Please raise your hand if you are a sales leader that has ever been blindsided by one of your biggest customers buying something from a competitor that your company offers, and you and your team had no idea they were even in the market for it.
You’re doing a good amount of business with this customer. So how come the account executive wasn’t on top of this? Why didn’t we know? Why weren’t we considered or asked about it? It’s one of our best accounts and we missed a great opportunity to open a new line of business with them. Now the rest of the account may be in jeopardy!
If you’ve been there, let’s talk about how to keep it from happening again. If it hasn’t happened yet – well, listen up because it’s highly likely you’ll find yourself there when you least expect it!
Being consultative, at its core, is about two things. The first is about conducting “discovery” on the account on a regular basis. The second is about developing a living account plan that includes a solid strategy, and not just random tactics.
Is this rocket science? No. Then why do we still have these challenges? Because it takes a lot of both work and patience – and with our quarter by quarter mentality, we just keep executing tactics to drive short-term revenue. We’re insanely busy and we just don’t have time to be “strategic.” Plus, we already did a pretty thorough discovery exercise on this account.
As we move into the second quarter of 2014 sales leaders are grappling with two challenges
- Our prospects and customers are asking us to be more “consultative.”
- Many of our sales people are transactional sellers and are leaving money on the table at our most important accounts.
Both of these needs boil down to a hard truth: we simply don’t know enough about the accounts we are already engaged with, and our accounts know it.
Wait a minute – accounts that we already have?!
Right – I’m talking about accounts that we already have sold to, and maybe have even done quite a bit of business with. The good news is that we have them. The bad news is that we may either be assuming we know more than we do, OR the sales executive is comfortable with what he/she is generating, and doesn’t want to risk rocking the boat on that account by pushing for more. But the reality is that you don’t have time NOT to be strategic; limiting yourself to one round of discovery is the reason you had no clue that other things were happening in that account.
So here are 7 Ways to SMARTEN UP about Your Largest Accounts
- Define The Buyer’s Journey
To get from point A to point B, you can wing it, or you can get your hands on a map. The landscape inside of big accounts is not simple, and it gets more complex every day. Consider developing a Discovery Matrix that outlines the stages of how your account’s customers typically buy from them. This is the horizontal access on your map. Then list all the business needs that their customers might have that your offerings could help the account deliver on. This is your vertical axis. Have you noticed yet that this buyer’s journey is more account focused than “sales” focused? Unless you are helping them through their own buyer’s journey, then you aren’t consulting to help their business grow – you’re just selling, like everyone else.
- Map What You Already Know
Now do a brain dump on this map about everything you know for sure about this account. In what areas of the buyers’ journey are you already contributing? What do you know about other any other areas, which you haven’t broken into yet? Is someone else in there? If so, what are they doing? What business needs have you already addressed or are currently working on? What new opportunities, challenges or goals do they have that you are aware of? Populate this matrix with everything you know or are aware of.
- Identify and Analyze the “White Space”
In the white space, the areas in the account for which you have no information, lives potential opportunity. There may be entire areas where you could be creative with how your offerings can help. There may be extensions from where you are now that link to new ways to help in other divisions or solutions or offerings. Are there any patterns in your map that might help define a path for account growth? Most importantly, this mapping of the account shows you clearly and visually the areas where you don’t know enough to really grow the account.
- Do Your Research – Even if You’ve Done It Already
So it’s back to doing some more homework. Discovery is never done. Why? Because your account is never at rest. They are trying to grow and expand themselves, which means they are constantly changing. And their customers are changing, as well. So what you knew last year, or even last quarter, doesn’t mean you’re on top of things today. AND if there are areas in the account that are untouched by your company, then I KNOW you need to do more research to learn what’s going on in there. Does it take time to do this? Yes. Stop complaining and get on with it! What you don’t know is keeping you from penetrating and expanding the account.
- Develop Your Discovery Questions
Mapping? Check. Research? Check. Now you can start to make some strategic decisions on where you want to begin to move further in the account. You need to prepare strong discovery questions around the “white spaces” to continue to learn, and to demonstrate you’ve done some homework. This moves you to starting a much more consultative conversation than you may have had with them in the past. But good questions aren’t random. Give some thought to what you want to ask and why. Be sure it’s about true discovery, and not rhetorical questions that can only be answered by your products or services. You are not going to pitch in this conversation – you are going to learn. (Repeat that sentence twice!)
- Conduct Discovery Conversation (and Shut Up!)
A good discovery conversation happens when you sit down with a person high enough in the organization to have an idea of the bigger picture of the company’s goals and objectives. Be sure you are not with someone who doesn’t have insight into that view. Share that your organization has been able to deliver more value in several key areas with other customers, and you have some specific questions you’d like to ask to determine where that additional value might be gained. At that meeting, ask the questions, and SHUT UP AND LISTEN! You don’t need to respond to every point. Just take it in, write it down, and plan on going back to the office to think about it, talk with others, and come up with some ideas that you will come back and discuss. This sets the stage for the second consultative conversation.
- Define Strategic Account Goal, Top 5 Objectives and Action Plans
At this point, you should have a good handle on what the account is trying to achieve, and you will have discussed some ways to help them deliver. Now you’re ready to define a meaningful account strategy, set an aggressive goal, and define the top 5 objectives to get you there. This forms the account plan that will focus your tactical action plans in a clear and well defined direction. Strategy first, then tactics. Account expansion relies on this. The obvious sales opportunities are never enough to really go deep and wide in an account, and build a solid partnership.
Being consultative with your best accounts means “being in the know.” It’s up to your account team to stay on top of what’s happening and to ask smart questions that will inform as well as bolster the importance of this strategic account, and show how committed you are to helping them achieve their goals.
— Lisa Dennis