adjust their plans and strategies. Even as businesses gain a competitive edge and can effectively optimize their account planning through AI tools and techniques, it is important to note that there are challenges and limitations. These include data privacy concerns and the need for expertise in implementing and maintaining AI systems. Businesses that can overcome these challenges and utilize AI to its maximum potential in account planning will see significant benefits and achieve long-term growth and success. AI Tools and Techniques for Large Enterprise Account Planning AI has been able to effectively use the best and most advanced tools and techniques. Employing AI, therefore, gives companies deeper insights which help them drive growth. Some of the most popular AI tools and techniques used in large enterprise planning are: 1. Predictive analysis and Forecasting These are powerful AI tools to help businesses predict future trends and outcomes based on past data. By analyzing
QBR Playbook for Sales and Account Management Leaders
Introduction to the QBR Playbook The QBR (Quarterly Business Review) Playbook for Sales and Account Management Leaders is a comprehensive guide. It can be used to conduct regular performance interviews and analyze results to drive sales and account management success. The QBR process is designed to provide a structured approach to evaluate and improve the performance of sales and account management teams on a regular basis. By conducting regular reviews, leaders can stay abreast of industry trends, customer feedback and other relevant data that impacts the performance of their teams. The QBR process helps leaders identify areas of improvement, set measurable goals and create action plans to achieve them. This then helps teams improve their performance continuously and ensure that the whole organization is moving towards achieving its sales and revenue targets. The QBR process is an opportunity for leaders to gain insight into the effectiveness of their sales and account management strategies and make necessary adjustments. It involves: Preparation Review and Analysis Communication and Presentation Action Planning Follow Up and Tracking Preparation: As with all other successful processes, preparation is an important part of the QBR process. It sets the foundation for a successful review. To prepare for a QBR, leaders should consider a systematic approach that includes several key areas. The first step at this stage is goal-setting. These goals must align with the overall objectives of the organization and the sales and account management teams. Setting clear goals will help leaders focus their efforts and determine the key areas to be reviewed during the business review. Leaders should then identify key stakeholders to be included in the QBR process. This could include senior management, sales and account management teams, and other relevant departments. Identifying key stakeholders allows leaders to tailor the review process to the specific needs and expectations of each group. There is awareness among those involved in the review process and they can prepare accordingly. The next step is to gather the data and information to be reviewed – including sales data, industry trends and customer feedback. Collecting and analyzing data is a crucial step in the preparation process because it helps identify the issues and areas to be addressed. It also helps leaders track progress and evaluate the effectiveness of sales and account management strategies. Care must be taken that the data gathered is accurate and as up-to-date as possible. The relevance of the data will affect the effectiveness of the review. Finally, an agenda must be created including specific topics and questions to be addressed. The agenda must be shared with all key stakeholders invited to attend the QBR to allow them to prepare accordingly. The agenda should cover all the key areas of the review process. A review of the goals and progress, data and information analysis, discussions around any issues or areas that need to be addressed – are all key areas to be addressed. Review and Analysis: At this stage of the QBR process leaders evaluate the performance of their sales and account management teams, identify areas of improvement and develop strategies for improvement. At this stage, leaders gain insight into the effectiveness of their sales and account management strategies and make necessary adjustments. To start, leaders should focus on key metrics and KPIs that are relevant to the performance of their sales and account management teams. These metrics and KPIs should align with the goals of the organization and the sales and account management teams. Some metrics and KPIs that need focus are revenue, customer acquisition and retention, sales pipeline metrics, and performance evaluations of team members. Analysis of the quantitative data can give leaders a better picture of the performance of their teams. When qualitative data is analyzed it allows insight into areas like customer experience and the performance of individuals in the team. This allows leaders to plan how customer experience can be improved and what training and development support can be offered to teams. When the review and analysis stage is complete, it’s time to develop strategies for improvement. These should always be based on the data and information collected. While ensuring that these are aligned with organizational goals and the goals of the sales and account management teams, they must also take into account any industry trends, customer feedback, and other relevant data that may impact the performance of the sales and account management teams. Read More: Essential QBR Metrics to Track For Account Growth Communication and Presentation: At this stage, leaders share the results of the review and analysis stage with key stakeholders. Effective communication and presentation of QBR results are key to gaining buy-in and support from key stakeholders. When the findings are presented, successes and opportunities for improvement can be identified, and specific recommendations for addressing any issues can be provided. Leaders must take care to avoid jargon and use clear, concise language that is easy to understand. Using visual aids such as charts and graphs can also help leaders effectively communicate and present data and analysis. Visual aids provide a clear and concise representation of data making it easier for stakeholders to visualise, understand and interpret. It is important, at this stage to highlight successes and opportunities. These are the positive aspects derived from the previous stage and add an optimistic outlook to the business review. A thorough review and analysis stage will also highlight areas to be addressed. This could involve current concerns or future challenges. Addressing these proactively indicates a willingness to work on possible solutions that may even circumvent the anticipated problems. Another aspect, that leaders may want to consider is delivery. Irrespective of the duration of the meeting, you will need it to be engaging. One way of doing this is to solicit participation through questions and conversation. Asking open-ended questions could throw up suggestions, opinions and feedback that you have otherwise not received. Another way to increase participation is to listen attentively. The feedback and opinions may not always be what you’re expecting. But being
The Do’s and Don’ts of Quarterly Business Reviews (QBRs)
