by Amy Keuper, VP Sales
We use a custom field which is so vital to our sales work that I’m puzzled as to why it’s not a pre-existing field within out-of-the box CRM configurations.
We create for our clients a pick-list field titled “Account Status” and use it to track our prospecting penetration into our Accounts. Without a status designation, it’s impossible to tell at a glance where qualifying talks are occurring. Certainly you can run activity reports and spend time reading through call notes, but VPs of Sales as well as sales reps themselves need high-level visibility.
Of course, once an Opportunity is created, the Account officially hits the pipeline with easily identifiable stages. But prior to that point (and we recommend having a high Opportunity-creation threshold), you need an Account Status field in order to have a snapshot view of your pre-Opportunity sales work--all the work leading up to your first official sales talks that we think of as the “pipeline to the pipeline.”
We recommend sorting Accounts into three primary prospecting groups: 1) those that you have not touched yet, 2) those that you are currently touching, and 3) those that you are finished touching for now. The last two stages have sub-categories. We use customized variations of this pick-list:
- Not contacted
- Working
a. Working: identifying and navigating contacts
b. Working: connecting and qualifying
- Resolved
a. Resolved: sales opportunity created
b. Resolved: nurture, no interest right now
c. Resolved: objectively disqualified
Having two or more levels within the “working” group helps distinguish which Accounts you are just beginning to call from those where you’ve made some real connections with Decision Makers.
Breaking out your “resolved” list enables you to find Accounts for targeted marketing. You can keep track of companies where talks have progressed to deal discussions as well as Accounts that have no immediate need but should be nurtured along by regular communications.
We find it particularly helpful to separate Accounts that are objectively, and therefore permanently, disqualified from those where you simply did not get traction at this time. Identify what eliminates an Account from being a Prospect (maybe you only sell in the US, for example). Resist the natural tendency to dismiss Accounts that don’t have need, ability, or desire at this point in time since any of those factors could change.
We also recommend having a label for “other” so that you can flag Accounts that don’t fit neatly into any of these categories. Identify any patterns and create new, custom status labels that make sense for your own prospecting steps.
Using a pick-list field enables you to run reports and uncover actionable intelligence about your prospect pool. Look, for example, at what this sample report reveals.
If the pie chart above represents all my potential future customers, I’m in trouble. I’ve already worked 97% of my Prospects and well over half of those have no present need, ability, or desire to buy. I need to find a way to revisit and create urgency with this large group of non-interested companies. I might also need to source a new target list or modify my offering to open up new markets since I have no sales possibilities with almost 70% of my Rolodex.
With a robust CRM such as Salesforce.com, you can easily drill down into any of the categories to explore details about each stage group. Review what’s common among the Accounts where you are developing Opportunities and extend your reach into similar companies.
By implementing the Account Status tracking field, you’ll move from having only a vague sense of your prospecting progress to benefiting from an easily understood and measurable picture of your sales work.
Posted on
Wed, January 4, 2012
by Amy Keuper, VP Sales