Almost all businesses can sense the repercussions of the economic downturn. While some are managing through, some are having a hard time just to exist. Amidst such uncertainties, the way companies buy and sell has drastically changed, and companies will continue to adapt to the new shift.
As an insight company offering research-backed intelligence to enterprises, we are commonly asked to help companies with insight to help them acquire accounts. We have been helping companies with in-depth intel on building robust go-to-market strategies. Our insight mainly helps enterprises in prioritizing which target accounts to go after. We had a rather unusual query from one of our clients who was looking to ‘De-prioritize’ their target industries.
Let me walk you through how we were able to help our client, a Malaysian telecom giant with such a peculiar requirement.
The leadership team wanted a Malaysia-only view into all their major target industries with a granular view into the state of ‘Cloud’ and ‘Security’ in each. The Telecom giant also wanted to understand about key priorities and challenges faced by their top competitors and their initiatives with each target industry.
What did we do?
Our analyst team covered all target industries with facts and figures in a three-tiered approach, i.e. country-specific view, a regional view, and a global view. The tailored insight report that we built for the client covered key business priorities, challenges, major customers, key case studies, and sales and marketing plans of named accounts. Further, we delivered ten account insight profiles to the leadership team.
De-prioritization and more
We made it easier for the leadership team to de-prioritize not one but two of their target industries. Many people lost their jobs because of de-prioritization along with putting a stop to all the marketing initiatives. The company shifted its entire focus to the booming four target industries. The insight we delivered was instrumental in saving millions of marketing dollars which otherwise would have gone into targeting the additional two industries.
To conclude
It seems to be the right time for companies to reflect on the accounts that they are pursuing. Companies sailing through uncharted waters might be the ones that will have to make a conscious choice of prioritizing and de-prioritizing. Evidently, it will be more important now, or in the next six months to make the most of go-to-market efforts. Companies that prepare in advance are the ones who fare better.
Have you started to think about de-prioritizing your target accounts/industry?