Account Based Selling (ABS) is growing from a buzzword to a top of mind strategy for today’s Sales leaders. In our new series on Account Based Selling, we’ll explore the hype, breakdown what it means and demonstrate how to accomplish it within your organization. We think Account Based Selling is a way into the future of selling and in this series, we’ll outline how your organization can get onboard.
Brief History: Account Based Marketing, the Secret Weapon for Marketing
ITSMA coined the phrase Account Based Marketing (ABM) back in 2004 and define it as, “a structured approach to developing and implementing highly-customized marketing campaigns to markets of one, i.e., accounts, partners or prospects.”
At its core, Account Based Marketing builds relationships with a targeted set of accounts and runs hyper-personalized campaigns for each account. Further, it found that the B2B buyer’s decision is not made by a single person, but rather by a committee of people who collectively come to a decision, together.
Marketers have been relying on Account Based Marketing as their secret weapon for years. Through it, they’ve been able to fully understand their buyer, their pain points and target their campaigns to everyone in the buyer’s committee for the account.
What is Account Based Selling?
Much like ABM, Account Based Selling focuses on selling at the account level, rather than the lead level with tailored, account-specific campaigns. Although considered a buzzword, Account Based Selling is not new. In fact, Account Based Selling is enterprise selling just rebranded with a new name. Enterprise selling or Account Based Selling—whatever you call it—we’re thrilled that ABS finally get the buzz it deserves.
Salespeople are beginning to realize that within each account, there are 5+ individuals involved in the purchasing decision, which ultimately forms that account’s buyer’s committee. This buyer’s committee includes roles such as a VP, Operations, Marketing, Director, etc., and each persona within the buyer’s committee has their own department, pain points and objectives.
With more voices part of the buying process, Salespeople need to target and personalize their outreach messaging on a per account basis to determine, research and connect with the entire buyer’s committee and fully understand the account’s needs.
Through understanding accounts at a holistic account level, it increases the potential revenue that will be brought in at the end of the sales cycle. In connecting and engaging with multiple stakeholders all at once, it sways their decision into understanding and ultimately seeing the value of your product rather than a competitor’s. In addition, Account Based Selling increases the potential bottom line because it emphasizes resources on larger, targeted accounts.
Account Based Selling is a hot topic and we won’t stop covering it until you get an exhaustive playbook on it. Stay with us for next week’s post on Account Based Selling as we continue to unpack how ABS is turning into the new secret weapon for Sales and your company’s deal sizes.
For more sales strategies and guidance on how your sales organization can better work across the company, download our eBook Sales & Marketing Alignment Through Content.