How to Effectively Prioritize Accounts in Sales

Being a B2B marketer has always come with its share of challenges, especially when navigating unpredictable global events. Marketers know the importance of staying connected with existing and potential customers, but major disruptions, like the COVID-19 pandemic we faced in the past, can make this task even more difficult. Economic downturns, short term shifts in customer behavior, and the constant emergence of new technologies all demand a strategic and adaptable approach.

At Demandbase, we’ve learned that prioritizing accounts is a critical strategy for success in any economic climate. By identifying and focusing on high-value accounts, aligning sales and marketing efforts, and optimizing resources, businesses can not only weather the storm but emerge stronger and more resilient.

How to List and Manage Account Priority?

Creating a priority-based account list is essential for efficient sales efforts and resource allocation. This process helps you focus on high-potential accounts, leading to increased revenue and stronger customer relationships.

Account segmentation

Begin by classifying your accounts into two primary categories:

• Customers: These are your existing accounts that generate revenue for your business. They have already made purchases and are actively engaged with your products or services.
• Prospects: These are potential accounts that you are targeting for acquisition. They have shown interest in your offerings but haven’t yet converted into paying customers.

Customer segmentation

Next, categorize customer accounts based on their priority:

• High-priority accounts: These are your most valuable customers, contributing significantly to your revenue and demonstrating high engagement with your products or services. They are often key accounts that require dedicated attention and relationship management.
• Low-priority accounts: This group includes all other customer accounts that may not generate as much revenue or hold the same strategic importance. While still valuable, they may require less focused attention compared to high-priority accounts.

Prospect segmentation

Similarly, categorize your prospect accounts based on their sales-readiness and potential:

• High-priority prospects: These are qualified prospects that have shown strong interest in your offerings and have a high probability of converting into paying customers. They may have actively engaged with your marketing materials, requested demos, or exhibited buying intent signals.
• Low-priority prospects: These are unqualified leads that require further nurturing and qualification before they can be considered sales-ready. They may have shown initial interest but need additional information or engagement before making a purchase decision.

Refining the Prioritization

To further refine your account prioritization, consider using a scoring system based on various factors such as:

• Revenue potential: Estimate the potential revenue each account could generate based on their size, industry, and buying capacity.
• Strategic value: Assess the account’s alignment with your long-term business goals and potential for strategic partnerships.
• Sales cycle length: Estimate the time it might take to close a deal with the account based on their buying process and decision-making timeline.
• Customer fit: Evaluate how well the account aligns with your ideal customer profile (ICP) in terms of industry, company size, pain points, etc.
• Engagement level: Consider the account’s level of interaction with your marketing collateral, website, social media (especially LinkedIn), and sales team to gauge their interest and engagement.

This segregation will create a sturdy base for your account prioritization process and give you a clearer picture of where to strategically invest your time, money, and effort for the highest return on investment (ROI). By focusing on the right accounts, you can nurture valuable customer relationships, close deals more efficiently, and drive sustainable business growth.

Top Account Prioritization Tips

Effectively prioritizing accounts is an ongoing process that requires a structured approach and regular updates. Here are some tips to help you refine your account prioritization strategy:

1. Comprehensive Account Listing

• Create a top-down list: Start by compiling a comprehensive list of all your clients, including local, national, and international accounts, that you’ve interacted with over the past 12 months. This list should include both existing customers and potential prospects.
• Data sources: Gather data from various sources, including your CRM, sales records, and marketing platforms, to ensure a complete and accurate account list.

2. Determine Key Cut-Off Value

• Analyze top accounts: Identify the top 25% of your accounts based on revenue contribution or other relevant metrics.
• Set the cut-off: Determine the dollar value of the smallest account within that top 25%. This value becomes your key cut-off point.

3. Account Designation

• Key accounts: All accounts above the key cut-off value are designated as key or primary accounts. These are your most valuable accounts that require focused attention and resources.
• Secondary accounts: Accounts below the cut-off are classified as secondary accounts. While still important, they may not require the same level of attention as key accounts.

4. Individual Salesperson Focus

• Target accounts: Determine the number of target accounts for each salesperson based on their capacity and territory.
• Lead identification: Have each salesperson identify their target accounts and associated leads within those accounts. This helps personalize their outreach and focus on high-potential opportunities.

5. Account Reassignment

• Identify misaligned accounts: Review the list of accounts that don’t fit with any salesperson’s target list.
• Reassign for better fit: Reassign these accounts to other salespeople or sales teams to ensure they receive appropriate attention and follow-up.

6. Account Status Tracking

• Monitor engagement: Track the status of each account based on their responses to sales campaigns and outreach efforts.
• Regular updates: Update this list regularly (e.g., monthly) to reflect the latest interactions and engagement levels.

7. Leverage Technology

Utilize CRM tools and sales automation platforms to streamline account management, track interactions, and automate tasks like lead assignment and follow-up.

8. Periodic Review and Adjustment

• Quarterly review: Conduct a quarterly review of your account prioritization strategy and adjust your key cut-off level as needed.
• Identify growth opportunities and risks: This review also helps identify accounts with high growth potential and those that may be at risk of churning. Develop targeted strategies to capitalize on growth opportunities and mitigate risks.

This will also give you a clear picture of accounts contributing to growth opportunities and also ‘At-risk’ accounts. Make a separate list of these accounts. Come up with foolproof strategies to get them converted.

How ABM Platforms like Demandbase Can Help

Prioritizing accounts is essential for sales success, but it can be a complex and time-consuming process. Without a proper system in place, sales managers can easily waste time on low-value leads. Fortunately, AI-powered account-based marketing platforms like Demandbase can help streamline and optimize account prioritization, enabling sales leaders to focus on the most promising opportunities and drive better results.

Here’s how Demandbase can assist in prioritizing accounts and improving sales effectiveness.

• Identify high-value accounts: Demandbase uses intent data and AI to analyze account behavior and attributes, helping you pinpoint those with the highest potential value and buying intent. This ensures your sales team focuses on the most promising opportunities.
• Align sales and marketing: The platform provides a centralized hub for sales and marketing teams to collaborate and share insights on target accounts. This fosters a unified approach and ensures consistent messaging across the buyer journey.
• Prioritize accounts for better engagement: Demandbase helps you create dynamic account lists based on intent, engagement level, and other key factors. This allows sales teams to prioritize outreach and focus on accounts that are most likely to convert.
• Enable personalized outreach: Leverage account insights to craft tailored messaging and content that resonates with individual buyers. This personalized approach leads to higher engagement and response rates.
• Automate workflows and gain real-time insights: Demandbase automates sales tasks like lead assignment and follow-up, freeing up time for more strategic activities. It also provides real-time alerts on account activity, allowing for timely and relevant engagement.
• Measure and optimize sales performance: Track key performance indicators (KPIs) and gain detailed attribution insights to understand which activities are driving the best results. This data-driven approach allows you to improve and optimize your sales process continuously.

Ready to see Demandbase in action? Book a meeting now.