What is Account-Based Sales?
Account-based sales is an omnichannel B2B sales method in which each target company (also known as an “account”) is treated as its own “market.” Sales representatives develop a unique, highly personalized sales strategy for each potential business customer. By customizing their messaging for each lead, sales reps hope to increase their conversion and retention rates.
How Does Account-Based Sales Work?
Because account-based sales seek to strengthen customer relationships, your customers will come to expect high-quality engagements at each step of the sales pipeline. Due to the large amount of effort required, account-based sales needs buy-in from other teams as well: not only from your sales reps but also from marketing, customer service, finance, and product development.
This account-based model can also be used in other business functions, such as “account-based marketing.” When used across the organization, it’s often called “account-based everything.”
Account-based sales need a lot of attention and investment, which means it isn’t the right fit for every product (or even for every organization). For example, if you sell a basic software product with a monthly $40 subscription fee to a wide audience, the effort required for account-based sales likely isn’t worth it. On the other hand, if you sell highly specialized software to a niche audience that pays a high price for your services, account-based sales can help improve your conversion rate, which will dramatically increase your bottom-line revenue.
What are the Benefits of Account-Based Sales?
The advantages of an account-based sales approach include:
- A high degree of personalization: Study after study has shown that highly personalized sales messaging, as used in account-based sales, is more effective in gaining people’s interest and converting them to paying customers.
- Targeted messaging: Account-based sales allow you to target multiple people within an organization, using targeted messaging for each one. For example, CEOs may be more receptive to information about how your product increases productivity and efficiency, while CFOs might be looking for how your product cuts costs.
Account-based sales are an invaluable tactic for increasing business revenue. What’s more, it can be made even more effective with the right sales technology for digitally transforming your business.
Are you looking for a sales engagement solution that can improve the performance of your sales team? Conquer can help. Book a meeting with our sales team today to discuss how Conquer Cadence, the only Sales Engagement Platform Truly Native to Salesforce, can help your team.