CRUSH WHITE PAPER
HOW TO BUILD A KILLER
STRATEGIC ACCOUNT PLAN
The guide every salesperson needs to read before creating a strategic account plan.
CRUSH PAPER: HOW TO BUILD A KILLER STRATEGIC ACCOUNT PLAN!! 2
©2014 Avention, Inc. CRUSH Report® www.avention.com
TABLE OF CONTENTS
CRUSH PAPER: HOW TO BUILD A KILLER STRATEGIC ACCOUNT PLAN
!! 2!
I.
What is a Strategic Account Plan?
II.
Why have a Strategic Account Plan?
III
Who should create it?
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IV.
Preparing to create the Strategic Account Plan
V.
What should make it into a Strategic Account Plan?
VI.
What should not be included in the Strategic
Account Plan?
VII.
Do’s and Don’ts
VIII.
Implementing the Strategic Account Plan
IX.
How Avention can help you create your
Strategic Account Plan?
©2014 Avention, Inc. CRUSH Report®
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CRUSH PAPER: HOW TO BUILD A KILLER STRATEGIC ACCOUNT PLAN!! 3
©2014 Avention, Inc. CRUSH Report® www.avention.com
I. WHAT IS A STRATEGIC ACCOUNT PLAN?
The Strategic Account Plan is a tool that helps salespeople be better positioned to
take on new accounts and forge stronger relationships with existing ones. The plan
contains critical information about the prospect that every sales rep should know
before even thinking about making the initial phone call. Capturing this information
down in a concise, structured way helps the salesperson to focus on what is
important about the account and how it aligns with your company’s offering. Having
a plan can help you go one step further, give you the edge over a competitor, or
deliver the crucial piece of data that can close the deal. Simply put, the Strategic
Account Plan is the blueprint of the sale.
The Strategic Account Plan should be almost a mini encyclopedia of the company. It
should allow the salesperson to know the account inside and out. The plan must
have all the important information about the company and its financials,
competitors, technology, goals, and objectives. It must provide insights about recent
development and drivers in the account and the industry. It is imperative that the
plan contains extensive and accurate contact information. Moreover, the contacts
ought to be structured in the proper hierarchical way so that the sales rep knows
how to navigate through the list.
Specifically, some key parts of the Strategic Account Plan are:
• Executive Summary
• Business and Industry Summary
• Key Competitors
• Product and Solution Alignment
• Embedded Information Technology Architectures
• Current and Planned Projects
• Sales Opportunity Pipeline and Forecast
• Contract Information
• Relevant Industry Insights
• Relationships
• Organizational Charts
• Voice of the Customer
• Strategic Relationship Assessment
• Partner Analysis
• Activities, Tasks and Events
You can download a template for the Strategic Account Plan from the
Avention website
http://www.avention.com/wp-content/uploads/2015/03/Avention-Strategic-Account-Plan-Template.docx
CRUSH PAPER: HOW TO BUILD A KILLER STRATEGIC ACCOUNT PLAN!! 4
©2014 Avention, Inc. CRUSH Report® www.avention.com
II. WHY HAVE A STRATEGIC ACCOUNT PLAN?
Creating a Strategic Account Plan is not an easy exercise. It can’t be done in an hour
before a meeting, but the benefits from creating one clearly outweigh the efforts to
produce it. Perhaps, most importantly, it gives you a better understanding of the
customer. Knowing more about your target and being equipped with insider account
knowledge of the account is one of the biggest advantages a salesperson can have. If
you can show potential clients that you’ve done your homework and understand
their business and their needs, you can build a closer relationship and move closer
to signing a contract.
Finding more information about current accounts can lead sales reps to new ways of
thinking about doing business with them. Knowing more about their potential
customers and seeing the bigger picture can stir salespeople into discovering more
creative solutions. They can come up with a completely different approach to
dealing with a particular account – something that wouldn’t have been possible if
they haven’t worked on the Strategic Account Plan. The clients also benefit from this
new way of thinking as they get better ideas for their problems.
Thirdly, working on the Strategic Account Plan increases the commitment of the
sales force. Investing their time into creating the document puts them into a different
mindset compared to if they used someone else’s tool and just executed it.
The sales reps are more devoted to seeing the plan produce
results after they have been working on it.
The sales reps are more devoted to seeing the plan produce
results after they have been working on it.
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CRUSH PAPER: HOW TO BUILD A KILLER STRATEGIC ACCOUNT PLAN
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©2014 Avention, Inc. CRUSH Report® www.avention.com
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III. WHO SHOULD CREATE IT?
