Transforming Sales: How to Maximize Revenue in your Biggest Accounts
In this series, we ask Sales Tech Executives to describe how their solution can transform sales in a significant way.
NANCY: WHAT ARE THE TOP AREAS OF FOCUS IN THE NEXT 12-24 MONTHS FOR ORGANIZATIONS THAT WANT TO TRANSFORM THEIR SALES ORGANIZATIONS?
MARK: When companies think about transforming their sales organizations, they need to first understand what outcomes they are seeking, where do they need to improve or accelerate. What we find is that top line revenue is always the most important thing. Maximizing revenue in your biggest accounts and identifying cross-sell and up-sell opportunities will always be the area of focus for meaningful sales transformation. Companies that concentrate their resources in areas – such as relationship and whitespace mapping, customer goal alignment, and operationalizing key account plans, will drive the most success.
Companies also need to ensure that there are defined, cross-departmental processes to support the transformation. In order to achieve and sustain growth across the overall portfolio, consistent processes, collaboration, and visibility are essential and should include marketing, customer success, product development, etc. This creates a consistent customer experience.
The third area of focus for transforming sales organizations is implementing the framework for individual success. This includes defining short-term, verifiable outcomes to bolster confidence and validate efforts on the path toward longer term goals. With more decision makers at the table and longer sales cycles, obtainable milestones prevent sales teams from feeling overwhelmed. They are also critical coaching opportunities to ensure everyone is on the right path to success.
The companies that use the next 12-24 months to better align technology to enable a consistent process with measurable outcomes around their key accounts, are the ones best positioned to optimize their revenue growth year-over-year.
NANCY: HOW SHOULD COMPANIES DECIDE WHICH APPROACHES TO SALES TRANSFORMATION ARE RIGHT FOR THEM?
MARK: You’re handicapped as an organization if you don’t have a way to see what’s going on in your key accounts today and identify the pathways for optimal revenue growth tomorrow.
As companies think about setting priorities, start with the backbone of key account management by bringing your most strategic account planning efforts onto a platform to optimize revenue in key accounts. Where key account management solutions are different than other sales tech is that they lift the cover on what’s happening in key accounts. Only with a visualization platform built for enterprise-grade account planning can sales organizations transform their sales processes and focus on the 3 key areas listed above. Help your sales teams think smarter about how they grow existing clients and identify new opportunities.
Eventually, you can (and should) build onto your sales enablement stack, but if you don’t have a strong foundation for maximizing the revenue potential of your most important accounts, then you’re really just adding distractions. Prioritizing a key account platform as a cornerstone of your sales transformation will make other efforts around generating revenue much more efficient.
NANCY: WHAT ARE YOUR TIPS FOR ENSURING THAT TECHNOLOGIES CONTRIBUTE TO SALES TRANSFORMATION IN A MEASURABLE AND IMPACTFUL WAY?
MARK: First, you need an infrastructure to actually see what’s happening in your key accounts. That’s important to note because most companies just don’t have a tool in place today that draws a meaningful connection between sales activities and revenue optimization.
CRMs are what most companies look to for information but these platforms fall short because – particularly for companies with long, complicated deal cycles – you need to measure indicators that precede reaching a financial quota. CRMs are built to be repositories of historical data. Looking backward doesn’t do much to help teams understand how to develop a strategy to move an account forward. It’s the same reason we’re taught not to look down when we’re learning to ride a bike. Sales is the same in that regard; you need to be able to look towards where you want to go.
The world’s best sales organizations come to us because we help them identify highly qualified opportunities within their existing key accounts and measure items such as:
- Relationship Strength
- Market positioning within an account
- Account revenue potential
- Revenue progress including revenue growth ideas
- Deal size
- Sales cycle timeframe
These are much more impactful measurements because they provide insight on what growth opportunities are the most strategic, which to prioritize within a certain timeframe, and the dependability of each deal closing as forecasted.
NANCY: HOW IS YOUR SOLUTION TRANSFORMING YOUR CUSTOMERS’ SALES ORGANIZATIONS?
MARK: Revegy is transforming sales organizations by providing the linchpin, a flexible technology platform that guides your team to seeing the optimal path to revenue growth.
Key account management isn’t new by any means but it’s a complex discipline. Unfortunately, it’s been buried in people’s minds as “that thing we learned in January.” Leaders are burdened with archaic tools for implementation – most people still use post-it notes, Excel, and PowerPoint to drive these really complicated strategies. “Innovative” companies that embrace technological change may try to mash sales enablement tools together to try and DIY a viable solution to account planning but they continue to fail. Until Revegy, there wasn’t a platform built specifically for key account strategies.
It’s the cornerstone every company needs because achieving a 5% increase in an account making you $80M each year is going to be more attainable and more sustainable than hunting and closing $4M in new logos.
With Revegy, a platform that lets you literally see what’s happening in your key accounts, it’s easier than ever to see the people, align to their priorities, and track progress.
NANCY: AS THE LEADER FOR ENTERPRISE ACCOUNT PLANNING, WHAT SPECIFIC TOOLS MAKE A PLATFORM LIKE YOURS UNIQUE?
MARK: Everything that we do from a product development perspective is to help sales teams achieve their goal of optimizing revenue in their key accounts, from sustaining existing revenue to identifying and closing new revenue opportunities.
Revegy takes information from your CRM and puts it within the context of your sales process. Our visual tools help users synthesize information faster and more accurately. Our most popular client tools include:
Relationship Maps: Maintain and build relationships with key decision makers before the renewal.
Strategy Maps: Align your solutions to the buyer goals and initiatives that are most likely to get funding.
Whitespace +: Map potential upsell and cross-sell opportunities within an account based on your product footprint.
Contacts +: Email integrations analyze correspondence behavior so you can quantify the strength of your relationships.
NANCY: WHAT ARE SOME GOOD RESOURCES IF SOMEONE WANTED TO LEARN WHAT QUESTIONS TO ASK, WHAT OTHERS ARE DOING, OR OTHER FACTORS RELATED TO SALES TRANSFORMATION?
MARK: We’re really passionate about helping top companies drive meaningful change within their sales and account management programs. We’re on the front lines of how our market is evolving and are always curating content.
Have a look at the library of content in our resource center.
If you’re a Global 2000 sales organization and want to join us in defining the emerging customer revenue optimization market, talk to us directly.