Before the do’s and don’ts, let us be clear – Quarterly business reviews are not for every client that an organization has. QBRs require effort from multiple members of the sales team to get a clear understanding of how the service helps customers take their business strategy forward. Quarterly business reviews show what can be acted upon based on this understanding, and can be fine-tuned with help from customers. They are a useful tool for B2B product companies to evaluate their performance and make strategic decisions. Company leaders can review key metrics such as revenue, customer retention, and product usage, and identify areas for improvement. They also allow for open communication between different departments and can help to identify any bottlenecks or roadblocks that may be affecting the company’s overall performance. For companies to stay on track with their goals and objectives, QBRs provide insights to make any necessary adjustments to their strategy in a timely manner and ensure the continued growth and success of the product. Read More: Essential QBR Metrics to Track For Account Growth What are Quarterly business reviews? Quarterly business reviews (QBRs) for key accounts are regular meetings between a company and its important customers to review the status of their relationship and identify opportunities for growth and improvement. During these meetings, the company typically presents data on key performance indicators, such as sales and revenue, and discusses any issues or concerns that have arisen. The customer also has the opportunity to provide feedback on their experience and suggest areas for improvement. QBRs are an important tool for maintaining and strengthening key business relationships. Learn more: QBR Playbook for Sales and Account Management Leaders Why are QBRs important? Quarterly business reviews provide a regular opportunity to review and assess the performance of the business and identify areas for improvement. QBRs can also help product organizations to better understand their customers’ needs and preferences, and make necessary adjustments to their products and services. QBRs can help product organizations to: Monitor progress regularly. The process of QBR helps product organizations identify any areas that are underperforming or not meeting their expectations. Inputs allow product organizations to make necessary adjustments to their products and services to better meet the needs of their customers. Identify opportunities for growth and expansion, like new markets, product lines, or services that the product organization can explore to increase revenue and profitability. Improve customer satisfaction by regularly checking in with their customers to understand their needs and preferences. Product organizations can better meet the needs of their customers and increase customer satisfaction. Increase efficiency by conducting regular QBRs, and identify areas where they can improve their internal processes. This can help product organizations to increase efficiency and productivity, ultimately leading to increased profitability. Quarterly business reviews are important for product organizations as they provide a regular opportunity to review and assess the performance of the business, identify areas for improvement, and make necessary adjustments to better meet the needs of their customers. How to gauge an effective QBR? Apart from measuring customer satisfaction through surveys and feedback forms, progress can be tracked against agreed-upon goals and other methods. The service provider and customer organization should have agreed-upon ways to track and report that can be examined during the quarterly review. Evaluate communication and collaboration: The effectiveness of the quarterly business review should be evaluated based on the level of communication and collaboration between the Sales teams and customer organization. Track incident and problem resolution: Taking into account the number and severity of incidents and problems that have been resolved during the quarter, gives an indication of how the product is developing. Monitor service level agreements (SLAs): Performance against agreed-upon SLAs need to be reviewed as market circumstances change, to highlight if any changes are necessary. Review financial metrics: Cost savings, revenue, profitability and other financial metrics show if there are any avenues that can be leveraged. Assess the use of technology: Using tools that simplify business reviews can give sales teams more time to actually engage with the client meaningfully. Seek feedback: The customer organization should be given the opportunity to provide feedback on the effectiveness of the quarterly business review and the Sales team’s overall performance. 4 Common mistakes to avoid while doing a QBR Business reviews should always be conducted in a strategic mode, not a tactical one. That rules out support requests and other business-as-usual practices to save time. A clear agenda keeps the discussion pointed, and keeping the discussion time-bound creates necessary urgency. Here are some common follies that can derail quarterly business reviews: 1. Not setting effective goals Quarterly business reviews are meant to foster growth, and the goals should reflect this. The meeting should be about both parties (the customer and the vendor sales team) deciding on the steps to achieve their most important goals. Starting with what both teams want to achieve in the next few quarters can give a definitive direction. The goals can be as simple as presenting actionable ideas to clients and get their buy-in, to the complex facets involving finance and production. Usage statistics and event summaries should reflect this aim so that the topics are kept in the conversation for the entire quarter. 2. Assuming customer needs Customer input on the agenda is a crucial part of a quarterly business review. Once the agenda is set, sharing it with the customer team and asking if there’s anything else they want in the business review keeps them involved. This skin in the game leads to productive discussions, and reduces efforts of sales teams too – as they don’t have to pull stats for something that the customer is not interested in looking at, right now. 3. Treating all customers the same Customers can be broadly classified as data-positive and data agnostic, where the customers who know their program and data really well are put in the ‘positive’ column and others are in the ‘agnostic’ set. There are other classifications that determine what
The 2025 Practical Guide to Sales Opportunity Management
