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Two Successful Approaches to Account Planning [Template]

Are you a B2B account manager or sales executive serious about account-based marketing (ABM)?If the answer is “yes,” chances are you understand your customers want partners, not vendors.

To win new business and grow key accounts, account managers and sales executives must become invested in their customer’s challenges, goals, and the competitive landscape in which their business operates.

By using strategic account planning to target your key accounts, you can become your customer’s trusted partner by solving problems instead of selling products.

This article will touch on two viable account planning solutions — account-based marketing software and a manual, template-based approach. Below, we share one of the best templates to begin the account planning process in your sales organization.

Strategic Account Plan Template Layout

If you’re reluctant to invest in ABM software or just want a solid starting point to understand ABM strategy better, this strategic account planning template will help you:

  • Expand your understanding of your customer’s business, goals, and motivations
  • Deliver value through right-fit solutions to their toughest challenges
  • Navigate internal politics and target key stakeholders to drive buy-in
  • Identify and avoid risks, barriers, and limitations

Featured Resource: Strategic Account Planning TemplateFree account strategy template

Download This Template for Free

Ready to explore what account planning is all about and how it can increase your sales? In this article, we’ll go over the following topics:

  • What is account planning?
  • Terms related to account planning
  • Account planning process: a step-by-step guide
  • Account planning templates
  • Account-based marketing software

Let’s get started.

Account planning is about partnering with your customer instead of selling to your customer. It looks at sales not as a transactional process but as the start of a strategic partnership. This term is usually applicable in B2B organizations rather than B2C organizations.

Because account planning is such a thorough process, it allows you to ask your customer highly specific questions related to their business and challenges.

These questions are usually related to the product or service you offer, giving you further insight into how you can solve for them in both the short and long term.

While account planning aims to decrease customer attrition, it can also be a valuable tool for acquisition. Understanding your most profitable customers can help you identify better prospects to target in your future sales efforts.

Why is Account Planning Important?

87% of marketers say account-based marketing outperforms other marketing activities. As such, it’s vital to learn how it can help your business too.

Here are some of account planning’s most significant benefits.

Reduces Acquisition Costs

Customer acquisition is expensive for several reasons. Some of the major costs are incurred from the resources expended to discover customer drivers and challenges.

Account planning reduces acquisition costs because it allows you to focus more on creating business through existing customers instead of looking for new ones.

Speeds Up Sales

Account planning reduces acquisition costs and makes it easier to close deals faster. In addition, since account planning focuses on existing accounts, sales professionals already know the key decision-makers in the buying process and understand how they prefer to buy.

Furthermore, account planning helps sales professionals observe customer behaviors that can be disruptive to the buying process.

Retains Important Relationships

Since account planning involves frequent communication between clients and representatives, your sales professionals are positioned to get the real-time pulse of clients.

This constant flow of information makes it easier to be proactive in fulfilling the needs of the client. In addition, by offering this type of value, customers are happy and more likely to be loyal to your organization.

Related Account Planning Terms

Account planning is related to various terms in B2B sales environments. Here are a few that you might see around the web:

Sales Account Planning

Sales account planning is an alternative term for account planning.

Strategic Account Management

Choosing high-value and high-profit accounts to grow and nurture is called strategic account management. Not all accounts or customers warrant a plan, so strategic account managers typically spearhead these efforts. Thus, account planning and strategic account management can go hand-in-hand.

Key Account Management

Key account management is similar to strategic account management and may also complement the account planning process. Sales leaders and representatives build, maintain, and nurture the business’s most profitable accounts by offering exclusive resources, recurring meetings, and dedicated key account managers (KAMs).

Account-based Marketing

Account-based marketing is usually carried out after key accounts have been established and account plans have been created. After these high-value customers have been identified, the marketing team will create campaigns, assets, and messaging that targets these accounts.

As you can see, account planning can be a huge asset to your business, allowing you to delve in-depth into each customer profile.

By knowing the customer’s challenges, industry, and goals, you can position your product as the solution in a much more specific and targeted way, which can help increase close rates.

Now, it’s time to create a plan that can help you jumpstart your account planning efforts.

How to Start Account Planning at Your Business

Starting an account plan can be time-intensive, but when done right can give high returns. There are four basic steps to implement if you want to start account planning at your business. These are:

1. Determine accounts that require account planning.

First, you should develop criteria for determining which accounts need an account plan. Clients that likely require an account plan include those that are high profile, likely to scale, and can use your product or service in other departments in the company.

2. Discover the needs of these accounts.

Discovering the needs of these strategic accounts requires loads of research. Therefore, ask:

  • What are the goals of this client?
  • What do they value the most?
  • Who is involved in the buying decision process?
  • What are their current plans to achieve goals?
  • What KPIs do they measure?

3. Create actionable steps.

After doing your research, it’s time to develop actionable steps. These steps vary from account to account but might include:

  • Account analysis
  • Short-terms steps (e.g., getting them to renew with you)
  • Long-term steps (e.g., long-term client growth)

4. Execute the account plan.

Lastly, execute the plan you’ve created by incorporating the specifics of your business and sharing it with your stakeholders.

