With multiple responsibilities in hand, sales individuals often are torn between giving more focus to new client acquisition vs account management.
Creating a balance between the two seems like an impossible task and often times one takes a hit over the other. And, in most cases it’s New client acquisition takes that hit.
Working with large Accounts: Selling research services and maintaining relationships is a full time activity. The whole dynamics: Quality standards, detailing, communication and scale of engagement takes time. All of it. You can literally not talk about one project without the reference of past work. Which means more research on the research already serviced and sold. Takes time and patience!
Proposals and Revisions : I think there should be a no proposal discount that should be introduced. Economic waste. Well, it takes time, energy, collaboration and effort to share the right amount of information. Like it or not I am not sure if end users will ever buy research without having a “proposal that is a good projection of what we are getting into”. It is almost like some buyers start to think about the project after the proposal is presented.
Budgets here now , gone tomorrow, back day after: There are always 2 or more studies that are up for bid. There is barely any guarantee that interest in exploring a thought or concept for research will last. The good part, it cuts both ways : You never know if your 30k Project sweet-balls into seven figures.
Shorter Decision making cycles: The cloud has 2 silver linings. The first and foremost is the ability of the Account executive to get the decision moving. Easy to identify potential roadblocks (and naysayers) and work your way around factors that could potentially derail or delay the study.
Larger Deal Sizes: The second silver lining is just the rewards.Deal sizes in existing accounts will almost always be larger as compared to new accounts. In fact almost all first proposals in new accounts are that , just project to do a proposal on.
Focusing on existing accounts is never the wrong thing to do.
Ignoring new account development, that certainly is.