Sales success is crucial for B2B software products, as it not only brings in revenue but also helps build long-term partnerships with prospects. Managing the sales cycles of prospects is important to ensure that the right opportunities are selected and nurtured, leading to successful closures. Sales team members, however, have to be ready at all times – every conversation with a potential customer is the possibility of a contract in their case. While it seems all pervasive, sales opportunity management is usually referred to the stage in the sales pipeline where sales qualified leads transition to paying customers. Considering that in sales, no deal is a done deal unless payment has been made, it becomes necessary for sales reps to be able to identify and nurture sales opportunities that are more likely to pay for the product or service. What is sales opportunity management? Sales opportunity management is the process of identifying sales opportunities qualifying deals worth chasing and nurturing them that improves the chances of winning them. It involves selecting the right opportunities to pursue and understanding the prospect’s organization structure better in order to close the sale. This includes analyzing the prospect’s current needs, as well as identifying any potential future needs that the software product can address. The management of the customer from identifying the opportunity to closing or losing a deal maximizes the opportunity, and product sales teams introduce their product in front of the prospect, with favourable communication that leads to a purchase. Sales teams identify the right people to interact with, identify the issues they are currently facing, zero in on the messaging that need to be communicated, and showcase products in such a way that it leads to a quick decision to purchase. Guide: How to do Opportunity Management in Salesforce CRM Why is sales opportunity management important? Sales opportunity management processes allow accounts teams in product organizations to gain valuable insights into their prospects through whitespace analysis. From areas where they can expand their product offerings to customer pain points that can be addressed, this highlights areas that can increase revenue potential. Additionally, by understanding the prospect’s organization structure and future potential, organizations can build stronger partnerships and increase the likelihood of long-term success. An up-to-date org chart enables sales team members to tailor their messaging and communication approach to maximize results. Learn More: 8 Steps of Sales Opportunity Planning Making opportunity-specific strategies Common Sales Opportunity Management Strategies include utilizing organizational charts and product roadmaps. Understanding the prospect’s organizational structure and decision-making processes can help sales teams identify key stakeholders and decision-makers, making it easier to tailor messages and close the sale. Additionally, utilizing product roadmaps can help sales teams understand the product’s future capabilities and how they align with the prospect’s needs. Including sales teams in roadmap-led discussions can allow product organizations to craft customer-centric ways forward that keep in line with the product vision. Read Now: Opportunity Planner by DemandFarm boosts tracking capabilities in 65+ opportunities for Dairy MAX Strategizing based on emerging trends In the coming year, we are likely to see more companies using artificial intelligence and machine learning to automate and streamline their sales processes. Additionally, there is an increasing focus on customer experience, with companies placing a greater emphasis on understanding and meeting the needs of their prospects. Having a deeper understanding of upcoming changes is as important as understanding buyer’s decision-makers. 1. AI and ML: Artificial intelligence (AI) and machine learning (ML) are being used to automate and optimize various aspects of the sales process, such as lead scoring and forecasting. AI can analyze past sales data and identify patterns that can predict future sales opportunities. This can help sales teams prioritize the most promising leads and opportunities. Various data points can be analyzed to assign a score to each lead, indicating the likelihood of them becoming a customer. This can help sales teams focus their efforts on the most valuable leads. Sales teams can quickly and accurately qualify leads by analyzing data points such as company size, industry, and budget, while creating personalized sales messages and recommendations for each lead. Their repetitive tasks such as data entry and lead follow-up can be automated, freeing up sales teams to focus on more high-value activities. AI can analyze historical data to predict future sales performance, helping sales teams set realistic targets and allocate resources accordingly. With AI and ML, Sales teams can identify and prioritize the most promising opportunities, increase the efficiency and effectiveness of their sales efforts, and make better-informed decisions. 2. Data and analytics: Sales teams are increasingly using data and analytics to gain insights into customer behavior and preferences, and to identify new sales opportunities. By analyzing customer data, such as demographics, purchase history, and online behavior, businesses can segment their customer base into different groups with similar characteristics. This allows them to tailor their sales approach to specific segments and increase the chances of closing deals. Their lead scoring efforts get a boost too, with the ability to assign a score to each lead based on their likelihood of becoming a customer. This allows sales teams to prioritize leads and focus on the most promising opportunities. Predictive analytics are used to identify patterns and check the veracity of decisions about future sales opportunities. They can plan ahead and proactively target potential customers. Customer sentiment analysis through feedback, reviews, and social media posts gives businesses insights into how customers feel about their products and services – paving the way to address any issues and improve customer satisfaction. Messages and the product can be personalized to the specific needs and preferences of each customer, increasing the chances of closing deals. 3. Social selling: This process involves using social media platforms to connect with potential customers and build relationships, and is becoming more popular. It allows salespeople to connect with potential customers and build relationships through social media platforms. This can help salespeople identify potential leads, establish credibility and trust, and stay top-of-mind with
10 Best Practices to Run Highly Productive Quarterly Business Reviews
Quarterly business reviews (QBRs) are an essential tool for driving success in any organization. These regular meetings provide a platform for you and your customer to review progress, assess the performance of your product or service, identify areas for improvement and discover growth opportunities. By conducting QBRs, your company can stay on track to achieve your goals, stay competitive in the market and ensure you’re meeting your customers’ needs. You can use this platform to listen to feedback from your customers and then use this information to make improvements to your offerings. You can thus remain relevant to your customers and build closer ties with them. One of the key benefits of QBRs is that they provide an opportunity to quickly identify and address problems or challenges that may have arisen. You can promptly address these, thus avoiding bigger problems and a negative impact on your business. It also helps with retaining your best customers. QBRs are a great tool for communication. By inviting and encouraging open and honest feedback and allowing your customers time to address concerns and challenges you build trust and foster collaboration. Through these sessions, your customer can share their ideas and concerns and you can work with them to develop workable and relevant solutions. They are a great way to compare progress against the goals and objectives set. You’re able to demonstrate how your product or service has helped your customer achieve success in their goals. By understanding their future plans, you can tailor your product so it continues to be a part of their triumph. Quarterly business reviews when done right are time-consuming and need a lot of planning and preparation. After all, you want to make the most of this one-on-one time with the key stakeholders of your customer’s business. If their only interaction has