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Sales Glossary

The sales industry is always changing and evolving. Keeping on top of those changes can be tough. The Vidyard Sales Glossary is your ultimate guide to important sales terms, definitions, concepts, slang, insider business jargon and more to keep you up to date with the latest in sales industry lingo.

What is Account-Based Selling?

Account-based selling is a strategic sales model specifically used for B2B sales that requires company-wide buy-in that targets specific sales prospects. It’s a personalized sales approach that requires multiple resources rather than a single sales rep. Account-based selling focuses on quality over quantity and aims to generate more revenue from fewer targeted key accounts or customers. It’s typically part of a go-to-market team’s overall account-based marketing tactics and strategy.

Who Uses Account-Based Selling?

A company’s business model and size will help determine if it should implement account-based selling. Because it requires a large amount of resources and time to close out deals, it’s not ideal for small businesses.

Typically, B2B companies with fully staffed sales, marketing, product, finance, and customer support teams practice account-based selling. They have the time and resources to identify and work with specific sales prospects and ensure all of their communication is targeted appropriately.

Account-based selling is also ideal for companies that offer subscription-based products because they can assign different teams to various stages of the customer’s journey: from sales prospecting to pitching, closing a deal, renewals, up-sells, and ensuring overall customer satisfaction with timely follow-ups.

If a company has limited staff and resources or focuses solely on a B2C model, account-based selling may not be ideal. Using your ideal customer profile (ICP) can help determine what sales model best suits your company’s needs.

However, it is common for some companies to divide their sales teams into smaller groups so they can handle account-based selling to high-value customers and prospecting smaller companies. This would be ideal for a company that offers tiered levels of their product.

KPIs to Track for Account-Based Selling

Tracking and measuring the success of sales is crucial for account-based selling. Since this method requires more time and resources, you must keep track of key metrics to ensure the process goes smoothly. If a target is missed, it could result in a large amount of lost revenue that is difficult to recoup.

Key Performance Indicators (KPIs) to track should include:

  • Conversion rates.
  • Overall revenue (from new sales, upsells, renewals, add-ons, etc.).
  • Customer acquisition cost.
  • Length of customer journey.
  • Average contract value.
  • Lifetime value.

Measuring these KPIs will help improve the overall sales process and allow you to see where improvements can– or should–be made. If any metrics are dropping, address them immediately.

How to Excel at Account-Based Selling

Team Alignment

To succeed with an account-based selling model, you must ensure every team within a company is aligned, especially sales and marketing. The marketing team should help create targeted content to help the sales team approach and communicate with sales prospects. This external communication must always align so messaging doesn’t confuse audiences.

Another common goal sales and marketing have under this model is expanding their prospect pool. Both teams work towards identifying and attracting high-value prospects. Again, communication is key in order to succeed.

Personalize Your Communication

Account-based selling should always be personalized. Because you’re targeting specific prospects, you need to know exactly who they are, their work, and exactly how your product will help them. Make sure everyone involved does their due diligence while conducting research. Then, assemble personalized content to use throughout the entire sales funnel.

From initial outreach to presentation decks, ensure everything addresses the prospect’s needs and highlights how you’ll help them succeed.

Use Video

One of the easiest ways to personalize your outreach is to use videos in your ABM and account-based selling efforts. Video for sales can be used for initial introductions, product demos, and more. For account-based selling, other teams can also use it for things like customer support.

See how Vidyard can help your business grow with video.
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