Did you know that >40 percent of Salespeople say prospecting Is the hardest part of the sales process. It's a staggering statistic that highlights a significant problem in the world of business-to-business sales. In an industry where quantity often takes priority over quality, it's no wonder why so many companies struggle to generate meaningful results from their efforts.
However, there is a solution – target account selling (TAS). By focusing on quality rather than quantity and honing in on specific high-value accounts, businesses can revolutionize their approach to B2B sales and achieve unparalleled success. In this blog post, we will delve into the challenges faced by traditional B2B sales methods and explore how adopting a target account strategy can transform your sales process for the better. Get ready to discover why quality matters more than ever before in today's competitive marketplace.
What is Target Account Selling [TAS]?
Target Account Selling is a strategic approach used by B2B sales teams to focus their efforts on specific high-value accounts that have the greatest potential to become long-term customers. Instead of casting a wide net, Target Account Selling involves a more targeted and personalized approach.This strategy that focuses on building and maintaining relationships with a select group of highly qualified prospects.
Is TAS suitable for your business?
Before you can implement target account selling (TAS), you will need to have the following in place:
- A well-defined ideal customer profile (ICP):Your ICP is a detailed description of your ideal customer. It should include factors such as industry, company size, location, budget, and pain points. Without a strong ICP, you will not be able to effectively identify and target the right accounts.
- A cross-functional team: TAS is most effective when it is implemented as a cross-functional effort. This means that your sales, marketing, and customer success teams should all be involved in the TAS process. However if you are a small business and does not have a dedicated team we've got you covered you can check out our Outbound SDR solution for your business needs.
- A CRM software:TAS is a data-driven sales strategy. You will need to use data to identify, research, and engage with your target accounts. This means having access to a CRM system and other sales intelligence tools. A CRM system will help you to track your progress with each target account, while sales intelligence tools can help you to identify the key decision-makers and pain points of each account.If you're looking for an automation tool with a dedicated sales team sign up now to book a demo with us.
Pros & Cons of TAS?
Pros of TAS:
- Higher close rates and larger deal sizes. Studies have shown that TAS companies achieve higher close rates and larger deal sizes than non-TAS companies. This is because TAS allows you to focus your resources on the most promising accounts and to develop personalized sales plans for each account.
- More efficient sales process. TAS can help you to streamline your sales process and reduce the amount of time it takes to close deals. This is because TAS allows you to focus on the most important accounts and to target them with the right messages at the right time.
- Stronger customer relationships. TAS helps you to build stronger relationships with your customers. This is because TAS allows you to focus on the customer's needs and to provide them with personalized solutions.
- Increased brand reputation. TAS can help you to establish your brand as a trusted advisor to your customers. This is because TAS shows that you are committed to understanding their needs and helping them to succeed.
Cons of TAS:
- Requires significant resources. TAS is a complex sales strategy that requires a significant investment of time and resources. If your sales team is small or under-resourced,
- Can be time-consuming. TAS priortize quality over quantity and hence requires in depth research, especially when you are first getting started. This is because TAS requires you to understand everything about your target accounts and to develop personalized sales plans for each account.
- Identify your ideal customer profile (ICP). Your ICP is a detailed description of your best customers. It should include factors such as industry, company size, location, budget, and pain points. Once you have identified your ICP, you can start researching specific target accounts.
- Use data to target your accounts. There are a number of sales intelligence tools that can help you to identify and research target accounts. These tools can provide insights into the decision-making process and buying signals of your target accounts.
- Develop a personalized sales plan for each target account. Personalized experiences leave a lasting impression.Show them that you understand their unique needs and can provide a custom-fit solution.Your sales plan should be tailored to the specific needs and challenges of each target account. It should also be aligned with their buying journey.
- Engage your target accounts with personalized content and outreach. Use a variety of channels to connect with your target accounts, including email, social media, and direct mail. Your outreach should be informative and relevant to their needs.
- Nurture relationships with your target accounts. TAS is a long-term game. It takes time and effort to build relationships with high-value accounts. Be patient and persistent, and focus on providing value to your target accounts at every stage of the buying process.
How to implement TAS?
The process of Target Account Selling can be broken down into several stages.
The first step is to identify and prioritize target accounts based on factors such as industry, size, and potential revenue. By conducting thorough research and analysis, sales teams can identify high-value accounts that align with their business objectives.
Once the target accounts are identified, sales teams need to gain a deep understanding of each account's pain points, goals, and decision-making processes. This involves conducting research, engaging with key stakeholders, and leveraging data to develop a comprehensive understanding of the target accounts.
With this knowledge in hand, sales teams can then develop personalized outreach strategies and tailored messaging that resonates with the target accounts. 76 Percent of B2B Buyers Now Expect More Personalized Attention from Solution Providers Based on Their Specific Needs.This may involve creating customized presentations, offering relevant case studies, or providing solutions to specific challenges faced by the accounts. Building strong relationships and nurturing them over time is a crucial aspect of the process.
For example, let's say a software company wants to target a specific industry such as healthcare. They would identify key accounts within the healthcare industry and conduct research to understand the pain points and challenges faced by healthcare organizations. Based on this information, the sales team can tailor their messaging to showcase how their software can address these specific challenges and provide value to the target accounts.
Target Account Selling offers a strategic and focused approach to B2B sales, enabling businesses to unlock the full potential of their high-value accounts. While it requires careful planning, research, and personalized strategies, the benefits of Target Account Selling can be significant, leading to increased revenue and long-term partnerships. By understanding the process and embracing the key elements of Target Account Selling, businesses can position themselves for success in today's competitive B2B sales landscape