been with your product, you will want to establish a connection and develop a long-term relationship with them. So, make sure you are prepared to impress them at that meeting. Read More: Essential QBR Metrics to Track For Account Growth Here are 10 best practices that will help you make your quarterly business reviews effective, impressive and productive. Choosing Your Customers Defining Objectives And Goals Inviting Participation From Key Customer Stakeholders Creating and Circulating An Agenda Effectively Using Data and Metrics Encouraging Active Participation Reviewing Progress Against Previous Goals And Objectives Sharing Updates From The QBR Session Leveraging Technology and Data-Analytics Planning For The Next Quarter Learn more: QBR Playbook for Sales and Account Management Leaders 1. Choosing Your Customers Since you need to invest time, energy and resources in planning and conducting quarterly business reviews, you need to make a wise investment. Choosing the right customers is an important step in ensuring the success of these meetings because they can provide valuable feedback and help you identify areas for improvement. When choosing who you want to conduct quarterly business reviews for, you can consider the following: Your most valuable customers. These can be your oldest customers, those that generate the highest volume or those who have a high lifetime customer value. These key accounts can provide valuable feedback and insights, and their opinions are important to the success of the company. Highly engaged customers. Choose customers that have recently been in contact with your company, those that have heavy engagement on your social media or have a history of providing relevant and helpful feedback. Engaged customers are more likely to actively participate in the QBR process. Customers with diverse perspectives. Look for customers across industries, geographies and company sizes. Getting feedback from different perspectives will give you a more comprehensive view of your product and will help identify areas for improvement. Make sure to get permission from your customers before inviting them to participate in a QBR. Emphasize that the session presents an opportunity for them to be heard and to influence product upgrades and improvements. 2. Defining Objectives And Goals You need to clearly define the objectives and goals of your quarterly business review in advance and share them with all those you expect to attend. Having clear objectives and goals helps to ensure that the QBR is focused and productive. It provides structure and direction to the discussion. All attendees understand the expected outcomes and this ensures the review stays on track and doesn’t veer off into tangents or unproductive discussions. Clear goals and objectives also provide a framework for evaluating the success of your QBR. Sharing the goals and objectives with all attendees in advance helps them come prepared for the meeting. Thus resulting in more targeted and efficient discussions during the meeting. It’s important to set specific and measurable objectives and goals. For example, the goal of ‘increasing customer satisfaction’ is too broad and generic. It can be better defined as ‘increasing customer satisfaction by 10% within the next quarter’. This makes the goal easier to measure and progress easier to track. 3. Inviting Participation From Key Customer Stakeholders Inviting key customer stakeholders to participate in QBRs is an excellent way to ensure the success of these meetings. Stakeholders can include decision-makers, key influencers, product users and other individuals who play an important role in the relationship between you and your customer. Don’t be afraid to invite people across the company. If they can provide relevant and helpful feedback on your product and service, invite them! Different perspectives only mean more robust feedback. Key stakeholders can provide valuable information about the usage and perceived value of your product. You can gain insight into your customer’s experience, their priorities and needs, their future goals and plans. This allows you to better shape your strategy and plans and tailor your products to meet the needs of the market. The QBR helps foster better relationships with your customers. Highlighting the role your product played in achieving success for your customer will help them better appreciate your alliance and product. Seeing their opinions and feedback given due attention and incorporated makes them feel valued. This leads
The 2025 Essential Guide to Quarterly Business Reviews (QBRs)
It’s 2024! The memories of the midnight revelry have probably faded. The resolutions you made when the clocks ushered in the New Year are now looking less appealing. But what you can’t afford to ignore are processes and strategies that will help your business stay competitive and grow in the year ahead. One such essential, and probably highly underrated tool, is the Quarterly Business Review (QBR). This 2024 Essential Guide to QBRs will provide you with the knowledge and tools you need to conduct effective and efficient QBRs, and help you unlock the full potential of your business. Read More: Essential QBR Metrics to Track For Account Growth What is a Quarterly Business Review (QBR)? As the name suggests, QBRs are business reviews conducted with your customers every quarter. The main purpose of this exercise is to review the impact your products or services are having on your customer’s company, how you are facilitating their progress and discuss future plans and upcoming targets. By regularly reviewing and assessing key performance indicators (KPIs), businesses can identify areas of strength and weakness, set measurable goals, and make informed decisions to drive success. A QBR ensures regular communication about the value you provide and can facilitate a seamless renewal process. Learn more: QBR Playbook for Sales and Account Management Leaders QBRs – Purpose and Objectives To implement effective QBRs, it is first important to understand their purpose and objectives. These business reviews should be used to assess the performance of the business as a whole, as well as the performance of departments and teams. They should also be used to identify and prioritize opportunities for improvement, and to set measurable goals for the next quarter. A QBR has to include and involve key stakeholders from your customer’s business. It’s important to involve stakeholders from various levels of your customer’s organization because of the valuable insights and ideas for improvement that people at all levels bring. For the most benefits out of your QBRs, make sure to set a clear and consistent agenda. This could include a focus on financial performance or customer satisfaction. Or you may want to review employee engagement. It may even be a mix of various parameters. It’s important to set aside time for open discussions and brainstorming to identify new opportunities and address any challenges that may have come up. One important aspect of QBRs is tracking progress and following up on action items. It’s important to establish a system for tracking progress on goals and action items, so you can measure your success and identify areas where additional support or resources may be needed. Read Now: 10 Best Practices to Run Super Productive Quarterly Business Reviews The Components of an Effective Quarterly Business Review When you’re setting the agenda for your quarterly business review, check if you’ve included one or more of the following: 1. Review of product implementation or usage goals This will help you understand if your product is being used for the purpose it was intended for. It can also help you identify gaps because of which there isn’t much perceived value for your product. When these gaps are identified you can work on closing them and demonstrating the actual value of your product to your customer’s business. 