My last post, Why does it take so long to win new accounts in the security industry?, I illustrated why it takes so long to win a portfolio of new accounts in the security industry. In summary, salespeople for security integrators have a small chance of winning a new account from an incumbent, and they only get the opportunity every five years or so.
So, should leaders give up on pursuing new accounts? Absolutely not. In fact, I believe there is an opportunity for those that do things the right way. Below are several thoughts and ideas for leaders to consider.
- Be patient. A salesperson must run through a complete cycle of new business opportunities to build a full book of accounts and that will take about five years or so.
- Don’t make any of your salespeople strictly new business salespeople, or “hunters”. It’s ok, and encouraged, to hire these types of pros, but give them accounts and leads along the way.
- Measure new account KPIs and metrics. Most companies only measure sales and quotes, most of which come from current accounts. Act intentionally by measuring activity and not just quotes and sales.
- Teach your salespeople to plant seeds, add value, and position themselves and your company as subject matter experts, and do these things while prospecting and networking. This takes time, but when a project arises, you’ll have a much better chance of winning.
- Remove the bottom 20% of accounts from each salesperson and distribute them to newer salespeople. Make sure that everyone has an objective to win new business.
Finally, contact us if you need help. This is hard. It’s very hard and many people don’t realize how hard it is. We’re very good at it. Sorry for the plug, but I can’t keep quiet about this topic!
