The Problems Plaguing Modern Account Executives
We find there are three problem spots that consistently put your win rates and deal closures at risk:
Missing Critical Players
The latest research by CEB tells us that an average of 6.8 people are now involved in B2B purchase decisions, with some holding considerably more influence.
What's more, typically 1 in 5 decision makers change roles per year.
Buyers now expect highly personalized experiences tailored to their specific needs and want to be approached with relevant offers at the right moments.
If 77% of buyers don’t believe that sales reps understand their businesses well enough, we’ve got a problem on our hands.
Losing Touch with Prospects
When your reps enter an account through a weak connection, like a cold call, chances of the deal going dark increase. This problem can be overcome; Internal studies show a significant lift in win rates when sellers engage with their leads’ content on LinkedIn throughout the sales cycle.
The Problems Plaguing Modern Account Managers
There are three hold-ups widely preventing optimal account retention and growth:
Loss of A Key Relationship
When a decision-maker leaves one of your key accounts, your AM is left hanging, wondering if they can build or strengthen other relationships quickly in the short-term. In addition, sales orgs run the risk of losing business when their account managers leave the company.
Two out of five accounts are at risk this year due to combined decision-maker and rep turnover.
The Overly Comfortable Account
Account managers often stop asking questions and proactively looking for new business across the account, because they assume it will land in their laps. Meanwhile, your competitors are actively trying to capture new market share.
Average bookings at an account are 47% lower when he or she doesn’t have relationships with six or more people.
Customer Experience in The Digital Age
Finally, we know that today’s technology has disrupted every industry, leading to unprecedented price wars and discounting.
At the same time, we know that customer experience is the single most important variable in an account renewal, more than product or price. Rising above the noise that technology creates to deliver white glove experiences is what sets the best account managers apart.