2. Performance review for the previous or last financial period and assessing the value generated By doing this you can make sure that both parties are on the same page when it comes to the value being created by your product. You also become aware of any shortfall in performance and expectations, and can accordingly make any changes necessary for improvement. 3. Analysis of anticipated problems and complications Addressing and discussing these before they happen will allow both parties to be prepared if they do arise. Brainstorming about the steps that can be taken in the face of various challenges and obstacles is also helpful. This process may also help with finding solutions to avoid some anticipated issues. 4. Planning for the future Are you interested in being more than a vendor? If you’re looking to be a contributing partner to your customer’s success, then sharing plans for the future is a great way to take your association further. Taking the time to learn about your customer’s future business plans can help you develop a plan to continue helping and supporting them. This ultimately helps with customer retention. Sharing your plans for expansion or product development will help build interest. 5. Share planned product improvements This is your chance to showcase how you’re invested in product development and improvement. During this discussion or presentation, you should specifically focus on those product features that are being improved at the specific request of your customer. This also proves to your customers that their inputs are important to you. It makes them feel part of your growth and development. Learn More: The Do’s and Don’ts of Quarterly Business Reviews (QBRs) What a Quarterly Business Review is NOT a Substitute for While it’s important to understand what a QBR is and what it includes, it is equally important to understand what it should not be focused on. Although these business reviews will help you understand how well your product or service is being used, the focus at these meetings is on the customer. The customer is the ‘hero’. Your product or service is in a supporting role, helping the ‘hero’ achieve success. 1. Do not use the QBR to sell This could include upselling, cross-selling or even promoting a newer product or service. This does not mean that you shouldn’t talk about new features or improvements in your product. Just don’t use this session as a back door to sell more stuff. 2. ‘Business’ is the primary word Don’t treat this meeting as a social interaction. And don’t take the time set aside for this review for granted. It is an important business meeting. One that will allow you to demonstrate the value you bring to the partnership. Use your
11 Crucial Account Management KPIs that Dictate Success
Key Account Management can be a difficult process. The biggest challenge to selecting the right account management strategy is focusing on too many things too soon. Ideally, the focus should be on only a few impactful components or Key Performance Indicators (KPIs) that can set you apart from your competitors. This has the potential to grow your key accounts exponentially. What are KPIs in sales? Key Performance Indicators, or KPIs, in sales, are measurable values that demonstrate how effectively a sales team is achieving its key business objectives. By using KPIs, organizations can assess their sales performance, identify areas for improvement, and make informed decisions to drive growth. KPIs can cover various aspects of the sales process, from lead generation to closing deals, and provide valuable insights that help teams strategize effectively and gain customer retention. Sales KPIs can vary widely based on the specific goals of the organization, but some common examples include: Sales Revenue: The total income from sales, which reflects the effectiveness of the sales team in generating profit. Conversion Rate: The percentage of leads that are converted into actual sales, indicating the effectiveness of sales tactics. Customer Acquisition Cost (CAC): The total cost spent on acquiring a new customer, which helps in understanding the return on sales investment. Average Deal Size: The average revenue earned per deal, useful for setting sales forecasts and targets. Sales Growth Rate: The rate at which sales revenue increases over a specified period, providing insights into business health and market demand. By carefully selecting and monitoring relevant KPIs, sales teams can enhance their performance, optimize processes, and achieve greater success in their endeavors. Take a look at the top 11 Account Management KPIs that require focus for long-term success. Key Account Management Glossary: Crucial Account Management Terms Explained 1. Customer Lifetime Value (CLV) Customer Lifetime Value is the total revenue that a business can generate from a single account in the entire course of the arrangement. It is calculated by: Customer Lifetime Value = (Customer Value) x (Average Customer Lifespan) Importance of Customer Lifetime Value Instantly tells your most revenue-generating buyer personas. Gauges the potential of individual key accounts. Identifies common factors that drive the most profitable customers. Analyzes the ability of account managers to engage existing clientele. Lowers customer cost per acquisition and maximizes profitability. 2. Referenceable Clients How likely are your clients to refer you to their professional network? When quantified, this is directly proportional to the performance of your account managers. There are three primary ways to track this KPI: Monitoring social media mentions to understand the consensus about the performance of account managers. Directly asking current customers by including a question in key feedback surveys Adding a field like “how did you hear about us?” in inbound contact forms. 3. Customer Satisfaction Customer Satisfaction scores (CSAT) is one KPI that can explain a lot about the performance of account managers. They can be easily captured via customized surveys across multiple channels. Net Promoter Score (NPS), is one of the best ways to calculate Customer Satisfaction. NPS asks clients about how likely they are to recommend the services and products to their colleagues and quantifies the result. Clients are then divided into Promoters, Passives, and Detractors. 4. Customer Outcomes Customer Outcomes is a function of customer-centricity. It involves tracking the achievement of customer goals to analyze and arrive at the performance of the account managers. Such tracking can be achieved by looking at: Leading Indicators: Forward-looking indicators that look at and anticipate future outcomes and events. Lagging Indicators: Backward-looking indicators that analyze whether the desired outcome was achieved. If any discrepancy exists between the inputs and outputs of Key Account Managers, the problem can then be diagnosed accordingly. 