How Account Planning and Key Account Management Help Med Tech Companies Drive Sales Results
Updated May 2020
Account planning – you’ve probably heard about it, maybe even talked about it, but rolling up your sleeves and getting it done is a daunting project. However, when done correctly, account planning and key account management help drive sales efficiency and revenue, grow account relationships and increase sales team efficiency. Med tech companies especially can yield great results from a well-executed account-based selling strategy as customer interactions can be extremely limited.
Here are 4 reasons med tech companies should be leveraging the power of account planning and key account management:
1. Give sales more selling time
Med tech sales reps are already strapped for time. Wasting time chasing down healthcare practitioners who aren’t even interested in having a conversation is the most frustrating part of all. But with an account planning strategy around specific accounts where you know there’s a need, internal supporters, and receptiveness to a conversation, your minutes will take you miles.
2. Execute the sales cycle faster
With a targeted account plan, your sales reps will be aligned on overall account objectives and day to day tasks. And, if you choose the right key account management tool, this information can be accessible to the entire team in real-time. This also helps keep team members accountable.
3. Close more deals by building great relationships
When sales puts even a little time and effort into managing relationships in an account, it can go a long way. In fact, if done effectively, key account management can help drive an average of three new executive relationships to develop. Mapping out an org chart helps sales quickly understand how much influence contacts have, and where they are within the company’s hierarchy. Then, reps can focus on knocking out objectives in the account plan.
4. Grow opportunities in existing accounts
Just because you’ve sold into an account doesn’t mean your work is done. You should constantly be looking for more opportunities in existing accounts. But again, you don’t want to waste time trying to grow accounts that aren’t ready. Analyzing the whitespace can provide incredible insights to help identify, prioritize, and focus on the best opportunities.
Leading sales organizations use technology to supercharge their account planning and key account management process to uncover more opportunities and close bigger deals. Want to learn more? Request a demo now.