The main responsibility for the Strategic Account Plan lies with the sales
department. They are the ones who should lead the process and also benefit the
most from it. After all, the plan is supposed to help your company sell. Furthermore,
it is salespeople who have most of the information that goes into the plan. It is the
role of sales reps to know as much as possible about the accounts and that
translates into the need to know as much as possible about the process and tools of
Strategic Account Planning.
However, that does not mean that they are the only ones that should be involved.
Other departments and even key partners play their part too. Very often these
stakeholders can greatly influence the process. They can hold important
information or offer help and expertise. For example, the marketing department can
be very useful when it comes to aligning the potential client’s needs with the
company’s portfolio.
It is also critical for the process to get the approval and support of management.
They can influence the culture of the company and buy-in from management is
essential for the whole process. Management should be brought in early and make
sure that salespeople don’t see the Strategic Account Planning as “just one more
thing to waste time on” but rather as an effective tool that can help them be better
at what they do. Culture and remuneration can greatly shape how the Strategic
Account Planning is seen and that is where management comes in.
CRUSH PAPER: HOW TO BUILD A KILLER STRATEGIC ACCOUNT PLAN
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©2014 Avention, Inc. CRUSH Report® www.avention.com
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IV. PREPARING TO CREATE THE STRATEGIC ACCOUNT PLAN
You might be eager to start populating the Strategic Account Plan but there are a
few things that you need to do first.
SET OBJECTIVES
Before you start a project you need to know why you’re doing it. Ask yourself
what you want to achieve. What is your goal and how that particular account
fits into it? This will help you channel your thoughts and focus on the end
result. Knowing where you’re going is the first step of the journey.
GATHER INFORMATION
As we already mentioned, the Strategic Account Plan is a pretty extensive
document. Before you begin, have all the information that you possess ready.
You probably won’t have everything you need and will spend some time
doing research. The upside is this will help you look into the account with a
fresh perspective. But don’t start completely from scratch. Just like with
meeting a client, winging it is never a good idea.
KNOW WHAT YOU CAN OFFER
Before you take a deeper look into the account, look into your own
organization. Spare a moment to reacquaint yourself with the company’s
product line, especially if it’s a big one. Remind yourself of your strengths
and your weaknesses and how they stack up to the competition. Re-examine
your value proposition.
CRUSH PAPER: HOW TO BUILD A KILLER STRATEGIC ACCOUNT PLAN!! 7
©2014 Avention, Inc. CRUSH Report® www.avention.com
V. WHAT SHOULD MAKE IT INTO THE STRATEGIC ACCOUNT PLAN?
A good Strategic Account Plan offers a comprehensive look at your potential
customers. It gives detailed insights and supports the future sale. Here are some
points that make that happen:
THE ACCOUNT’S PAST PROJECTS
To have a better grasp of the account’s background, you need to be familiar with its
past projects. You need to see how the company developed in time and how it came
to be what it is today. The past initiatives give an excellent view of the way the
account progresses. It also gives a good perception of its principles.
PRESENT POSITION OF THE ACCOUNT
Find out more about where the account stands now. What projects are they
investing in? Do they need support or complementary services? Who are the
account’s partners, what is their relationship, are they happy to be partners? What
contracts has the account signed? Are they going to expire soon? Will they be
looking for a new vendor after the contracts expire?
THE ACCOUNT’S VISION
The Strategic Account Plan is a forward-looking document. You need to identify the
account’s vision for the future. Figure where they want to be in three years and how
they plan to get there. What new projects they need to start to achieve the vision?
Think about how your company can help them achieve their vision and make it part
of your selling proposition.
CLEAR, ACTIONABLE IDEAS
This one is not about the account. It is about you and moving forward. Be very
action oriented when you’re creating the Strategic Account Plan. Include specific
activities, tasks, and events you need to take on to meet your objectives. And don’t
forget to make them SMART (Specific, Measurable, Attainable, Relevant and
Timed).
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CRUSH PAPER: HOW TO BUILD A KILLER STRATEGIC ACCOUNT PLAN!! 8
©2014 Avention, Inc. CRUSH Report® www.avention.com
VI. WHAT SHOULD NOT BE INCLUDED IN THE STRATEGIC
ACCOUNT PLAN?
Although the Strategic Account Plan is comprehensive, not everything goes into it.
D
on’t include:
OLD INFORMATION
This one is pretty much self-explanatory. Company information changes pretty
quickly nowadays. This is particularly true when it comes to contact lists and org
charts. Very often contact lists contain people that have left the company or
people at the wrong position. Salespeople have to be diligent and make sure that
they don’t rely on old, outdated information when they are trying to land an
important prospect.
IRRELEVANT INFORMATION
You only want to include what will help you sell. There is no need to include every
bit of news that has the company’s name in it. For example, Apple’s
announcement of a new iPhone will surely affect Motorola and other companies in
the telecommunications industry but it probably won’t have a big effect on the
companies in the pharmaceuticals sector even if they buy iPhones for their top
employees.