5. Customer Interaction Customer Interaction provides valuable insights into the amount of time that account managers dedicate to engaging with their customers. This engagement is crucial for building and maintaining strong relationships. Long gaps in customer interactions can signal inadequacies in relationship mapping and management, potentially leading to decreased client satisfaction and loyalty. Measuring this engagement effectively requires a thorough tracking of both inbound and outbound touchpoints. This includes monitoring phone calls, emails, meetings, and any other forms of communication. An ideal scenario involves a high frequency of reaching out to key account managers coupled with a low resolution time for any issues or inquiries. Such practices are essential as they foster increased trust from clients, contributing to a stronger relationship. Furthermore, these efforts are instrumental in driving the Customer Lifetime Value (CLV), ultimately benefiting both the client and the organization in the long run in terms of business relationship. 6. Organic Growth When clients are satisfied with the product or service, they are more likely to scale their engagement, even when it comes to premium offerings. This satisfaction can lead to increased trust and loyalty, Customer Retention Rate, encouraging clients to explore more advanced or additional options provided by the company. Key indicators here can include the percentage of sales generated through references, which often signifies client satisfaction and trust, the percentage of repeat customers, showcasing ongoing client loyalty, the percentage of customers likely to engage in cross-selling or up-selling opportunities, reflecting their willingness to invest further, and the ratio of new to repeat sales, indicating the balance between attracting new key clients and retaining existing ones. These metrics are crucial for understanding client satisfaction and potential business growth opportunities. 7. Client Acquisition Rates This KPI represents the number of customers that account managers actually reach out to. This is the first step of a client relationship and may explain the discrepancies between your highest and lowest performers. Acquisition rates can differ for different outreach methods such as cold calling, emailing, or face-to-face interactions. It is imperative to find the ideal number of touchpoints beyond which conversion rates begin to plummet. 8. Employee Satisfaction This might seem an odd KPI, but it makes sense considering how demanding the role of an account manager can get. Internal surveys and interviews to ensure employee satisfaction translates to satisfied customers. A
Quick Look into Relationship Mapping in 2025
Relationship Mapping is a visual representation of an account or customer’s organizational chart. It gives an idea of the kind of connections and influences each entity has over another. Relationship mapping ensures that there is clear understanding into the complex relationships within an organization when it comes to B2B sales negotiations. This enables account managers and sales leaders to identify the purchasing process, stakeholders and the influence of these stakeholders within the organizational hierarchy of your customers. The Need for Relationship Mapping If we are unaware of the key stakeholders, decision-makers, or influencers within the target client’s organization, there is a possibility of losing the lead and the entire deal in the highly competitive B2B world. In order to ensure that the bargaining power of your sales and account management teams don’t fall short of expectations, there is a need to be equipped with the ability to sell your products and also to push out other products to your clients. Importance of Customer Relationship Mapping To Retain Your Customers To Win New Clients To Sell More to your existing Clients Relationship Mapping primarily serves the purpose of achieving 3 main goals Generate more revenue from the existing set of clients Win new clients Protect your existing clientele When equipped with the necessary tools, Key Account Managers can arrive at the best possible outcomes during negotiations and generate increased revenue. Relationship Mapping helps identify newer and fresher white space opportunities for revenue generation and simultaneously strengthens older streams of revenue. 6-Step Process to Create a Relationship Map 1) Clarify Interests Before you begin the task of creating your relationship map, it is important to firmly state what your interests are. Every client-side team will have various positions and demands made by certain individuals or parties. These positions could stem from their needs, concerns, hopes, desires, and fears in the short term(2-3 months) , mid-term (1-3 years) and long-term (3+ years). 2) Identify all the Relevant Stakeholders Ensure that no stakeholder is left out. Knowing the organizational hierarchy and internal pecking order throughout the changes in a client’s life cycle is useful to be in a better position and defining goals during negotiations. This is why updating the relationship map is important. 3)Identify the Interests of the Stakeholders within the Account Identify and analyze relevant players and the interests of the client. List out their needs, concerns and fears to better understand the stakeholders involved with the account. 4)Identify the Relationship between the Stakeholders in an Account This requires knowing who the relevant players are, and what each player wants from the agreement. You need to identify and analyze all existing relationships between the parties and the type of relationships. 5)Identify Coalitions Identifying coalitions within the client organization can help you in your agreement. This helps determine whom to include and exclude in your negotiations. 6)Attack the Stakeholder Relationship Map with Strategy and Tact After the map has been created, it is up to you to make a clear plan of action for you and your team. Checkout these 3 strategies to employ your relationship map in action for your key accounts. Strategies for Growing Key Accounts Using Relationship Mapping 1) Bootstrapping Move from ‘easier’ parties to ‘harder’ parties. Exploit your personal and professional relations to finally arrive at your desired outcome. Easier parties are natural allies and harder parties need more influence from within the organization to come to an agreement. 2) Backward Mapping Identify to whom the decision-maker defers. Then, identify the person to whom that player defers. Keep doing this till you identify a player with whom you can influence easily. Individual relationship patterns and joint value created from your coalition influence the final decision-making process. 3) Pyramiding This strategy is the opposite of bootstrapping. Begin with the players who are hardest to influence. Often these parties are the ones who exert the most influence within an organization. This strategy allows you to ally yourself with parties that have so much influential power over others that once you have them on your side, you are almost assured that you will have no opposition. 3 points to consider while creating a Stakeholder Relationship Map Key account managers need to be proactive communicators and share critical information to ensure the success of ongoing actions. The following are three important points to keep in mind while designing a solution to a relationship map that adds value to your products and services. 1) Accessibility for All Every member of your team can have critical information on your client’s performance, preference, need gaps, relation dynamics, and so many more intangibles. 2) Real-Time Data Is Critical Make it a priority with your team to update the relationship map every time there is a tangible or intangible change within the client organization to stay up to date. 3) Regular Review of the Relationship Map It is necessary to conduct a monthly or quarterly review of it to ensure the credibility of data. What makes a good Relationship Mapping Tool? Creating a relationship map is only the first step of your journey. It is necessary to structure your thoughts and goals for a relationship map. A good stakeholder relationship map will help you answer the following questions:- What am I trying to achieve from this client partnership? Who among the clients and my organization would be affected by it? How can each one of the stakeholders from the client’s organization help or hurt my objectives? What can I do to leverage the entities that are helpful for my cause? What is the path I should take for any possible damage control in the future? Relationship Mapping for effective Key Account Management Key Account Management implies going above and beyond for building long-term relationships with a focus on the customers who make up the majority of the business’s revenue. A powerful solution that can assist Key Account Managers is the relationship mapping tool. A good relationship map is a tool that makes the best use of
