There were two brothers. Their dad had passed away. Now, the property left by the father had to be split between the two sons.
Left to themselves, they will fight with each other. Even if they don’t fight, they will be left with some unhappiness.
But there’s a way out. What’s that? Just hang on there a while.
Let’s talk about Account Management in Sales.
In the beginning of every accounting year, we sit for splitting the Large Accounts among our colleagues in Sales. It’s such a big exercise.
Most of the time, we split it based on verticals / industries. It makes sense, right?
If you are handling the Banking segment, you specialize on that vertical and it becomes easy for you to understand their problems in general, speak their language or show case your work with one banking client to another prospective client.
Many years ago, Solutions were built specifically for each vertical or function. Those were called as industry solutions / point solutions.
Today, you see many SaaS companies following the same strategy by providing solutions to one specific industry vertical or providing solutions for one function across all verticals.
In essence, the vendors have split the market and they target a particular segment. They operate on the principle that if you specialize or narrow down, you are bound to succeed.
I was fortunate to get the Banking segment during such an exercise of splitting the accounts one particular year. Coming from a banking community, it comes naturally for me to handle banking clients. Indian Overseas Bank, which was founded by a family belonging to our community before nationalization, was my pet account. I closed a big deal in that account & it was by far the single largest deal at that time [approx. 3.5 Cr INR].
Coming back to the two brothers’ story, the solution is this: One brother will split the property into two parts and the other brother will get the first choice to select one of those two. Isn’t that a fair deal?
Some fathers don’t leave any such problem for their Sons. I meant they split it perfectly during their life time itself. What did YOU think?
Whether you have Industry specialization or Named Accounts in your Company, if you consider your Clients as Assets, you will do well.
#b2bsales #accounts #kkrocks