What is Account Mapping and How Does it Work?

Let's pull back the veil and explore account mapping. The old way. The new way. You’re about to get a crash course in account mapping.


It’s a brand new year and it’s time to take a close look for ways to do account mapping.

Oh, you’re not so sure what that is…no worries, mate. In this short post, we’ll pull back the veil and explore account mapping. The old way. The new way. You’re about to get a crash course in account mapping.

Strap in your seatbelt and let’s get going.

 

What Is Account Mapping?

Here’s the simple explanation of account mapping: see a full landscape of your prospects and customers. 

There are two broad groups of account maps:

Partner: This is where you can map your accounts to a partner account. This gives you a good sense of overlaps, relationships, opportunities, and important new insights. These insights can help you forge powerful alliances and partnerships that can transform your sales results.

Individual: This is where you can explore what’s going on within an individual company. You may want to use this to understand key players, strategic goals, imminent legislation, critical seasonal variations, and a behind-the-curtain view of forces at play. This process helps uncover clear pathways in very complex organizational webs.

 

Why Bother Doing Account Mapping?

With all your accounts on one page, you can make strategic choices about the most productive ways to spend your energy, money, and time.

Account mapping can help you find the right people to talk with – quickly. You can reduce the time to close a deal, increase deal size, and feel confident that you’re spending your time efficiently.

Not a bad idea, right?

 

The Good Old Days of Account Mapping

In case you aren’t familiar with ‘old-school’ methods, the good old days relied on physical spreadsheets. We’d carefully input all the information about clients and prospects, and then have a cup of coffee.

Then we’d dive in doing a 'vLookUp' to make sure we had all the nitty-gritty insights.

This often led to days, nights, and weekends going bug-eyed over the details. Not a pretty sight.

And, frankly, these time-consuming activities may have contributed to some troublesome arguments at home. After all, who can even think about date night, getting take-out, or picking up the kids? Not when there are more lines on the spreadsheet to be inputted and proofed.

 

 

Why The Old Way of Account Mapping Is Loaded With Pitfalls

Besides the obvious drains on energy and life beyond work, there are some huge pitfalls with this old way of account mapping.

All you have to do is talk to experienced sales professionals, and you’ll get an earful.

3 huge pitfalls are like giant sinkholes filled with murky issues.

 

First, Security Is Absent

The old way of account mapping is loaded with security loopholes. Anyone can get their hands on a physical spreadsheet. Over the years of doing this method, just about every salesperson has a tall tale of getting their map into the wrong hands.

Internal tales of espionage. A competitive salesperson. A spy from another company. A cutthroat investigator who got hold of the plan, and ended up closing your top prospect. If you don’t have stories of your own, you get the gist. This method is not secure. It is fraught with problems that contribute to lost deals, lost customers, and lost prospects.

 

Second, Collaboration Is Zero

Sweating over spreadsheets is a lonely task. Much like being a solo marathoner. It entirely lacks collaboration. The image is of one lone salesperson at a time, closely guarding the names. The entire idea of collaboration is out of the question. 

Suspicion, guardedness, and secrecy shape the mindset and environment. Simply, this method invites zero collaboration.

 

Third, Measurement Is Difficult

It is difficult to measure success. I don’t know about you, but tracking progress in a tiny font usually just leads to headaches, eyestrain, and frustration. 

If you don’t have a way to see progress, there is a strong possibility that you’ll just keep working on small tasks because that’s what you know you can do. Checking to spell. Proofing for accuracy. Checking for alphabetical order. These are important details – but they are not the same as measuring progress in your sales strategy.

O.K. I guess it’s clear now …I’m not a fan of the old way of account mapping. And it’s because there are much, much better options.

 

New Options for Account Mapping

When you’re looking to get a handle on all your prospects and customers, use an online tool such as CoSell.

This tool invites you to input data as you gather it, so you don’t have to do it all in one go—and risk a fight with your sweetheart or spouse. Instead, you can do it in batches, and still, end up with an up-to-date collection. And, you’ll be able to leave the office in time to buy flowers.

One of the tremendous advantages of working online is you can do it from anywhere, at any time. If you talk with a new prospect, you can add him or her to your database. If you update client status, you can input results immediately. 

No squinting. No sweat. 

And, there are huge benefits. Let’s focus on the top 3 that stand out like glowing mountain peaks for success.

 

3 Benefits of New Account Mapping

First, Security is Complete

Security is rock-solid when you’re doing account mapping with CoSell. You can verify who has access to the total view, create private view groups, and manage your account map with confidence.

With online precautions in place, you can rest assured your data is safe. You are in control of who sees what information. By using clear security protocols, you and your teams can create account maps and not worry about security breaches. It’s the fast-track method to enjoy peace of mind.

Second, Collaboration Is Welcome

In our new way of account mapping, you can easily get input from your team. This method invites team collaboration. It’s the exact opposite of the old way of thinking, connecting, and participating.

You can get input from internal sales partners. If your counterpart in another region gets a lead or has a win, you’ll find out about it immediately. This kind of real-time insight makes it so much easier to follow up on time.

You can get input from external partners and potential partners. By sharing select groups of your clients, you can encourage partners by showing the advantages and potential gains of warm introductions. You won’t be ‘giving away the bank’ – but more showing a sample to spark ideas.

Third, Measurement Is Easy

What’s easier than looking at your screen and calling up results? This is the end of searching through files and spreadsheets. With all your customer and prospects inputted into one database, you can quickly snap into measuring results.

For sales leaders, this is an invaluable way to inspire sales teams. Show results. Do it at a weekly win meeting. Share measurements and strategies across teams, and encourage in-team mentorships. By using real-time measurements, you can keep motivation high across all your teams.

For sales reps, you’ll see where to put your energy, time, and focus. With measurement as your guideline, it’s a lot easier to make clear choices that produce results.

 

3 Questions To Ask About Account Mapping

It’s no surprise really that more and more people have adapted to account mapping with CoSell. It’s an easy and fast way to share data securely, boost collaboration instead of working in silos, and measure results.

That’s why many of the sales leaders I’m talking with like to ask 3 critical questions to make sure that their methods for account mapping are really in alignment with strategic goals. 

  1. Is our method of account mapping secure?
  2. Is our method of account mapping encouraging team collaboration?
  3. Is our method of account mapping making it easy to measure results?

If your answer is ‘no’ to any of these questions, it’s time to upgrade.

 

Sum Up

Going forward, expect to use the best online tools for account mapping. Look for specific tools and that are secure, encourage collaboration, and make it easy to measure results.

By optimizing your account mapping online, you can join successful businesses that are shaping the market and realizing significant revenue potential. Partnership Co-Selling is how you can virtually qualify B2B sales opportunity. You can use this to boost sales, expand your network, and grow profitability.

Using a platform like CoSell.io is the simplest way to get your sales team on board. CoSell is a robust platform that makes it easy and fast to automate and scale collaborative co-selling across sales teams. 

If you’d like to explore how partnership co-selling can help you and your team boost sales and win major clients fast - check out our selection of free eBooks.

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