Account Based Marketing
A large technology company had a strong sales and marketing engine which included a sales team divided by vertical and geography.
This sales team was supported by a marketing team and a lead generation team that reported into marketing.
The sales team and lead generation specialists were having trouble penetrating the predefined key accounts in each vertical. In addition to this, in instances where they were able to reach certain key accounts, they weren’t able to convert the accounts into high value opportunities with strong stickiness across the entire product portfolio, and not just a partof it.
The company also had growing targets associated with marketing sourced pipeline, average revenue per user, closed deals and deal velocity – of which a number of large deals could help achieve.
It became clear that one of the main reasons the sales and lead generation teams were having trouble penetrating the target accounts, was because the target account selection process was not stringent enough. Key accounts were selected purely based on companies in each vertical with the highest revenue, without any further validation.
Visual Metrics applied stronger set of criteria behind the account selection process, to identify accounts with higher propensity to buy, determine the make-up of the incumbent environment in addition to conducting account profiling and relationship mapping exercises.
From this stage, comprehensive Account-based Marketing and Sales plans were developed,in order to further assist in penetrating this account. These plan included message development, digital outreach, events, influencer affiliation and sales enablement
“As part of the above solution 5 key accounts were identified as those which were highly lucrative and had a higher propensity to buy.
After the Account-based Marketing plan was implemented, all 5 key accounts were won.”
In addition to the 100% closure rate, the company was also able to achieve the following:
Increase in deal size, on average.
Reduction in time of sales cycle (when compared to other high value opportunities), on average.
Marketing Sourced Pipeline target was over achieved by an average of 133%
Marketing Sourced Deal targets was over achieved by an average of 608%