How to pick accounts to target?

Read this quote by Lincoln..

It got me thinking -

"Why would someone do that? Why not just get on with it?"

Turns out that spending time to sharpen the axe is actually smart:

1. Easy Cutting: Sharp axe = less sweat, more chop
2. Smart Investment: Spend time early, save time later
3. Axe's Lifespan: Sharp tools last longer, work better
4. Safety First: Dull axe slips, sharp one grips
5. Clean Cuts: Sharpness means smoother chops
6. Prep Pays: Ready for action, no interruptions

Well, now that I knew this

I thought about how this applies to picking target accounts for ABM.

Account selection is one of the most important decisions.

That's why you'll see that successful sales & marketing teams spend an unusually large amount of time on selecting the right accounts to go after (target).

Logic: Right accounts will lead to more closed deals, while wrong accounts waste time and resources.

After speaking with 100's of sales & marketing teams, I've understood that these should be the key factors in your account selection strategy:

• Intent data: This data can be used to identify accounts that are actively researching or considering a purchase.
• Technographics: This data can be used to identify accounts that have the right technology in place to use your product or service.
• Demographics: This data can be used to identify accounts that are in the right industry, size, and location

Don’t worry. I’ll break everything down in detail here.

What to Do Before Selecting Even a Single Account?

Before you start selecting accounts, there are a few things you need to do first.

First, you need to define your ICP (Ideal Customer Profile)

Once you have defined your ICP, you need to gather data on potential accounts.

This data can include things like company size, industry, location, and website traffic.

You can use a variety of tools to gather this data, such as LinkedIn Sales Navigator, ZoomInfo, and Bombora.

Once you have gathered data on potential accounts, go to step 1

Steps to Select Accounts

There are a few steps involved in this process that you must not miss:

1. Score accounts based on their potential

This will help you prioritize your accounts and focus your efforts on the ones that are most likely to be a good fit.

2. Target accounts that are actively researching or considering a purchase

This information can be found in intent data providers G2 & Bombora (we provide this data inside Recotap).

In addition to the above not-to-miss steps, there are a few non-obvious but important steps

3. Get input from other departments

Sales teams are not the only ones who can provide valuable insights into account selection.

Get valuable insights from marketing, customer success, and product teams that would help you identify the right accounts to target.

4. Dig into your CRM

In case you’re using a CRM, think that you just got a booster in your process. Use it to identify different patterns on Closed Won or Closed Lost.

This would help you take a guided path.

5. Be Ruthless

It is important to be flexible but ruthless with your account selection process especially within this fluctuating market.

If you see that a particular account is not a good fit, don't be afraid and move on to another one.

Once you have selected a list of accounts, you need to prioritize them.

This will help you focus your efforts on the accounts that are most likely to convert.

I've found that these 3 factors are very important:

1. The size of the account:

Larger accounts tend to have more budget and decision-makers, which can make them more attractive targets.

2. The stage of the buying process:

Accounts that are already nurtured and are further along in the buying process are more likely to close a deal

3. The level of interest:

Accounts that have expressed interest in your product or service are more likely to close a deal.

Our own case studies

To help you understand and experience the impact of Account Selection, I’ve gathered some of the best case studies from our own clients:

I’m confident you’ll relate to this if you’re doing account selection:

1. A large software company, one of our clients, used intent data to identify accounts that were actively researching their product. They then prioritized these accounts and focused their sales efforts on them. They increased their close rate by 20%!
2. A small SaaS company, also one of our clients, used a CRM system to track their account selection process. They were able to see which accounts were the most time-consuming and which accounts were the most likely to close a deal. As a result, they were able to improve their efficiency and close more deals.

?? Account selection is an ongoing process ??

1. If you treat account selection as set it & forget itYou may be disappointedThe fact is - account selection is an iterative & continuous processYou need to iterate and improve your process over timeThis means

• Tracking your results
• Identifying areas where you can improve
• Adjusting your process

In a recent ABM Voice Podcast with Andrei, we talked about the importance of account selection for SDRs.

He suggests that Marketers and SDRs focus on a small set of accounts per quarter, rather than trying to reach out to as many accounts as possible.

There are a few reasons why this is a good approach:

First, it allows us to focus our time and energy on the accounts that are most likely to be a good fit for their product or service.

Second, it allows us to build deeper relationships with the accounts we are targeting.

Third, it helps us track progress and measure results more effectively.

Of course, there are some challenges to this approach

However, the benefits of this approach outweigh the challenges.

By focusing on a small set of accounts per quarter, we can increase our chances of success.

Account selection may seem like a complex process.

Hopefully, it feels a little less complex now.

Hope this was worth your 3 minutes.

Need help with selecting accounts? Send me a DM.

PS - If you liked this article, please leave a like. It helps me understand which topics you're finding useful.