Effective and efficient sales territory plans are necessary to produce new business and increase sales. But, it can be hard to know which markets and which accounts you want to target with hundreds or thousands of companies within each region, state, or country. You also need to consider how to divide territories equitably so that your sales team remains motivated and supports your territory allocations. When done right, sales territory planning allocates territories fairly across your entire sales organizations, provides your team with the exact accounts to go after and why, and keeps everyone focused on the accounts that are most likely to buy from you and will increase revenue for your company faster.
The Importance of a Well-Defined ICP
Before starting your sales territory plan, it is important to have your ideal customer profile (ICP) well-defined amongst your sales and marketing teams so that you know the types of accounts your sales territories should be comprised of and why. To do this, many companies use basic firmographic data such as company size, industry, and annual revenues as part of their ICP definition. However, without a deeper level of insight, it is difficult to create equitable territory assignments or know which regions or countries to invest your resources in next.
The organizations that have the most success in driving rapid sales growth in their territories are the companies who use tech intelligence to expand their ICP definition. Tech intelligence provides these companies with critical insights on the accounts in their territories, including granular information on what technology products an account has installed, how much they spent on those products and when they are up for renewal. To see exactly how you can use this information to create the most effective ICP, visit our ICP in 3 Easy Steps blog post.
Once you have your ICP defined, you can use HG Insight’s technology intelligence, which includes a data set of more than 12 billion companies, to find the accounts that truly best fit your ideal customer. Our data gives you insight into your total addressable market in each specific category of technology so you can see the entire selection of accounts that match your ICP. This includes accounts that match broad firmographic criteria like geographic location, industry, number of employees, and revenue size. But, more importantly, it gives you the ability to find companies that match critical technology intelligence criteria such as:
Technology install – Tech insights show you the hardware and software technologies that organizations use to run their business. This can include whether the technology is in the cloud or on-premise and how likely it is for that company to install a certain technology product. It can also help you target accounts that use competing or complementary solutions with highly relevant outreach, showing how your product solves well known pain points or enhances their existing technology.
Tech insights show you the hardware and software technologies that organizations use to run their business. This can include whether the technology is in the cloud or on-premise and how likely it is for that company to install a certain technology product. It can also help you target accounts that use competing or complementary solutions with highly relevant outreach, showing how your product solves well known pain points or enhances their existing technology.
IT spend – This information allows you to see what the potential IT spend for your product category is in any geographical region. This means you can see exactly which accounts comprise the spend and how much each account spends individually. This information is helpful in several ways:
- Determine realistic sales territories comprised of the accounts that best match your ICP
- Create more equitable sales territory assignments for your reps
- Tier how you assign accounts to reps so you can assign the highest value accounts to top performing reps
- Help your sales executives segment the right targets based on potential spend in their specific territory
Contract intelligence – Tech intelligence lets you know when your target accounts’ technology contracts are up for renewal before they expire so your sales teams have time to reach out to them. Knowing what the contract terms are, which vendor services the contract, and if that vendor is a company you have worked with in the past to land wins, can help you to create equitable and efficient sales territory plans for your sales reps.
Use Tech Intelligence During Sales Territory Planning or Afterwards
The ideal time to redefine your ICP to include tech intelligence, is before you begin sales territory planning so that we can go through the intelligence we have on billions of accounts worldwide and provide you with a target list of accounts that precisely match your ICP.
However, if you’ve already gone through the laborious exercise of sales territory planning and created your list of target accounts, it’s okay, we can still help you. We do this by working with you to expand your ICP definition to include the tech intelligence components that are most relevant for you. Once we have the redefined ICP, we will go through the list of accounts you have, match them to our reference set, and then provide you with a refined list of accounts that match your new ICP so you can focus your sales efforts on your best prospects.
3 Step Summary of Successful Sales Territory Plan
The highlights to successful sales territory planning can be summed up as follows:
- Begin your ICP definition with basic firmographics as a starting point
- Expand your ICP definition to include tech intelligence
- Select the HG Insight accounts that match your ICP
Here’s an example of how a particular customer, in this case a storage company, narrowed their target account list to the exact 96 companies that matched their ICP.
As you can see, with technology intelligence your sales management team can allocate sales territories with confidence because they have the data they need to create equitable sales regions, set the right targets across their entire sales team, and keep their organizations focused on the accounts that drive the most growth.
Insights In Action – Case Study
See how Rubrik is now using IT spend and tech install intelligence from HG Insights to create more valuable territory assignments for its reps and make strategic decisions on where to invest next.
HG Insights Platform
Our HG Insights platform provides an unprecedented view into global industries, markets, and companies allowing you to identify the most valuable opportunities and build strategies to maximize your revenue and accelerate growth.
To learn more about how you can make sure your account executives are targeting the prospects that are most likely to bring you revenue and fit your ideal customer profile in every market, request a demo here.