Before Starting: Download HubSpot’s Account Planning Template

HubSpot’s pre-built Account Planning Template contains prompts for each of the subsequent sections, as well as suggested topics to include in each one. Rather than starting from scratch, we recommend you follow along by downloading the free template.

Section 1: Business Overview

The most effective account managers and sales teams understand their customer’s narratives. They ask value-focused questions to get to the root of their customer’s business objectives, internal and external challenges, and industry landscape.

This questioning and learning must be an ongoing exercise. Objectives and goals are ever-changing, and customers often reposition their value in the face of new technology or market shifts.

In this section, identify the following:

  • Your customer’s vision/strategy
  • Your customer’s vital numbers
  • The year the company was founded
  • Your customer’s annual revenue
  • Number of employees who work for your customer
  • Popular target markets in the customer’s industry

After creating an account plan and getting to know your customer inside out, here are a few questions your account managers can ask:

  • “We noticed that your industry has seen a decline in _______. How has your business fared since this trend started?”
  • “Your competitor recently developed a new product. How does leadership plan to tackle this new challenge?”
  • “Your initiatives for ________ did well for Q4 of last year, resulting in X% growth in revenue. Do you have any plans to continue those initiatives in Q1? What challenges do you foresee?”
  • “I saw that you expanded into the ________ market. How has that been going? Are there any plans to expand into related industries?”

Section 2: Key Business Initiatives

As former FBI hostage negotiator Chris Voss outlines in his book Never Split the Difference, all successful negotiations begin with listening. To develop a value-based action plan, you need to discover what your customer values most.

By focusing on your customers’ value expectations, you create opportunities to grow customer relationships that are more strategic, which safeguards against competition while increasing customer loyalty.

Ask questions that will reveal your customer’s:

  • Short-/medium-/long-term priorities
  • Key projects
  • Key performance indicators (KPIs)

Section 3: Customer Relationship Landscape

When it comes to understanding your customer relationship landscape, Mike Broomfield, Managing Director of Intellegentia, says, “When working on complex deals with multiple decision-makers, it’s difficult sometimes to see the ‘wood for the trees’ unless you have a clear view and understanding of the org chart and who the players are.”

This is also true for expanding key accounts. The decision-maker role might change depending on product, budget, and influence.

To create a robust customer relationship landscape for your acquisition efforts, ask the following questions:

  • What job titles am I targeting?
  • Does the company have the right ones for my product?
  • Look at where you have been successful in the past. What job titles give you the best traction? Which ones don’t?

For current customers, your relationship landscape should include:

  • Relationship history
  • Relationship map (org chart)
  • Whitespace map
  • Project status
  • Customer value scorecard
  • Net Promoter Score (NPS®)

Section 4: Customer Products and Revenues

Today’s customer desires a strategic partner to deliver value across their organization. In this section, list and describe where you are currently adding value, analyze the ROI of that value, and identify gaps in the value chain.

Include the following information:

  • Whitespace analysis
  • Current sales performance
  • Current margin performance
  • Wins or losses over the last 12 months

Section 5: Competitor Analysis

Performing a competitive analysis for your customer may not seem to provide high value to your sales team, but remember: Your goal is to move from a transactional relationship to a strategic partnership. Only when you understand your customer’s challenges can you help them differentiate their products and services.

List your customer’s:

  • Competitors
  • Competitors’ strengths
  • Competitors’ weaknesses

Section 6: Buying Process and Selling Points

Businesses don’t buy products or services — people do. So, expand your org chart from section three to include personal motivations and decision criteria, and plot your value-based selling points to specific members of your customer’s organization.

The goal of a trusted advisor should not be to fit a product into an empty slot; rather, your focus should be to understand how your key selling points match each decision maker’s goal.

Identify each of the following:

  • Evaluation criteria
  • Key decision criteria
  • Key selling points

Section 7: Relationship Goals and Strategy

Before an account manager can move the customer relationship forward, they must first establish their relationship baseline. Set your starting position. Be open and honest about your current relationship status.

Using the org chart from section three and the motivations from section six, determine which relationship target has the greatest opportunity for engagement, focusing on those who can provide the most productive outcomes for the customer’s business and your own.

Expand your relationship landscape to include:

  • Current relationship status (Vendor, Preferred Supplier, Planning Partner, Trusted Advisor)
  • Core business partners
  • Relationship target (who, what, where, how, why)
  • Relationship progression strategy

Section 8: Sales Opportunities, Targets, and Risks

Once you’ve documented your customer’s objectives, motivations, and key relationships, determine the products/services that will help them attain their goals. List revenue goals and identify blockers — both internal and external.

List and define:

  • Two-year revenue goals
  • Align customer needs to products/services
  • Cross-sell and upsell opportunities
  • Risks, barriers, and limitations
  • Operational restrictions

It can be easy to gloss over the final bullet — operational restrictions. However, this exercise can illuminate friction in service/product delivery and reveal opportunities for automation and processes that can impact your entire book of business.

