Sales reps are always looking for ways to increase their earnings. One of the best ways to do this is by increasing sales volume. But how can you achieve this? Many experts recommend using account tiers in your sales strategy. I used the tier sales strategy when working as a sales manager, which helped me boost my team’s performance significantly. Here’s how it works:
Tier Sales Strategy
Account tiers assign customers priority based on their willingness and ability to buy. The way you tier account sales depends on the industry and company. You may need to research your customer base before determining how to tier them.
Companies can spend their marketing dollars on the most likely to convert and make purchases if they have established account tiers. It may take a while for companies to set up the right account tiers.
Sales teams, marketing teams, and customer success teams can easily manage tier sales. Sales tiers allow for easier prioritization. Companies can narrow their search to the most relevant customers by using ABM account selection, ABM Tiers, and target Account tiers.
It can be difficult to determine how to tier accounts, but we will teach you how to do it. Keep on reading.
What are Target Accounts?
Target accounts are typically companies that you’d like to do business with.
Account-based Marketing (or ABM) is a strategy that focuses on targeting specific, high-value accounts for your business.
A target is an organization your marketing and sales teams have identified as a potential fit for your product or service. These organizations need targeted outreach to convince them to become customers for life.
So, how do you decide which companies and which opportunities to focus on? And how do you decide how many resources and how much time to dedicate to each one?
How to Pick the Right Target Accounts for your ABM
Like finding Waldo, it can be extremely difficult to find your target accounts. If you don’t already know what they look and sound like, you’re out of luck.
Before you make any sales or marketing decisions, you need to define who your ideal customer is. This is commonly referred to as an “ideal client” or ” ICP.”
An Ideal Customer Profile is a description of a company — not an individual — that perfectly fits your offering.
You can use the Defining Your Ideal Customer Worksheet to define who you want to contact. This can help you know the best target accounts.
After you’ve identified “Waldo,” it’s time to search for him! Using technology, you can compile a list of potential targets.
Here’s a list to get you started on identifying some potential targets.
1. Use technology to your advantage.
Use our Account Discovery Tool in the Cloud to find the accounts you want to target for your campaign. Our Predictive Analytics can also help you determine when your customers are most likely to make a purchase.
2. Use your existing database.
Your CRM system and your automation software have tons of untapped data. Use that data to find new prospects for your sales team, identify opportunities for upselling, and find existing customers that are likely to buy more from you.
3. Check out what your competition’s customers are buying.
Identify your target accounts by researching them manually or using an automated tool like iDataLabs or HG Data.
4. Identify your competitors’ customers.
Then, you can take a look at your top customers’ lists of their competitors. By looking at these competitors’ websites, you can identify which of your competitors are the best fit for your Ideal Customer Profile. Then, you can get in touch with these specific companies to discuss how your product can help them.
Then, you can highlight the benefits of your solution to these competing companies.
5. Set up a job search alert.
You can subscribe to new job alerts that use your target buyers’ job titles and other relevant terms if you’re selling to emerging categories. You’ll be notified when companies are likely to be in the market for a solution like yours.
How Do You Tier Your Target Accounts?
Now that you’ve identified your target accounts and contacts, it’s time to reach out.
Your “dream account” list should be segmented into tiers based on which campaigns you want to run.
When creating your campaigns, it’s important to ensure that you’re targeting the right accounts for your sales team. Sending your sales reps to too large or too small accounts can dilute your messaging and waste your sales rep’s time.
Account tiers are an effective way to prioritize your most important customers. A three-tiered system is most common for B2B businesses.
In this specific method,
To tier your target accounts:1. Look at your current customer base and identify the characteristics of your Tier 1 accounts.2. Research companies that fit those characteristics and create a list of potential Tier 1 targets.3. Repeat the process for Tier 2 and Tier 3 accounts.
Not all customers are equal. You should invest more in customers who will likely generate the most revenue and business for you.
Analysis can help you identify potential customers who are more likely to convert and those who are existing or repeat customers. This information can be used to create account tiers, which can then prioritize sales efforts.
In addition to knowing when to escalate an account, you may also need to know when to downgrade it. Some clients may be purchasing from you at a much higher rate than others.
When analyzing your customer base to tier them, it is important to consider what criteria you will use to target accounts.
If you’re looking to establish criteria to target specific customers, an Account-Based Marketing (ABM) or Sales and Marketing Solution can help. CRM Suites often provide tools to help with this task.
Some sales acceleration platforms have a built-in list of accounts considered “A” or “B” tier.
When companies set their sales tiers properly, they can better allocate their marketing resources to those customers that are more likely to purchase. This results in a higher ROI.
But it might take time for your company to set up the tiers for you.
Account-based marketing (ABM) is the practice of targeting specific accounts with personalized messaging. Companies that use this process can automate their outreach, saving time.
Conclusion
If you’re looking for a way to increase your sales volume, the tier sales strategy may be the answer. By grouping your accounts into different tiers, you can focus your efforts on the most promising leads and maximize your chances of making a sale. Give it a try and see how it works for you!
Need Help Automating Your Sales Prospecting Process?
LeadFuze gives you all the data you need to find ideal leads, including full contact information.
Go through a variety of filters to zero in on the leads you want to reach. This is crazy specific, but you could find all the people that match the following:
- A company in the Financial Services or Banking industry
- Who have more than 10 employees
- That spend money on Adwords
- Who use Hubspot
- Who currently have job openings for marketing help
- With the role of HR Manager
- That has only been in this role for less than 1 year