Joining us for today’s show is Matt Slonaker, the Executive Vice President Business Development and Marketing for Chronos Solutions. Matt is an executive leader with extensive experience in turnarounds and knows how to generate revenue growth with the unique blend of strategy and tactics. Matt answers questions out of the How to Make Your Number in 2018 Workbook to share emerging best practices. Access the latest and review Sales Strategy section and flip to Phase 2, Account Planning found on pages 349 – 351.
Today we are going to demonstrate how to go after accounts that are going to spend a lot this year and avoid those that are not. Our guest is Matt Slonaker, the Executive Vice President Business Development and Marketing for Chronos Solutions. Chronos provides credit reporting, title and settlement services, income verifications all the way through to auction disposition for real estate assets. Matt has been instrumental in helping Chronos shift from a focus on one product offering with one government large client to well over 800 active clients and 10 core product offerings.
Why this topic? Not all accounts are created equally. Some will spend a little, and others will spend a lot. Some will spend this year, and others will spend next year. Some will respond well to your value proposition and others will respond well to your competitor’s value proposition. If you cannot rank accounts best to worst on revenue potential and propensity to buy, you will miss the number.
Matt is uniquely qualified to speak on this topic with 23 years in various operational roles and leadership roles in sales and marketing. Watch as Matt demonstrates how to point a sales force to the right accounts to make your number.
In the first segment of the program Matt shares the use-case of his company to illustrate the demonstration. We begin with discussing the Ideal Customer Profile, and the key attributes that defines your ideal prospect and customer.
This dialogue goes deep into the Propensity to Buy (PtB) factors that make up the criteria to calculate opportunity white space and which accounts are most likely to buy. Matt then threads the needle through your account segmentation by explaining how the score values are used to score your ideal customer profile. Matt explains the result of his company’s investment in account segmentation:
There is a correlation of our scoring matrix verses our pipeline and deals won. Those that scored high, we are typically we are winning 50% of the opportunities, which is pretty solid for B2B win rate.
The second segment focuses on how to identify the potential spend for each prospect and customer, and the share of wallet for each account.
Matt wraps up the show by explaining how to make sure the best sales channels are covering the accounts with the most potential. In addition, how to make sure you have your best sales talent assigned to the accounts with the most potential.
We end the show discussing every sales leader’s nightmare question. Do each of my high potential accounts understand your full product portfolio and associated value propositions? Matt provides guidance on how to approach to bringing awareness to the full portfolio in a relevant manner.
Have expectations gone up and left you wondering if you have the right strategies to support your revenue growth goals? Here is an that will help you understand if you have a chance at success. Take the Revenue Growth Diagnostic test and rate your Sales Strategy against SBI’s emerging best practices to find out if:
- Your revenue goal is realistic
- You will earn your bonus
- You are set-up for success in 2018