What Does “Account Based” Mean?
Since B2B sales are often complex and involve multiple decision makers within a prospect organization, many companies have developed an “account based” approach to selling into B2B organizations. What this means is that the potential customer is viewed as a whole, rather than individuals or separate leads. The customer facing teams of the seller’s organization work in unison to engage as many decision makers as possible at the potential customer. This coordinated effort results in higher close rates and higher customer lifetime values. The concept makes a lot of sense; however, it can often be difficult to execute at full scale because of the orchestration required between all of the different parts of a seller’s organization.
The goal behind this is to get decision makers and influencers within that company constantly seeing, thinking and talking about your product, therefore moving the company as a whole through the funnel.
Marketers were the first discipline to really embrace the account based concept. Over the last few years, “account based marketing” or ABM has become very popular. In this context, “account based” refers to the strategy of marketing to an organization as a whole. In B2B, specifically, it means that when you target a certain company, literally everyone who works for that company will start seeing your ads, and receiving your campaign emails. The goal behind this is to get decision makers and influencers within that company constantly seeing, thinking and talking about your product, therefore moving the company as a whole through the funnel. Each customer or prospect company is viewed as its very own market with its own unique and personalized marketing plan. Hundreds of software applications have sprung up recently to help companies utilize the ABM methodology.
What Else Is It For?
Even as companies have found value in account based marketing, they have learned that it isn’t enough to only apply the concept to marketing. They are now starting to use Account Based Sales and Account Based Sales Development strategies to target only specific prospect companies that meet their Ideal Customer Profile (ICP). Outreach to these target organizations usually consists of a combination of phone calls, emails, and social media. Again, more software applications are hitting the market every day to address this novel approach to selling..
If you can get your customer service team looking at the exact same account profile as your sales and marketing teams, then you have Account Based Everything.
The final frontier in the customer journey for account based strategies is Account Based Service. If you can get your customer service team looking at the exact same account profile as your sales and marketing teams, then you have Account Based Everything. When service tickets come in for an account, they can be viewed in the context of everything that has happened in the account from lead to last sale. This enables the service team to make the right decision for the account, rather than the individuals putting in the tickets.
Where Is GleanView In All Of This?
Even though Account Based has been proven to be very effective, most of today’s sales and marketing software solutions are still using a “Lead Based” system. Marketing works on generating leads and hopefully sales converts those leads into accounts at some point. The problem with a lead based system is that different members of the sales team could be working with different leads from the same organization and not even know it. There is no account connection with leads — they are unconnected separate entities. This results in disjointed efforts and communications between the sales team and the account. Not only that, but sales and marketing are not aligned at all in a leads based system. Marketing is tasked with generating as many leads as possible, and sales is tasked with turning as many of those leads as possible into sales. Neither team is looking at the big picture of the account as a whole to determine the best path to developing an account into a long term customer.
The problem with a lead based system is that different members of the sales team could be working with different leads from the same organization and not even know it. There is no account connection with leads — they are unconnected separate entities.
GleanView was developed to address this problem and was built from the ground up to be a true account based solution. Leads do not exist as separate objects in GleanView. The account is the overall customer information vessel and every detail lives under the account. All contact, opportunity, and project interactions are rolled up to the account level, resulting in a comprehensive view of the overall account. Sales, Marketing and Service all have a unified view of each account, allowing them to easily execute and coordinate account based strategies.