HubSpot is a lot like the iPhone–they both have a ton of features that people tend to underutilize. One of those hidden gems in HubSpot is the Target Accounts feature. At RevPartners, we’ve decided to crack open our playbook on Target Accounts to help you out!
If you're new to HubSpot or looking to refine your setup, our HubSpot Implementations and Onboarding Services ensure you’re leveraging the platform’s full potential from day one, making it easier to manage target accounts effectively.
To add target accounts...
*(From a fresh instance)*
Use Case: Targeting Large Accounts and Running an ABM strategy
Enterprise sales teams often manage high-stakes deals with large organizations. The HubSpot Target Accounts module is especially beneficial for these teams by enabling:
Checklist for Enterprise Sales Teams:
Use Case: Expanding into Subsidiaries of Existing Clients
Expansion teams aim to grow the company's footprint within existing client organizations. For example, if you have sold to Google Germany, the goal might be to sell to Google France and Italy. The HubSpot Target Accounts module supports this by providing:
Use Case: Focusing Resources on High-Value Accounts to Maximize Growth
SMBs need to allocate their limited resources efficiently to achieve maximum growth. The HubSpot Target Accounts module helps SMBs by:
Checklist for SMBs:
Use Case: Managing a Growing Number of Target Accounts with Efficient Tracking and Engagement
Mid-market companies often experience rapid growth, necessitating efficient tracking and engagement with an increasing number of key accounts. The HubSpot Target Accounts module supports this by providing:
Efficient data sorting and filtering capabilities are essential for managing target accounts effectively in your HubSpot crm. These features allow users to sort data by various criteria, providing both a broad overview and detailed insights into key accounts.
HubSpot's Target Accounts module includes preset filters that streamline the management and analysis of key accounts, enabling quick access to the most relevant data.
“All Owners”: Filter by all account owners via dropdown menu to see the distribution and workload.
“Ideal Customer Profile Tiers”: Classify an account based on how it matches your ideal customer profile.
“Industry”: Segment accounts by industry to tailor strategies and communications.
“Lifecycle Stage”: Filter accounts based on their stage in the sales cycle.
Activity filters provide insights into the engagement level of target accounts by highlighting gaps in interactions, helping to identify accounts that require immediate attention.
“No open tasks”: Accounts with no pending tasks.
“No logged calls”: Accounts with no recent call activities.
“No meetings”: Accounts without scheduled or completed meetings.
“No open deals”: Accounts with no active deals.
“No decision maker”: Accounts lacking identified decision makers.
“Blockers”: Accounts with contacts identified as blockers in the buying process.
HubSpot's Target Accounts module also offers features that help identify new opportunities and potential high-value accounts.
Suggested companies that might be a good fit as target accounts based on existing data and engagement patterns.
Companies whose employees have visited your website but have not yet engaged, indicating interest and potential for conversion.
Organizing target accounts in HubSpot requires a strategic approach to ensure efficient management and maximized sales potential. It’s important to set up a robust folder structure for company records, utilizing workflow tools, and tracking the status of your target accounts.
Organizing target accounts by ICP tiers allows you to prioritize efforts based on attributes such as location, annual revenue, and company size. This tiered approach ensures your team focuses on the most promising opportunities.
If you’re transitioning from another CRM, our HubSpot Migration Services ensure a smooth transfer of data, preserving your account structures, ICP tiers, and workflows, so you don’t miss a beat in your sales strategy.
Identifying and categorizing buying roles within target accounts helps tailor your engagement strategies. For example, tagging individuals as decision makers or budget holders helps sales reps tailor their communication to the right audience. HubSpot’s target accounts tool offers features to label these roles, enabling clearer segmentation and better engagement strategies. Roles can be identified either manually by sales reps or automatically based on job titles and other criteria.
These lists help manage the lifecycle of your target accounts, ensuring that your team focuses on the most viable prospects and moves on from those that are no longer relevant.
Qualified Workflow: Automatically adds companies to the target accounts list when they meet certain criteria, ensuring that no high-potential account is overlooked.
Disqualified/Completed Workflow: Automatically removes companies from the target accounts list when they no longer meet the necessary criteria, maintaining a focused and relevant list.
ICP Tiers 1, 2, and 3: These workflows help segment companies based on their ICP tier, allowing for tailored engagement strategies for each segment.
Budget Holder, Decision Maker, Champion: Workflows can be created to tag and track contacts based on their buying roles, enabling precise targeting and communication strategies.
Monitoring the status of your target accounts is crucial for understanding their progression through the sales pipeline.
Tagging deals associated with target accounts helps differentiate them from general deals, allowing for better tracking and reporting. This ensures that high-priority accounts receive the attention they need.
Effectively measuring and managing the performance of your target accounts in HubSpot involves several key practices: tracking time spent, monitoring activity, and leveraging HubSpot’s proactive suggestions to optimize your sales strategy.
Tracking the time spent on target accounts is essential for understanding engagement levels and efficiency. HubSpot allows you to track time spent in the control panel by various criteria such as tiers, industry, and country.
Monitoring activity is crucial to identify accounts that are not being actively engaged and may require immediate attention. HubSpot provides various filters to track different types of activities.
Checklist: Addressing Stale Accounts
HubSpot’s Target Accounts module provides proactive suggestions to help identify new opportunities. These suggestions are based on accumulated data from your existing accounts and interactions.
Maximizing the potential of HubSpot's Target Accounts module involves implementing advanced strategies that streamline account management, automate processes, and continuously refine targeting tactics. Here’s how to leverage these strategies effectively:
Creating well-defined lists helps in segmenting target accounts based on their fit with your ICP. This segmentation allows for more personalized and effective engagement strategies.
Organize contacts within these lists by tagging them based on buyer personas. This helps in tailoring your communication strategies to address the specific needs and pain points of different buyer roles.
Automating workflows in HubSpot ensures that appropriate accounts are continuously managed and updated without manual intervention. This not only saves time but also enhances the accuracy and consistency of your account management practices.
Criteria-Based Automation: Automatically add accounts to target lists based on specific criteria such as revenue, industry, and engagement level.
Effectiveness Reporting: Set up workflows to generate reports on the effectiveness of your engagement strategies.
Conversion Rate Tracking: Automate tracking of conversion rates from initial contact to closed deals.
To ensure long-term success, it’s crucial to continuously validate and refine your strategies based on performance data and evolving market conditions.
Review Buyer Roles: Regularly validate and update buyer roles to reflect changes in the market and buyer behavior.
Update ICP Definitions: Refine your Ideal Customer Profile definitions to align with the latest insights and data.
Regularly monitor the success rates of your target accounts to identify areas for improvement. Use this data to refine your processes and ensure that your strategies remain effective.
Sound good, but not sure where to start? 👇