3♣️ Map your key accounts for sales success  

This tip applies to business leaders, particularly those with sales teams focused on securing large contracts with major clients, also known as key accounts.

Have you ever felt confident a major deal was secured, only to have it fall through at the last minute due to an unforeseen decision-maker? This scenario is frustratingly common, and it can cost your business significant revenue.

Complexity

The challenge lies in accurately identifying all key decision-makers within an organisation.  Salespeople might focus on the direct contact they've built a rapport with, overlooking influential figures higher up the chain of command.

Solution

The solution lies in a simple yet powerful tool: the hierarchy map.

This map visually depicts the approval chain within a key account.  At its centre is the primary contact, typically the person the salesperson interacts with most.  Branching out from this central figure are bubbles representing other key players who influence the decision-making process.

Here's the crucial step: salespeople must identify individuals two levels above the primary contact as well as two peers alongside them and two people reporting to them.  The two levels above are critical as they are often senior executives like the CFO or CEO who hold veto power over the deal, even if lower-level personnel seem sold.

Benefits

By implementing hierarchy maps, you can expect significant benefits:

• Reduced Risk of Surprise Losses: Knowing the entire approval chain minimizes the chance of unexpected roadblocks at the final stage.

• Improved Sales Strategies: Salespeople can tailor their approach to address the concerns and priorities of all decision-makers.

• Stronger Relationships: Building connections beyond the immediate contact fosters a more comprehensive and resilient client relationship.

Data Example:

A study by Gartner Group found that B2B buying decisions now involve an average of 6.8 stakeholders [source needed].  By mapping these stakeholders, you significantly increase your chances of navigating the complex approval process.

Why it Works

Hierarchy maps work because they:

• Expose Hidden Influencers: They shed light on individuals who may not be readily apparent but hold significant sway over the final decision.

• Promote Proactive Communication: By understanding the broader approval chain, salespeople can proactively address potential concerns before they arise.

• Align Sales Efforts: The map ensures everyone on the sales team is on the same page regarding who needs to be convinced.

Measurement

The effectiveness of hierarchy maps can be measured by tracking:

• Win Rate: Monitor the percentage of deals successfully closed after implementing hierarchy maps.

• Sales Cycle Length: Ideally, the time it takes to close deals should decrease as salespeople navigate the approval process more efficiently.

• Client Feedback: Positive client feedback regarding clear communication and a comprehensive understanding of their needs indicates the map is working.

My Story, Sources and References

I originally learnt the outline of this approach during my Cranfield MBA in the late 1980s.  Key account management was a key focus group at Cranfield in those days.  I developed it further as a business leader myself.  (It was an important document I asked my key account directors to present in their quarterly key account reviews with me as CEO.)  And I was consequently pleased when a few years later Phil Jesson, a superb speaker, shared his take on it with my MD2MD business leader group.