An increasing number of companies are finding greater value in targeted sales and marketing than traditional “spray and pray” methods of prospecting. However, most marketers and sales reps struggle to identify the right prospects they should be targeting or lack insight into their pain areas and business goals. As a result, most sales outreaches and account-based initiatives fail.
Effective targeting requires deep insights about the target company, its business goals, organizational structure, key decision makers in the company and the best ways to reach them. It helps sales reps tailor their pitches and position products in line with the needs of prospective clients. This process of analyzing the business needs of a target company in order to provide relevant value propositions is called account intelligence. Here’s how it can help:
- Target the decision maker
Account intelligence can provide a comprehensive analysis of key decision makers within a target company, thereby making it easier to close deals. This includes researching their job role and responsibilities, professional history, interest and hobbies, board memberships and other associations, educational backgrounds, contact details, and social media profiles.
- Identify specific needs of the target company
c can reveal gaps in the offerings and new business opportunities for the companies you wish to target. This can then help marketing and sales teams to formulate effective strategies to attract prospective clients and oust the competition. Doing so, requires you to analyze the target company’s previous deals and projects to understand who their competition is, the services they provide, the effective price range, and the competitors’ business models.
- Customize your value proposition
Sales reps understand that selling is as much a psychological process as it is an operational one. For effective sales closures, it is important to have an appropriate solution targeted to the best-suited prospect at a convenient price range. Account intelligence can provide these insights through deep dive analysis of both the target company and the key decision makers.
One of the world’s largest IT services and computer equipment firms is using account intelligence to tailor its sales pitches to the specific needs of prospective clients. Through in-depth account intelligence reports by Netscribes, it gets valuable insights about key accounts, including the financial health of companies with respect to other competitors in the industry, end-to-end IT implementation analysis, including the IT budget, IT investment plans, IT pain points, and so on. This helped the company acquire new clients for its specific products and effectively meet its business goals. Read the full case study here.