Best Practices for the B2B Side of Key Account Management
Focus on key accounts is a lot more important in the B2B sector, and for good reason: the complexity of B2B businesses demands efficiency, and handling a large roster of customers all of whom clamor for attention can stretch teams thin. B2B businesses rely on customer management heavily to keep a steady sales flow. While they focus on key accounts, the management strategy usually follows regular account management practices. Based on the size and the products offered, vendor organizations can have multiple criteria for identifying key accounts, but it is important to understand the nuances of customer needs before embarking on a key account management process. Leaders of the organization can guide or collaborate on creating a plan for key accounts, with multiple departments – and implement practices that benefit both the customer and the vendor. The business of key accounts The first factor that pops up when ‘key’ accounts are mentioned, is revenue. Classifying customers based on the revenue share they bring to the organization is a common classification method, as any customer that drives a large chunk of revenue should be treated well. These key account contacts can also refer new prospects, because word of mouth carries a lot of weight when critical business functions are involved. Their endorsement can also lend credibility to the organization and its products, along with opportunities to learn, evolve and innovate. The major focus should be on prioritizing the future of the partnership, instead of instant gains. Understanding parameters like recurring sales, customer’s lifetime value, scope of innovation and common growth, and shared goals can make the choice of key customers obvious. Collaboration between multiple teams is necessary to provide a strong support that successfully nurtures them. Re-evaluating the current sales process can shed light on how long-term relationships can be formed with key customers, and can reveal if the upselling potential of the product is a feasible option. What does a successful key account manager do? Providing training in strategic account management is the preferred option for 61% of organizations to achieve greater revenue and customer satisfaction. Training teams on understanding best account management practices, allows managers to determine what accounts can be termed ‘key’ ones and apply different tactics instead of focusing on closing a one-time deal. Strengthening ties and aligning with customer goals for the short and long term requires key account managers to think beyond the box. 1. Making personal connections that focus on business might sound like an oxymoron, but strategic account managers with their in-depth customer knowledge can provide extremely personalized solutions to the problems faced by their customers. They can change their pitch sequence to address these issues, and convince customers on how the product is suited to fulfil their needs. They can also pitch customizations and add-ons that customers can use to extract additional value from their operations. The understanding of accounts keeps teams to be proactive, anticipate customer needs, and stay up-to-date on industry trends. Having a personal equation also allows employees to alert and educate customers about potential changes. Customers nowadays want a partner who can guide them into understanding best practices and why they matter, so that they can focus on the core aspects of their job and not spending time on researching a tangential aspect of their task. Results show that customer satisfaction can lead to a bump of 20% and more in engagement, while improving revenue generation by more than 15%. 2. Tailoring solutions in the best way possible right from the moment of pitching, can allow managers to create customer-specific product plans and benefits. Showing the benefits of the product usage to the customers on a regular basis switches the focus of customers on to the extra value provided, can be even interested in upselling opportunities with the same product, or other offerings from the vendor. based on the needs of each account. By tailoring the services to meet specific needs, the relationship can be elevated from buyer and seller to business partners. The big-picture view of key account management gives managers the freedom to fit relevant services in regular workflows of customer organization. The streamlining promotes confidence in the abilities of the solution provider, and interactions between both parties can take a consultation-based role. 3. Enabling decision making is essential for managing high-value accounts, which require time and resources of multiple teams and employees. Having a strong manager who can take calls that are in the interests of both parties and not just short-term gains, can drive operations smoothly. People skills and clarity in communication are essential for key account managers who handle large accounts that have multiple client stakeholders. Organizations should also look into tools that help in structuring and analyzing data, so that managers can plan future strategies with certainty, and keep team members on track. Why can’t all customers become key accounts? There’s a limit to key account management practices, and no matter how sophisticated a vendor’s processes are, some customer partnerships don’t develop past the transaction phase. Trying to convert such clients by assigning more resources, can only complicate matters – as it is really difficult to scale a client don from ‘key’ status, without losing it. Enthusiastic managers might be keen to designate the account they’ve just won as ‘key’, but leaders should have steps in place to negate such euphoric decisions. Highlighting differences between one-off transactions and potential partnerships through various lenses can solve this issue, and also helps managers look at factors beyond revenue (which is very important, but not the only important factor).The ratio of revenue to cost for customers shows the current state, while determining potential to expand ensures future growth, and highlights any mismatches with product fit. Based on the trajectory, key account managers can look at upselling and cross-selling, and push their customers toward high value status. Unlocking value from digital analytics AI and ML (machine learning) have made further inroads into efficiency and usability, and they can help B2B account management practices evolve too.
