truebase logo
truebase logo
Try it for free
LoginTry it for free

Truebase Blog

Valuable information from industry professionals

View all blogs

What is sales account planning & how B2B sales teams use it?

Wissam Tabarra

Wissam Tabarra

Mar 08

What is sales account planning & how B2B sales teams use it?

Before diving into the world of sales account planning, let's take a moment to reflect on the wise words of Winston Churchill: "He who fails to plan, plans to fail."

Now, think about how this applies to your sales approach. If you're not actively engaged in sales account planning, you may be setting yourself up for failure. Planning is the foundation of success in any venture, and sales are no exception.

If you want to boost your sales performance and cultivate deeper connections with your customers, you must know about "sales account plan." Sales account planning is a crucial aspect of sales strategy that is well-known to every salesperson. It involves the identification of potential clients, analysis of their business needs and requirements, and the development of a sales strategy that aligns with their unique goals. However, despite this knowledge, many salespeople still struggle to create an effective sales account plan that produces tangible results. 

Sales Account Planning: Your Key to Profitable Growth

Account planning involves creating strategic plans that cultivate valuable, long-lasting relationships with key customers, maximizing revenue potential through retention and development. By enabling account managers to gain a deeper understanding of clients, effective account plans facilitate this process.

Your customers are the backbone of your business. You know it's crucial to treat them well, but let's face it, no two clients are the same. So, what's the secret to success? Enter account planning - the dynamic approach that caters to each client's unique needs and helps you keep those lights shining bright.

Sales Account Plan: A sales account plan is a comprehensive and strategic approach to managing and growing key customer accounts in a business-to-business (B2B) environment. The sales account plan typically includes information on the account's business model, competitive landscape, industry trends, and the customer's decision-making process.

A well-crafted sales account plan is an essential tool for any business looking to effectively manage its customer relationships and maximize revenue. It helps sales teams identify opportunities to upsell and cross-sell, and it provides a roadmap for delivering exceptional customer service and support. 

Sales account planning is designed to help B2B sales reps to overcome the following challenges -

1. Buyers nowadays are more sophisticated 

2. Higher expectations of buyers: Nowadays, buyers have higher expectations. 

3. Increased competition 

Also, having a pre-designed sales account planning template is an added advantage. It is a useful tool for sales reps and can provide several advantages. Here are some ways in which a sales account planning template can be helpful:

  • Provides a framework for organizing information 

  • Facilitates collaboration 

  • Helps prioritize sales activities 

According to Gartner, companies adopting a planned and customer-aligned strategy will experience a 50% higher revenue growth than their competitors by 2026

Note: By combining outbound sales with sales account planning, businesses can identify new opportunities for growth while also strengthening their relationships with existing customers.

Importance of B2B sales account planning 

Approximately 61% of companies consider that strategic account management plays a pivotal role in driving increased revenue, profits, and ultimately, the satisfaction of customers. Approximately 71% of companies have reported a 26% increase in sales since implementing sales account plans. Sales representatives must prioritize understanding their customers' challenges and goals to offer them maximum value. 

As a sales rep, sales account planning is critical for your success. It enables you to analyze and understand your customer's business, identify their pain points, and develop a tailored solution that meets their unique needs. It is a well-established fact that customer acquisition costs can be significantly higher than the costs associated with retaining existing customers. In fact, studies have shown that it can cost up to five times as much to attract a new customer than to keep an existing one.

By creating an effective sales account plan, you can establish trust with customers, build long-term relationships, and ultimately, drive revenue growth for your organization. Additionally, sales account planning helps you prioritize your sales activities, allocate resources effectively, and monitor your progress towards achieving your sales targets.

A recent survey conducted by ITSMA revealed that an overwhelming majority of marketers, 87%, consider account-based marketing superior to other marketing practices. Here are a few points why sales account planning is considered crucial.

Crafting a sales account plan may accelerate deal closure rates, thanks to its targeted approach. By honing in on the needs of existing clients and developing a customized plan of action, sales representatives can capitalize on their deep understanding of each client's buying journey. This personalized approach enables reps to offer tailored solutions that directly address client needs, building trust and ultimately driving faster deal closure rates.

In short, account planning is essential because it helps in:

  • Increased deal size

  • Customer loyalty 

  • Increases client win rate

  • Short sales cycle

Sales Reps, this is for you: Sales account planning helps in creating a targeted approach towards lead generation by analyzing the needs and requirements of the potential customers

Mistakes sales reps make while creating a sales accounting plan.

