"Great Account Management is STRATEGIC!"

In the midst of turbulent growth in base as well as key accounts it is imperative to have a strategic approach to managing ALL accounts. A business or sales territory is sure to meet doomed failure or at least diminished results it is not attacked with a clear and concise strategy. Small or stagnant customers that, at present or in the future, could be primed for dramatic growth will easily be over looked and the most productive customers will in fact become restless and search for competitors if their current needs or innovative ideas for growth are not being met. Since we cannot change all the dynamic changes in business from the economy to government regulations we must focus on factors we can control and that is strategically managing our customer accounts. Implementing these five steps is the instrument of Great Account Management.

STEP 1: Profile ALL Accounts

Begin the profile with some detail that are the basics in knowing your customer such as:

• Company Goals

• Competitors

• Company Structure

Then dig deeper and research every detail possible about the customer.

• Their positioning in their market

• Trends in their industry

• Understand their SWOT (Strengths, Weaknesses, Opportunities, and Threats)

• Solving a customers weaknesses and or threats will potentially elevate an account manager to hero status or initiate a foundation for the potential of a long term partnership with them with continual support

• Understand their financial performance

• Knowledge of the Company’s Value Chain – How can your product or service add value to their customers

STEP 2: Identify ALL the Decision Makers

The importance of understanding the company structure mentioned above is to always be cognizant of decision makers or potential decision makers within the company. As innovative trends occur in a company buying habits also evolve. By always knowing all the players in the game an advantage is gained in the competition and demonstrates your buy in to the customers needs in utilizing your product and services.

Often the more significant the decision is the more decision makers are involved in making the decision. The economic player will often carry the most value in the process; therefore it is critical to develop a relationship with a decision maker that takes on position as a coach. This person can be a player that gives you insight as to what the other decision makers are interpreting as their focal points in making the decision.

STEP 3: ROTI – Return on Time Investment

All facets of the customers needs must be managed, however just as in the overall analysis of the ROI (Return on Investment) within your company must constantly be evaluated the ROTI with your customer must also be evaluated, monitored and adjusted as necessary to avoid spinning your wheels in an inefficient process. Targeting clients as well as processes within the realm of client needs will elevate the ROTI of any account management process.

These questions are a sampling of considerations that should be identified when targeting the critical actions necessary for a client:

• What is the client’s current need?

• Does the client’s growth align with your product or service or are they static or declining in their business?

• What, when, where, why, and how are the potential opportunities with this account?

• What is the realistic profit potential?

• Consider the historical value of the account.

STEP 4: Design an Action Plan

The GREATNESS of managing an account will be determined by the amount of thought and detail put into the plan of action. The action plan should follow the same criteria as goal setting; it should demonstrate the S.M.A.R.T. process: Specific, Measurable, Achievable, Realistic, and Time bound.

STEP 5: Plan Execution

A plan is only as good as it’s execution and assessment of the execution. The carefully designed plan that utilizes the S.M.A.R.T strategy will include timely actions that are daily, weekly, monthly, quarterly, or annually. An assessment of whether those processes took place, the value to the overall plan, and revision considerations necessary for ultimate success.

When your strategy includes all five steps of the Account Management process are implemented GREAT Account Management will be the result. If you would like support in developing your Account Management strategies or those of your sales team, we are eager to team together with you to get the results you desire.

Visit our website at www.themeritgroupindy.com or call 317-805-4896 today!

Look for more small steps that produce BIG results!