Fly High Even During A Recession
Make your Key Account Management strategy work even during an economic downturn The recession is coming down on us faster than any of us expected. This unforeseen economic downturn is likely to have impacted your 2022 account plans. While post-covid ‘Land & Expand’ was the favorite approach to growing Key Accounts, the recession has resulted in additional dimensions being added to the Land & Expand strategy. This article takes you through on how to get back on track with your key accounts, lay the foundation for regaining stability and continuing growth. Based on our interactions with existing enterprise accounts and knowledge of the challenges faced by them, this article runs you through how you can recalibrate your account plans for 2023 in light of the recession. What’s Going on in the Market Right Now? Right now, the market looks a bit bleak. You might be experiencing the following situation 1) Stalled contracts: Customers you were pursuing might have stalled contracts in fear of the recession and due to lack of funds. 2) Losing your Champions: Employees are getting furloughed due to the economic condition. They might have been the champions in your organization and this can negatively impact you. 3) Lack of resources: As you lose a percentage of your workforce, there are fewer people to take care of your key accounts. This can diminish the attention that should be given to the customers who bring in the most revenue. 4) Lack of focus: Diverted resources, loss in workforce and uncertainties surrounding current economic conditions directly affect the status of your key accounts. The sales concentration that key accounts should get is negatively impacted in the chaos of the situation. When times get tight, it is more important than ever to focus on your existing customers, to invest in them and solidify relationships you already have. Impact of the Economic Downturn The IMF projects that world economic growth will slow to 3.2% this year, down from 6.1% in 2021 (Forrester Research Inc. 2022). An economic downturn comes with its own set of issues for both your organization and yourself. Budgets are now tighter and expenditures are highly restricted. High-risk of churn – you could lose a major customer at any time. Customers will be looking to cut – costs and might not want to purchase your service/ product. Existing customers might not want to renew. Money is often lost by spending it on attracting new customers. Proving ROI becomes complicated. However, in the 2022 Forrester Research Inc. report titled ‘2023 Planning Isn’t Business As Usual’, leaders do not want to slow down tech investments. 67% of leaders expected budget increases when it came to technology. Being mindful of the impact of a downturn on your organization requires embracing consequences while at the same time rethinking your strategies. Winning the CFOs approval: How to Present RoI of a Key Account Management Software Keep Calm and Weather the Storm How do you deal with such uncertain economic times both as an organization and as an individual? 1) Become trusted advisors With a recession ahead, customers might be looking for ways to cut costs. To avoid being part of external vendors who could get cut, you should make yourself invaluable. The first step in making yourself invaluable is to become more than a vendor. You need to become a trusted advisor by becoming a strategic partner. Knowing the customer as much as possible is vital to this. 2) Know your client In order to become a trusted advisor and a beneficial partner, you should know all details about your client including how they work, their likes and dislikes. Analyzing what strategies have worked in the past for them, what hasn’t and what are their goals for the future also ensures you understand your client completely. Knowing both their short-term and long-term goals is important for providing strategic solutions. Proactively following up with clients is also necessary to help them reach their goals. 3) Build on Strategic Relationships A trusted key account manager should work on contingency plans and long-term strategies with their customers. So when the recession begins to hit, the customer is well-prepared to face the economic downturn. The question remains how do you build such strategic relationships with your customers? The answer lies in key account management. Seven Sure-fire Ways to Recession Proof your Key Account Management strategy 1) Build stronger processes Build a strong plan of action for your top strategic accounts or key accounts. Assess your client portfolio and prioritize based on current revenue and growth potential to develop a well-defined strategy moving forward. When tighter budgets and higher scrutiny becomes the norm, don’t lose out on defending and growing your key accounts by building a strong foundational framework of key account management. A few aspects of your KAM model ought to be equipped with: Ability to get a complete view of stakeholders in your key accounts Facility to manage relationships within them at scale Ability to track all activities between your company and the customer 2) Strengthen governance Ensure that there is real-time performance data and trend analysis to strengthen governance. Ideally, executive dashboards and reports with intuitive drill-downs are essential for enhanced governance in your key accounts. 3) Increase Collaboration Increasing collaboration among the sales teams and account teams helps build a strong support system both internally and externally. This can help engage with your customer in a meaningful manner across the board. This will also make certain you dig deeper into existing customer relationships so that you can stay on top of their needs and relevant to their long-term goals. 4) Relationships are even more important Nobody wants to receive bad news, and that can hold you back from being realistic with your customers. It is definitely easier to speak with clients and stakeholders when you are delivering good news. But, as trusted advisors, key customers rely on you for recommendations and solutions to the challenges they are currently facing.