Poor understanding of the ICP

One of the keys to developing a robust sales account plan is a deep understanding of the client's unique needs and requirements. Unfortunately, when sales reps lack familiarity with their clients, it can be challenging to bridge those knowledge gaps effectively. 

The secret to success lies in understanding industry trends, market position, and financial performance, as these factors can have a significant impact on the client's needs and priorities. 

Regrettably, a common mistake made during sales account planning is the failure to fully comprehend these critical factors, resulting in a lack of understanding of the client's specific requirements.

Not recognizing key opportunities

One of the critical factors in creating an effective account plan is the ability to recognize and leverage key opportunities within each account. Identifying key opportunities requires a deep understanding of the client's business, including their industry, competitors, and market trends. By conducting a thorough analysis, sales reps can gain insights into the client's pain points, challenges, and priorities. You can use this information to develop tailored solutions that address the client's specific needs and exceed their expectations.

Inadequate data gathering 

Reps don't dive deep to understand the key factors of their clients. Creating an efficient sales account plan requires gathering data on several key factors related to the client's business:

Industry and market trends: Understanding the broader industry and market trends is crucial to developing effective account plans. 

Client's business goals and objectives: Sales reps should gather data on the client's revenue targets, growth plans, and other key metrics.

Customer data and buying journey:  Sales reps should gather data on customer preferences, behaviors, and decision-making processes to develop tailored solutions that address their needs.

Steps in creating a sales account plan

Here are some approaches that must be followed to create a successful sales account plan. Chalking out the plan, and starting an account plan can be time-consuming, but it can drive excellent results. 

1. Check out which accounts need planning 

Not all sales accounts need planning. Yes, that's true. It is advisable to establish specific standards for identifying accounts that warrant an account plan. Such accounts typically have a larger ACV, demonstrate potential for expansion, and exhibit potential for utilizing your product or service across various departments within their organization. Developing an effective account plan requires a significant investment of time. When working with a mix of small and large B2B enterprises, it is essential to employ account planning tools that are tailored to each client's size and unique requirements to maximize efficiency.

2. Understanding the client's needs

To create a successful account plan, it is crucial to first understand the specific needs of your clients. This initial phase involves gathering the necessary data, which includes:

  • Identifying the business goals of your clients

  • Determining their most pressing current need

  • Identifying the appropriate decision-maker within their organization

  • Identifying the specific product or service they are seeking

It is crucial to know how they are measuring your product's success. As a sales rep, you can directly ask your prospect about their problems and how they see your product or service solves those problems. 

Sales reps can gather the data from different sources, including the client's website, press releases, LinkedIn profiles, and conduct thorough Google research.

3. Put gathered data into a document 

Once you have gathered this data, you can begin to build your sales plan. This should involve developing a tailored approach for each client, based on their specific needs and objectives. For example, you may identify certain clients that require immediate attention and plan to address their needs within the next 30-40 days. For other clients, you may develop a long-term plan to maximize their revenue potential over time.

Overall, the key to successful sales account planning is to develop a clear understanding of each client's unique needs and goals. It involves developing a tailored plan that addresses those needs while maximizing revenue potential. By taking a strategic approach to account management, B2B sales reps can build stronger, more profitable relationships with their clients over the long term.

4. Execute your sales account plan 

With your sales account plan in hand, it's time to put it into action! This is where the rubber meets the road, and where all of your hard work and strategic thinking will pay off. Be sure to customize your plan to fit the unique needs and goals of your business, and don't be afraid to get creative in how you approach your clients. Once your plan is fully developed, be sure to share it with your stakeholders. This may include your sales team, marketing team, and other key players in your organization. 

Elevate Your Sales Game with a Comprehensive Account Planning Approach!

Overall, the key to successful sales account planning is to be strategic, thoughtful, and adaptable. By understanding the needs and goals of your customers, and approaching them with a clear plan that adds real value, you can build stronger, more profitable relationships that drive long-term growth and success for your business.

Time to launch into your AI prospecting journey

Try it for free
truebase logotruebase logo

Prospect Faster. Connect smarter

Subscribe to our newsletterBook a demo

Connect with us on

© Truebase Inc, 2023. All rights reserved.