Elevating Sales Meetings: The Art of Effective Account Research

Introduction:

Account research is a make-or-break factor that can significantly impact the success of your sales interactions. So, grab your detective hats and get ready for some sales sleuthing!

The Importance of Account Research:

Over the years, the methods of conducting account research have evolved, but one thing remains unchanged: the importance in the sales process. I personally find the process of delving into an account fascinating. It's not about seeking specific answers; it's about uncovering new questions and exploring information that expands our knowledge and understanding.

Similar to being a detective, account research is akin to solving a puzzle. By piecing together different fragments of information, we can create a comprehensive picture that not only influences our sales meeting but also forms the foundation of an effective account plan.

Getting Started: Creating a Research Checklist

To optimize your time and productivity, start by creating a checklist. Time is valuable, and inefficient research processes can eat away at your selling time. Develop a checklist that outlines the steps that work best for you. Consider having two versions—one for quick research before a meeting and another for more comprehensive research for important executive meetings or overall account plans.

Key Steps for Account Research:

1. Visit Their Website: Begin with the company's website, focusing on their vision and mission. These top-level insights drive their product development, investments, and growth strategies. Check the About section or annual reports for this information.
2. Explore Products and Services: Look for the latest product launches or services on their website. Compare this information with their annual reports, as they often provide revenue distribution details. Pay attention to any strategic growth areas mentioned during earnings reports, even if they don't contribute the most revenue.
3. Assess the Industry Landscape: Investigate the industry in which your customer operates. Understand the competition, key players, and overall industry landscape. Tailor your research depth based on the complexity of your sales role—commercial territory roles may require 15 minutes of research, while larger enterprise accounts or account plans necessitate more extensive research.
4. Account Plan Research: If working on an account plan, consider including additional elements, such as the customer's target market, areas where they face challenges or competition, and their unique selling points. Leverage additional sources like the company's Twitter account, press releases, blogs, your internal CRM, and relevant third-party reports for in-depth insights.
5. Identify Sales Triggers: Stay updated on recent events or triggers that may create sales opportunities. Examples include funding announcements, leadership changes, expansions, or acquisitions. Consider setting up Google alerts for focused accounts to receive timely updates.
6. Investigate the People: LinkedIn is an invaluable resource for researching individuals. Look for details such as their tenure, education, recent posts, and common connections. Leverage these insights to facilitate conversations and establish meaningful connections. Additionally, a quick search on platforms like Facebook can provide common ground and topics of interest to help forge a stronger rapport.
7. Stay Organized and Consistent: Document your research findings and organize them for easy access. Leverage your CRM to save contact profiles, including social links, for quick reference. Regularly revisit and update your research to stay informed about any new developments. Check out the full podcast to hear some thoughts on owning your own personal CRM vs. your corporate CRM.

Conclusion:

In conclusion, the key to effective account research lies in building a consistent checklist and leveraging efficient processes. By investing time and effort in understanding your prospective clients, you'll not only elevate the productivity of your sales meetings but also generate more pipeline opportunities and increase sales. Embrace the role of a sales detective, and let thorough account research be your secret weapon for success.

Please check out the full podcast episode on?Apple,?Spotify,?Google?or?YouTube, or any of your favorite podcast apps!