- March 7, 2024
- Posted by: Channelnomics
- Category: Ask Channelnomics
At Channelnomics, we field questions about best practices, partner strategies, and channel programs every day. “Ask Channelnomics” provides the answers to some of the most frequently asked questions we receive from vendors, distributors, and partners.
Question: We often hear about account mapping services offered by companies such as Crossbeam, Revel, and WorkSpan. Do these services produce tangible benefits to vendors and partners?
Answer: Account mapping is a crucial component of an effective co-selling go-to-market (GTM) strategy among two or more partners. Within this framework, a “partner” refers to any entity involved in the GTM process, including vendors, independent software vendors (ISVs), resellers, integrators, service providers, and, in some instances, influencers.
The key to successful account mapping lies not merely in identifying common customers among interacting partners but in establishing the intent and economics behind the collaboration. In essence, the discovery of overlapping or divergent accounts doesn’t automatically lead to sales; the real value of account mapping lies in the opportunities it enables.
Account mapping centers on selling. The parties involved must delineate what they aim to sell and define their respective objectives within the GTM strategy. Identifying a certain percentage of overlapping accounts through account mapping indicates shared influence over those customers. Conversely, it also uncovers a proportion of unexplored opportunities within each other’s accounts, presenting avenues for marketing and sales efforts.
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When targeting the overlapping accounts, collaborators must specify their desired outcomes from the customer interactions. For example, if a customer already uses one partner’s product, the aim might be to persuade them to purchase the other partner’s offerings. Alternatively, the partners could develop a joint solution to offer something entirely new to the mutual accounts. Relying solely on account maps for introductions doesn’t maximize the potential of these engagements.
Addressing the identified “white space” — accounts not utilizing one of the partner’s products — poses a more complex objective. A partner holding such accounts may introduce its collaborators to these customers, aiming to generate incremental sales for their partners with the expectation of reciprocal actions. However, aligning priorities remains a challenge.
Effective collaboration through account mapping necessitates aligned interests, often incentivized by mechanisms such as referral fees or revenue sharing. Motivating salespeople is critical, as they typically prioritize selling their products, driven by conventional compensation structures. Without proper incentives or compensation, their engagement in collaborative efforts may wane.
Account mapping is a valuable strategy, serving as a tool for identifying potential opportunities and prioritizing actions, yet its effectiveness hinges on clear intent, defined objectives, and aligned economics. It’s crucial to recognize that account mapping services are a means of achieving broader goals, not a cure-all.
Have more questions? Our analysts have answers. Send your inquiries to mfrank@channelnomics.com.
