The 4 Most Common Mistakes Account Owners Make When Setting Account Goals
The definition of insanity is doing the same thing over and over while expecting a different result.
We’ve all heard it and laughed about it because we would never fall into the trap of repeatedly making the same mistake. Would we?
Not intentionally, I hope. Yet many account owners approach their account goals the same way they always have instead of adopting better practices. And while the four most common mistakes might not be as detrimental to your business they will certainly drain company resources and reduce the effectiveness of your salespeople.
The 4 Most Common Mistakes:
1. Mistaking Tactics for Goals:
I see this mistake quite often when it comes to goal setting. Tactics are actions you can incorporate into your strategy for achieving goals. For example, would ‘closing a specific opportunity’ be a tactic or a goal? To answer that question, first, ask yourself why you want to close the opportunity to begin with. The answer is usually something about achieving a quota or achieving an account revenue goal. Therefore, closing an opportunity is a strategic tactic for achieving a financial account goal.
2. Too Many Account Goals Across Too Many Categories:
Setting too many goals can result in not knowing how to prioritize work or targets. Setting too many goals – whether in one or several areas – won’t allow sales professionals to focus their time and energy on the goals that matter most.
3. Insufficient Time to Achieve:
Another mistake applicable to any goal you set in work and your personal life is underestimating the time required to complete the goal. It's one of the single biggest reasons many goals are missed. And it's one sure way to demotivate yourself or your team. Failed goals often result in personal feelings of failure and the belief we are inadequate. And all it needed was simply to be realistic about how much time the tasks will take to complete.
4. No Review Process:
It always amazes me how many people do not take the time to periodically review their progress in relation to their goals. Goals can take time to achieve and adjustments will almost always need to be made along the way. This is why it's important to take stock of everything you've accomplished on a regular basis. Set small sub-goals, celebrate your successes, and analyze what you need to do to keep moving forward. You can also take this opportunity to update your goals, based on what you've learned. Have priorities changed? Or do you need to set aside some extra time for a particular goal activity?
Make no mistake, setting account goals is both an art and a skill and is vital to the long-term success of your accounts, yet it is often overlooked. Your account goals are integral to your account plan. The better you define your goals, the better you can serve your customers, coordinate your team, and drive growth in your accounts.
What we have explored in this blog only scratches the surface of the challenges account owners face when it comes to account goal setting. Do you want to get a better idea of how to set account goals and how to build world-class account plans? We can help. Contact us today to help you start better defining the health of your account plans and addressing some of the many challenges that you face in establishing effective account management.
