Once you have your ICP in hand, there are several different ways you can track down your new, key accounts. Each approach will make sense for different teams based on their time and monetary resources available.
We’ll outline each approach below.
This is the most basic process for finding key accounts and relies upon a rep’s ability to use their instincts to select what they feel to be best fit accounts. While this is the easiest and fastest approach from a resources perspective, it is also the most prone to human error and puts a lot of pressure on the Account Executive. The process involves a high level of research and cross-checking with your CRM to see if accounts are available for engagement, which in the end translates to a lot less selling!
This approach is quite similar to the one above, but the key point of difference is that management is the group that goes through the process of selecting key accounts. They have the ability to be much more strategic and as they don’t have to worry about wasted sales time, they have the flexibility to go through the process of analyzing and cross-referencing potential accounts. A side benefit of this is that management can maintain an easy alignment with their team and will have a clear look into how their representatives are doing as they progress through their lists of accounts!
After completing a thorough analysis be it in-house or with the help of a sales tool, reps can take specific data insights to find the best accounts to target. When completed correctly, data should point to characteristics that are common amongst accounts you’ve won in the past. A great example of this is the “beachhead” strategy which is when you focus your attention on a specific industry or vertical where you have found success or have won a major flagship customer. The goal of the strategy is to increase your hold on the area and eventually dominate the vertical. You are taking information from your past success and using it to drive continued success with similar companies.
Predictive tools rely upon data as well, but the difference here is that they look at your past wins to locate accounts for you. They see the similarities and run analyses to pinpoint companies that you may not have thought of or know about. If you want to go even deeper, some predictive vendors will also be able to score contacts at these accounts to show you how strong their fit is. For this approach to be successful, you need to need to have a large amount of pre-existing data to analyze, so we recommend this approach for more mature sales organizations as it won’t be helpful for younger organizations. The relevant information you need likely won’t come to fruition until you’ve worked with 1000 or more accounts.
The option you select will likely come down to the resources you have available. Data and analysis are expensive in terms of both time and money, so the more you have of each, the more analytics you’ll be able to add to your work.
Looking to dive deeper into targeting accounts through analytics? Check out Apollo’s highly customizable analytics and reports.
Have questions about what would work best for you? Feel free to reach out! We would love to help you out.