Cure “Deal-Blindness” by Applying a Territory or Account Map
As year-end looms and next year’s quota is just a dream (but sure to be even bigger), sales reps are caught in the vice of big territories, big numbers, and little time. As a result, most reps are forced to be entirely opportunistic, preventing them from ever deeply penetrating their territory or major accounts. The focus on quick wins leaves millions of dollars on the table. Yet, many organizations get caught in “deal-blindness” - an affliction that hits every three months no matter how many vitamins you take! Similar to snow-blindness, your organization may be so hyper focused on just this month’s or this quarters deals, that you only have a handle on just a small portion of any given territory or account. You get stuck in the places you know well, without ever getting a handle on where you could or should be throughout the territory or major account.
So as you focus on winding up this year, and begin to think about setting next year’s quotas, you might want to think about how badly your organization suffers from “deal-blindness.” What are some of the symptoms?
- Deals come from predictable areas, with major pieces of the territory untouched
- Revenue is coming from only 1 division or department in a major account, relying on only 1 or 2 internal relationships
- Your “global” account” is actually only generating revenue from 2 or 3 countries, merely scratching the surface of global potential
- Your reps are pushing for lower pricing, while at the same time there is a low influx of net new opportunities being generated within their territory
The reason that many organizations have some of the issues above is that quota pressure pushes reps into focusing on “what can I close today or this month?” Rather than really analyzing, thinking through and building a set of defined objectives, strategies and action plans to map their way to more fully realized territory or major account.
What if you could see a visual of your territory that plotted all your existing accounts, your pipeline accounts, and those similar companies across your entire territory that you haven’t touched yet? Instead of working every lead that comes your way (even the ones that aren’t a fit), consider what it would be like to have the ability to make clear choices on where you’d spend your time, who you spent it on, with action plans to drive execution. In effect, using tools like territory and account planning and mapping plots the map to not only meeting your quota, but builds insurance so you can exceed it, AND prime the pump effectively for next year.
Territory or account planning provides a set of tools that will enable sales reps to effectively & efficiently penetrate their assigned territory or major accounts. It allows reps and sales managers to leverage resources to achieve the greatest gains from territories or major accounts. And it enables Sales Management to consistently evaluate the effectiveness of the territory or account strategies selected and executed. A territory or account plan and map drives success through 5 key elements:
1. Analyze The Territory Or Major Account
2. Make Informed Choices of the Best Targets/Strategies
3. Build Targeted Objectives & Actions
4. Work The Defined Plan
5. Manage To The Plan
Without a plan and a defined process and tools to create one, millions of dollars are left on the table by corporations and their sales people. Territory and account planning bring much needed strategy to “tactics-only” reps. Opportunistic selling can only take you so far. Creating and documenting a strategy with an action plan provides the means to ‘work the plan’ for deeper and more focused revenue generation.”
So if you want to cure “deal-blindness”, consider implementing a territory or major account planning and mapping process. Without a map, any road can get you somewhere. With one, you can get directly to where you want to be, and know what that destination is in advance.
By Lisa Dennis - About this Author
President, Knowledgence Associates
ldennis@Knowledgence.com
