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Many companies mistakenly stick to a one-dimensional account profiling system. They label their accounts as A, B, C or D based on the current business that they’re getting from that particular customer.
But using what I call four-dimensional account profiling is far more effective. This involves examining your customers’ current sales volume, potential volume, the products and services the customers currently uses, and the product and services they may purchase in the future.
Although answering these questions may require extensive work on the part of your sales team, doing so is well worth it. When the questions have been answered, then you can prioritize accounts, establish plans of action and monitor progress on each account.
Just think: One of your existing customers could hold the potential to become a high-growth account.
I talk more about account profiling in my book, published by MDM: ROI from CRM: It’s About Sales Process, Not Just Technology.
Learn more about identifying new opportunities in existing accounts in this video: