3-min read

In today’s macroeconomic climate, sales and marketing teams are under increasing pressure to grow revenues within their existing customer base and protect from the threat of losing market share to competitors. But other than walking the halls of your clients offices, how do you build a strategy that drives sustainable results?

Having been in the sales and marketing industry for nearly 30 years, we’ve seen a lot of clients share their exasperated stories on internal initiatives delivering mediocre results or failing to gain momentum, so they get stopped before they even begin.

But if increasing Share of Wallet is the holy grail to protecting and growing our existing customers, why do most programs fail? Forget the conventional wisdom that’s been regurgitated ad nauseam. Instead, let’s delve into the four components often overlooked in Account Expansion plays:

    1. Consistency
      The buzz around Account-Based motions is undeniable. But while it might create a surge of internal excitement, what happens if the initial engagement falls short of expectations?  Too often, teams give up on the approach too quickly.  It’s like going to the gym for a weekend and expecting to be fit for life.

      Without a consistent effort to nurture mindshare of key buyers, that initial uplift might fizzle out faster than you can say “ROI.” Instead of chasing short-term gains, focus on building a sustainable monthly reoccurrence that prioritizes repetition over activity spikes.

        1. Insights Driven

      It’s often been cited that thought leadership is the pinnacle of modern marketing and sales plays. But here’s a reality check: flooding your audience with generic content won’t cut it anymore. If you truly want to stand out and win a larger share of the wallet within your existing customer accounts, you need to go beyond merely reciting industry trends. Dive deep into the c-suite agenda and their business pains. Provide insights that not only resonate but also add tangible value. Be the beacon of knowledge they turn to when they’re in need of a trusted advisor, not just another voice in the crowd.

        1. Relevancy
          It’s the age-old mantra: know your audience. Yet, despite the abundance of data at our fingertips, many enterprise sales and marketing teams still miss the mark when it comes to relevance. Sure, you might have a laundry list of business drivers, features, benefits, and differentiators, but are they truly addressing your audience’s needs and pains? To increase your Share of Wallet, you need to align your offerings with their goals and objectives seamlessly. Don’t just promote your key offerings; curate your content that speaks directly to their desired business outcomes.

          1. Alignment
            It’s easy to throw words like “alignment” around in meetings, but how often does it translate into action? If you want to succeed in increasing your revenues from existing customers, you need more than just lip service. You need genuine alignment between all stakeholders – from sales and marketing to product/solution and customer success/delivery. Each department plays a crucial role in the customer journey, and misalignment can spell disaster. Break down the silos, foster open communication, and ensure everyone is marching to the same beat. Only then can you truly unleash the full potential of your account expansion efforts.

In conclusion, if you’re serious about increasing your Share of Wallet, it’s time to rethink your approach. Embrace the controversial, challenge the status quo, and dare to be different

By focusing on these four often-overlooked components – consistency, insights-driven content, relevancy, and stakeholder alignment – you’ll position yourself for success in ways you never thought possible.

Further reading