OVERLY GENERIC INFORMATION
The old rule of quality over quantity applies here. In some cases people might be
compelled to use any information instead of having no information. The point of
the Strategic Account Plan however is not to go through the document and fill in
information for the sake of information. The point is to gather as much relevant
data as possible that can actually help you.
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CRUSH PAPER: HOW TO BUILD A KILLER STRATEGIC ACCOUNT PLAN
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©2014 Avention, Inc. CRUSH Report® www.avention.com
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VII. DO’S AND DON’TS
Some Do’s when creating a Strategic Account Plan:
• Gather as much information as possible.
• Have a deadline. It will create a sense of urgency and priority.
• Be realistic. Fudging the numbers won’t help when the time to sell comes.
• Have an open mind about the action items. Try to escape the “we’ve always
done it this way” approach.
• Rely mostly on facts. Gut feelings can be tricky.
• Celebrate your wins.
Some Don’ts:
• Don’t start on the night before the deadline. You won’t be able to create a
quality outcome.
• Don’t do all the research yourself. You’ll just waste more money than if you
buy a report. This is why business intelligence companies exist.
• Don’t set too many objectives. You won’t be able to satisfy all of them.
• Don’t avoid a section of the plan because it looks hard to do.
• Don’t be afraid to ask for help.
CRUSH PAPER: HOW TO BUILD A KILLER STRATEGIC ACCOUNT PLAN
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©2014 Avention, Inc. CRUSH Report® www.avention.com
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VIII. IMPLEMENTING THE STRATEGIC ACCOUNT PLAN
The first thing you should do after you finish the Strategic Account Plan is to
congratulate yourself. It was a big initiative that you put a lot of time and effort in.
The second thing you should do is start implementing it. The plan is not meant to
stay somewhere on a computer drive or a dusty shelf. Use the knowledge that
you’ve gathered and the activities that you’ve laid out. It is up to you to make the
most out of the process. Follow your plan and start working on your 30, 60, 90
days milestones.
In addition, make the Strategic Account Plan a knowledge resource for your
organization. Other departments would be happy to take advantage from it too. You
can make a library with all of your Strategic Account Plans and publish it for
everyone in your company. Many functions can use the type of information that is in
the plan. They can benchmark financials, technology, and type and duration of
contracts. Sharing the information can also increase participation from stakeholders
the next time you need their support with a project.
Once you create the Strategic Account Plan, be on the lookout for new information
and changes in the account. The plan is a living document that you must update
regularly. Whenever something significant happens with your potential client go
back to the plan and make the necessary changes. You might realize that after
significant events you have a better chance of scoring them as a customer. Pay
special attention to changes in the business drivers or the contact list.
CRUSH PAPER: HOW TO BUILD A KILLER STRATEGIC ACCOUNT PLAN
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©2014 Avention, Inc. CRUSH Report® www.avention.com
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IX. HOW AVENTION CAN HELP YOU CREATE YOUR STRATEGIC
ACCOUNT PLAN
You will need a lot of information to create your Strategic Account Plan and Avention
can be there for you with irreplaceable help through every step of the process. Start
by downloading our Strategic Account Plan Template.
(http://www.avention.com/wp-content/uploads/2015/03/Avention-Strategic-Account-Plan-Template.docx)
A good template is like a good foundation – it helps you achieve strong results.
Once you have a template for the plan, you need to add substance to it. Researching
accounts takes a big chunk of time. It gets even trickier because you have to find
relevant and comprehensive information about the account. The good thing is that
you don’t have to do it all yourself. There are some great business information
resources that can help you.
Avention builds and maintain a set of Fortune 1000 and Global 500 account
profiles called CRUSH Reports that have detailed and current information on your
prospects. We provide specifics on:
a. Key contacts in your account and how to reach them
b. Organizational chart of top executives
c. Extensive company information – including business initiatives, quarterly
earnings calls, and annual report summaries
d. Recent developments and business drivers for the account
e. Technology information – including ERP systems, data and call centers
f. The industry they operate in
CRUSH Reports will help you answer the who, what, where, when and why’s for
your accounts. You can get more information about CRUSH Reports on our website.
(http://www.avention.com/products/crush-report)
CRUSH PAPER: HOW TO BUILD A KILLER STRATEGIC ACCOUNT PLAN!! 12
©2014 Avention, Inc. CRUSH Report® www.avention.com
To find out more or if you have any questions
contact us at:
Avention, Inc.
300 Baker Ave.
Concord, MA 01742
(866) 354-6936
http://www.avention.com
