The 5 Myths of Account Planning

In order for a sales team to be highly effective, it is important to break the cycle of old beliefs that often seem to tell us there is no value in the account planning process. In order to change the narrative, let’s take a look at some of the most common myths!

Myth #1: Account planning is a one-time event where a document is filled out and never looked at again.

Fact: This is probably the most common myth and also the most fundamental foundational mistake we see in the attitude and perception of what account planning is. Account planning goes well beyond just filling in a document. In fact, it is the exact opposite. Account planning is a continuous process where the goal is to create a preference for your company within the account, achieve revenue targets, and increase customer satisfaction. It should be viewed as an ongoing discipline and not a one off task.

Myth # 2: Account planning is the sole responsibility of the account owner.

Fact: This myth is another big reason account owners stumble and fall in the art, skill, and discipline of account planning. Yes, the account owners are ultimately responsible for conducting account management, completing account plans, and maintaining those account plans, but they cannot and should not do it alone. They should be leveraging and partnering with other stakeholders in their organization such as pre-sales, marketing, and executive leadership. All team members and even the customer should be considered as active participants in this process.

Myth #3: It’s only the supplier’s view of the customer and the potential opportunities in that customer account.

Fact: This is a crucial mistake. If you are going to conduct account planning without learning about your customer, without conducting the correct amount of research on your accounts, and that includes speaking with the people inside your account, you are at risk of creating unrealistic account goals. Unrealistic could mean you are maybe setting the revenue targets too high because affordability for the customer is unrealistic or setting the targets too low and leaving money on the table. You could be focusing on the wrong products, the wrong problems, or simply talking to the wrong people. When you pay proper attention to your accounts, everyone on the team can be working on goals that are SMART.

Myth # 4: Account planning is only the goal of achieving revenue targets in your accounts.

Fact: If that's the only goal you set for yourself in your accounts, you are not setting yourself up for long term success. Or, best case scenario, you will create an opportunistic approach that’s very reactive, resulting in smaller, sporadic rather than proactive, sustainable engagement with the account. Your goal should include things like enabling customer success and advancing your own status in the account.

Myth #5: Account planning is the strategy or goal to close an opportunity.

Fact: The thing that frustrates me about this myth is that it is a reflection of a fixed mindset vs. a growth mindset. This is not what account planning is or how it should be used. Closing an opportunity is a strategic tactic to support your financial targets in your accounts. But closing opportunity X or Y is not a goal. It's an execution tactic. If you are focused solely on the revenue targets and the opportunities, you are doing so at the risk of creating healthy sustainable account growth and relationships.

You might be asking yourself what the right goals are for your accounts after realizing that closing opportunities is not one of them. So, if you want to debunk these myths in your organization and learn how to set realistic and profitable goals, reach out to us today.