Problem Statement
The client, a Cockroach Labs company, faced significant challenges in driving growth through existing account expansion. A striking 59% of their top accounts had no active opportunities, signaling a critical gap in their account management approach. Account planning was conducted manually using offline PowerPoint documents, leading to inconsistencies, inefficiencies, and rep bias.
Challenge
- Lack of Account Expansion: 59% of top accounts had no existing opportunities. The team was unsure of the data sources and its purpose.
- Inefficient Account Planning: Manual, offline processes hindered effective planning and execution.
- Productivity Issues: Reps were overburdened with administrative tasks, reducing time spent on strategic selling.
- Inconsistent Methodology: Absence of a standardized account planning process led to varied outcomes and missed opportunities.
- Limited Strategic Alignment: Sales efforts were not sufficiently aligned with customer priorities, limiting the effectiveness of cross-selling and upselling initiatives.
Solution
- Next Quarter (NQ) implemented its Account Growth platform directly within Salesforce, tailored to the client’s specific needs. The solution leveraged Generative AI (Gen AI) to deliver contextual research and intelligent insights, driving new business opportunities and improving the efficiency of sales reps.
- Key features of the solution:
- Gen AI-Driven Research and Insights: NQ’s Gen AI model provided contextual research across 500 target and existing accounts, combining intent data with external intelligence. The AI-generated insights were unbiased and aligned with customer strategic priorities, enhancing cross-selling and upselling efforts.
Results
The implementation of Next Quarter’s Account Growth platform yielded significant benefits, transforming the client’s approach to account management and sales productivity:
53% Increase in New Business Pipeline
144% Increase in Net New Opportunities created
68.5% Increase in # of Accounts with Open Opportunities
2 out of 3 Accounts with an Account Plan had more pipeline post-Next Quarter