Section 9: Action Plan

Although there may be many value-add opportunities, narrow your focus to a small subset. Move the needle one position at a time.

Determine which team members will own which task, what resources will be required to achieve these tasks, and agree upon accountability measures.

Ensure that you do the following in your action plan:

  • Identify the top five objectives
  • Create a list of critical resources
  • Assign tasks and key owners

Section 10: Plan Review

Discuss value co-creation with your customer. Ensure you have correctly defined and prioritized value opportunities and work with them to provide relevant materials or resources to secure buy-in.

Engage the customer in a collaborative role to establish:

  • A process, timeline, and next steps

Account Planning Templates

We’ve collected some of the best strategic account planning templates you can use right now.

1. HubSpot’s Account Planning Template

HubSpot’s Account Planning Template is useful for account managers that want the freedom to personalize their account plan. It contains prompts for each of the account planning process sections discussed above.

2. Databahn Account Plan Template

Databahn offers a free Strategic Account Plan template that’s best for account management teams. It’s a straightforward template intended to be a framework to build and maintain your account plan.

3. Gartner’s Key Account Plan Template

Gartner, the leading information technology research and advisory company, offers a template that includes a comprehensive set of customizable tools to help executive sales leaders construct or enhance their organization’s critical account plan.

4. ForecastEra’s Free Account Planning Template

As part of its account planning tools, ForecastEra also offers a free Account planning template to help sales executives.

5. Intercom’s Account Plans

Intercom offers an account plan template for strategic account managers who want up-to-date information about essential accounts.

6. Unstrategic’s Strategic Account Plan

The five sections in this comprehensive template are useful to account managers and sales teams. It provides systematic instructions on how to fill it out and is great for anyone filling out an account plan for the first time.

7. Revegy’s Account Planning Template

This template is best for sales managers that want consistent account plans that are easy to create and understand.

8. Avention’s Strategic Account Plan Template

Avention has made this template to assist the account management team stay on top of the client’s business objectives and goals to achieve desired results and ultimately have a good impact on the customer’s business.

Supporting Account Planning with Account-Based Marketing Software

Creating an account-based marketing plan is the natural next step after finishing the planning process. But there’s no need to do it manually. Instead, we recommend using ABM software that can help you automate your ABM campaigns.

Resources for the ABM Setup

A high-quality ABM software generally features tools and resources to help you establish a solid foundation for an account planning strategy — typically rooted in defining and understanding your ideal customer profiles (ICPs).

It might also contain features that cover both company and contact properties, giving you pictures of both the businesses you’re trying to target and the individual decision-makers you need to reach. Other tools — like workflow templates for building and maintaining your ICPs — can also be a big help for successful account planning.

Account-Based Marketing (ABM) software from HubSpot; Workflow view

Image Source

Here’s how a workflow looks in HubSpot’s ABM software. Certain actions are triggered depending on previous settings, automatically segmenting your ICPs by tier.

Collaboration Tools

Team cohesion and operational visibility can be crucial for effective account planning. You want everyone involved in your ABM strategy to be on the same page when it comes to target accounts. Features like shared dashboards can be solid assets for sustaining a well-oiled account planning strategy as time goes on.

Personalization and Engagement

The fundamental basis of ABM, as a concept, is personalization. It’s a process rooted in understanding and approaching individual accounts on terms that will resonate with the prospects and customers behind them, specifically.

Features designed for compiling lists of target companies with similar characteristics can help you group like-minded companies and contacts for streamlined outreach. Some types of ABM software allow you to send ads to influencers within your targeted accounts across certain platforms — typically LinkedIn.

Resources that allow you to engage with those targeted lists via email can also add value to your account planning efforts. One way or another, it’s always in your best interest to reach your target accounts in ways that suit their unique values and characteristics. Finding software to simplify that process can make your outreach more robust without losing focus.

Tracking and Measuring Efforts

Account planning isn’t a static process. You need to constantly look for ways to modify your strategy as you interact with more customers. That’s why resources to track the efficacy of your efforts are crucial.

Target account reporting libraries can help you keep tabs on target accounts. A solid ABM software often includes resources that let you review internal stakeholders within your target companies — allowing you to see who’s supporting, blocking, or influencing your efforts.

It also helps to have visibility into the different interactions your business has with a target company. Some types of ABM software allow you to monitor activity like emails, meetings, and logged calls. Tools like that allow you to understand where and how your outreach and planning could be improved.

There are a number of different account-based marketing software platforms that offer some or all of these features, including HubSpot ABM Software, Terminus, and Demandbase.

Regardless of the one you choose, ABM software will save time for your sales team while strengthening your key customer relationships.

Account Planning and ABM Will Help You Grow Better

Account planning and account-based marketing take time, but the rewards are massive. Establishing an account planning process in your sales team will help you nurture your current partnerships, increase customer retention, and boost repeat sales, empowering your business to grow better.

Editor’s note: This post was originally published in July 7, 2019 and has been updated for comprehensiveness.

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