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THincBOX, LLC | Lancaster, PA
 

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Team Selling

It’s that time of year. The holidays loom, there is a chill in the air, and countless articles appear providing guidance to sales representatives about how to close the year strong. The five, ten or twenty best strategies are outlined in checklists to insure end-of-year success. “Contact every client” is an action often recommended, as is “Revisit prospects who have chosen another vendor.”

We’ve all heard the sobering statistics that winning a new major account costs far more than keeping one – depending on the study you read, perhaps twenty times as much. And we’ve all heard how even a small increase in a firm’s overall major client retention rate has an exponentially positive effect on revenues and profits. We also know, of course, that, on the flip side, decreases in retention rates produce similarly negative impacts, often devastating and long-lasting.

We all know the statistics. Most selling organizations derive 80% of their revenues from 20% of their clients. Winning a new major account costs up to 20 times more than keeping a current one. And even a small percentage increase in a firm’s major client retention rate can have an exponentially positive effect on revenues – while similar decreases can produce negative financial impacts, often devastating and long-lasting.

 

We know all about the importance of team selling, don’t we? It's that powerful strategy in which multiple team members from different functional areas of a selling organization work collaboratively to win deals. Especially in the enterprise world, team selling is widely implemented.

Read Time: 9 Minutes

In selling to and serving major accounts, team selling is one of the most powerful, and underutilized, competitive advantages. Effectively mobilizing your organization’s most precious assets, its people, often makes the difference between success or failure in large deals. 

Read Time: 9 Minutes