Businesses undertake account profiling to understand and gather relevant information about a specific set of accounts in order to design a strategy or access plan.
Each profile to be profiled is a mission undertaken by a company which is one of its kinds in terms of the type of information that is to be gathered. Mostly, the information which is generated is a mix of crucial contacts, the priorities to be set, the challenges to be met, reporting about relationships, understanding about the crucial goals to be reached, knowledge about what influences purchasing decisions, generating or triggering opportunities, getting insight about status and other competitive data.
In general, it is observed that it is very tough to enter big accounts largely due to diverse buying influence, hard and intricate decision-making processes including dispersed accounts across varied divisions and geographies.
Also, bigger organizations have their own closely established buying cycles. Hence, it turns out to be very important for a new vendor to make himself recognized by the purchaser at an initial stage in the buying process so as to offer a chance to influence the buying process.
How to establish a perfect customer relationship using Account Profiling
The trick is to create the perfect client relationship that lies in not only identifying the relationships but also in conducting live projects, taking responsibility of inventory, asset estimation including conduct and execution of potential projects for the whole year.
Account profiling which is done for bigger accounts needs a lot of time. It also demands thorough probing that needs to be commenced involving phone calls, authentication of contacts, web research, undertaking of projects that are live including future projects, expiry dates of service contracts, asset evaluation etc.
Equipped with so much data, the sales team representatives become fairly proficient, effective and productive when it comes to management of larger accounts. An alternative way is to approach an efficient Market Research Process such as Beyond Codes. This will release the sales team of its burden and only focus on what they are best at- selling.
The Account Profiling offered by BeyondCodes involves:
Generating data from multiple intelligence sources consisting of primary research, secondary information, web sources, and our own proprietary research.
Sales intelligence process involving integrated research at every stage, including surveys, webinars, direct interaction with key personnel in the decision-making process
Intelligence on key events that the organization/key decision makers are attending, identifying opportunities for getting more face time
Account profiling, when taken on by any business, helps in bridging the big difference that is present between a potential business and one that has been closed. It provides fair insight to the sales team in pursuing only those accounts that are likely to give business and not go on a wild goose chase. This helps the sales team to connect only to potential customers to establish the truth required to confirm the deal rather than chasing random prospects.
Account profiling, in short, can be labeled as the perfect mixture of thorough research techniques along with the perfect use of latest technologies and human judgment to deliver the right message to the right prospects at the right time in order to generate leads.