The world of B2B selling has transformed dramatically in recent years, as the shift towards digitalization has changed the way businesses interact with one another. With the growing size of buying groups in the digital age, it is imperative to consider factors that play into the challenges and benefits of digital key account management.
DemandFarm’s Dr. Karthik Nagendra-Chief Marketing Officer had a one-on-one chat with Andrew Collings – Head of Enterprise at Gearset where they discussed the changing landscape of B2B selling and shared insights on how organizations can adapt to this new environment.
Working with large businesses and going outbound
According to Andrew, the key takeaway when working with large businesses and going outbound is being deliberate about a planned approach. This provides structure to your organization’s interactions.
He emphasizes the importance of having a digital key account management software that:
- Integrates into Salesforce without requiring external software to manage accounts
- Represents data visually and is easy to use for faster adoption
- Accommodates custom needs accurately
- Shows all information in one place without having islands of data
“We live inside Salesforce. All of our customers are Salesforce users. So the key thing for me was getting something across that integrates really well. I didn’t want to add to the tech stack and have other random bits of software outside of that,” – Andrew Collings.
Challenges in Shifting to Digital Key Account Management
Shifting to Digital Key Account Management also comes with its fair share of challenges. One of the primary challenges that organizations face is carving out time to document things in the tool. Additionally, making information shareable to everyone for increased collaboration and encouraging early adopters internally to drive usage is also important.
“ A lot of people are really great at keeping things in their head. So they know all the people involved, but it’s in their heads. So actually, you need to spend time and put it into the system so that everyone else can enjoy your knowledge.” – Andrew Collings
Selling the value internally:
Andrew’s advice is to get the enterprise team included in the decision-making process. Ensuring the entire organization is part of the change, making everyone an advocate and engaging the whole team will in turn make the adoption of Digital Key Account Management easier.
The leadership team plays a big role in creating an impression that as a business it is vital to understand all the stakeholders in the buying process. This will ensure that the rest of the organization will also become more involved once they realize its importance.
Discovering all the gaps:
Another major challenge for Andrew was that they discovered all the holes in their accounts. With larger, multinational businesses with huge teams and thousands of staff, there were often just 3-4 contacts who might not necessarily be the right contacts. So knowing where there was a lack of contact, where the relationship needed to be strengthened, and in which accounts further work needed to be done proved to be vital to growth.
Is it time for a change?
“When I was in the field selling, I used to do this on the spreadsheet, and it was one of the worst things I’ve ever done. And I look back at it and just think, that was really rubbish.” – Andrew Collings
It is no longer sufficient to rely on PowerPoint presentations or rely on static spreadsheets for your Key Account Management and Account Planning. They are no longer efficient and just don’t cut it anymore. With the increasing need for Digital Key Account Management tools, organizations must consider adapting their operations to meet the evolving needs of the market.
Download: Change Management Guide for Sales Leaders to Implement Digital Account Management Software
Benefits of Adopting Digital Key Account Management
One of the significant benefits of Digital Key Account Management is the ability to maintain a strong relationship with stakeholders during the buying process. By being aware of stakeholders’ feelings about your organization, it is possible to mitigate any red flags like lack of engagement, which can prevent loss. Additionally, having a Digital Key Account Management tool allows organizations to maintain a comprehensive view of their accounts in one place, enabling them to better identify opportunities and make informed decisions.
Getting a holistic view of the organization
“Leading a team, I’ve always been more interested in people within an organization, than that particular product or problem, I’m much more interested in people,” says Andrew.
By focusing on people and their interactions within the organization, leaders can coach and support their team members effectively. At the same time, sellers can identify gaps in communication and ensure that all key stakeholders and buyers are accounted for.
Understanding how an organization is structured and how teams are connected is critical. While some organizations are highly connected and referrals flow freely, others are more siloed. Understanding these differences can change how a seller approaches a business, including asking for referrals or using Account-Based Marketing to target the entire organization.
Identifying communication gaps
Sellers can also benefit from shifting to Digital Key Account Management. When all subsidiaries are plotted alongside one another, it’s easier to identify gaps in communication. This ensures that everyone involved in a deal is accounted for, preventing surprises during contract negotiations.
Some things to consider before signing contracts include:
- Are you aware of all your champions and their influence?
- Have you understood all the stakeholders involved?
- Are you benefitting these stakeholders with something that will actually help them?
Increasing collaboration internally and externally
“Probably the most important thing for me is broader teamwork.” – Andrew Collings
Ensuring that Business Development Representatives, account managers and executives, and the ABM team work together to engage with positive leads can be achieved when everyone has access to all the information about an account. This process is made more streamlined with the help of a digital tool for account planning.
Additionally, when interacting with the Customer Success Team, having a digital account management system in place improves communication with customers. Customer Success Managers assigned to a particular customer are able to work much more efficiently and avoid surprises. For Andrew, Digital Key Account Management increases visibility and reduces reliance on individual knowledge.
Tips for Implementing Digital Key Account Management
Shifting to digital key account management can be a complex process, but Andrew Collings has a few pointers on how to get started:
1. Start small
Begin with a set group of customers, both complicated and simple ones. This will help you get a feel for how it works and what’s required. This can help get in a few short-term wins and also help people understand the benefits of digital account management.
2. Document stakeholders
Document the expected types of stakeholders and who you might be dealing with in the buying process, including the C-suite, managers, directors, procurement, and legal contacts. This will help you compare and determine if you have the right contacts in the organization; whether you are in contact with the right stakeholders who can actually affect change and move the process forward.
3. Focus on contacts with unknown or negative sentiment
Use digital account planning tools, like DemandFarm, to determine the sentiment of contacts. Query any contacts with an unknown sentiment and understand if they like or dislike your product/service. Understanding and addressing these issues quickly is crucial.
In case a contact has a negative sentiment but is quite influential, digital tools can help flag them, unpick the issue, and help understand how you can fix it. Addressing this early on can prevent upsetting any deals from going down the line.
4. Make the most of advocates
If you have a great advocate who’s senior, help them learn more by introducing them to other customers. Make the most of their influence.
Bottom-line
The world of B2B selling has undergone significant transformation in recent years, with the shift towards digitalization changing the way businesses interact with one another. Digital Key Account Management is no longer an option but a necessity for organizations looking to succeed in the modern business landscape. By being deliberate in the planned approach, implementing the right tools, and engaging the entire organization, businesses can succeed in their digital key account management endeavors.
Check out the complete Shift podcast episode and others in the series here.
