Boosting sales is all about customer relations. In many cases, twenty percent of customers account for eighty percent of revenue.
How do you get there? Through return customers, word of mouth, and consistent services that define your brand. This builds brand loyalty and makes sure that you’re well established in your industry.
To get there, though, this requires strategic account management.
Remember that 20/80 statistic we just mentioned? It’s a great way to target your sales process. There’s no reason to waste your effort on the eighty percent of customers that comprise twenty percent of your revenue.
With this approach, you’ll focus sales account management on customer retention. This may require training your current sales team to adopt a consultative approach.
From a new sales rep to account managers, the focus should be the same: quality.
When working with these top clients, your team should be asking themselves what the customer needs.
What do they need, and how does your service help them get there? On the other hand, what do they want, and how does your service help them get there?
This account initially employed your brand because they needed the expertise, savings in time or money, or connections that you offer. Once you’ve filled their initial need, though, why should they stay?
This is how you propose value. Key account managers should build a detailed framework that shows how your brand brings value.
How can your company reduce risks when your client makes moves? How can their business approach be modified or improved upon?
The end goal is to create a dependent symbiotic relationship. If your client leans heavily on you to exist, you’re doing it right!
Why Is Strategic Account Management Valuable?
When developing sales management services, it’s all about the value proposition.
If you are working in a volatile industry, you may be well versed in the art of saving the proverbial nest egg for that rainy day. But nurturing your key sales accounts is another way to stabilize your company.
It’s also a value proposition because you’re saving time. While all customers should be treated with respect, not all customers are as valuable as others.
When you care for these accounts, long-term relationships blossom. Lengthy contracts develop, which means your company now has dependable revenue streams. This is especially valuable from a consultative angle since sometimes clients want one-off services.
This means you should spend your time where it matters, with the right tools. Don’t keep watering plants that have no intention of growing the way you wish they would.
By constantly auditing the company’s approach, key account managers can ensure that customers get the hands-on approach they need. To really meet the criteria for a satisfied customer, staying on top of tiny details is everything.
This will bring in a flow of more customers over time. Even in the digital age, word of mouth can mean everything when it comes to ensuring that your business flourishes.
Developing A Plan
When it comes to strategic account management, it can feel complicated. After all, there’s a lot of details to consider, and very little margin for error.
That’s why digital tools can help. Our app caters to sales representatives that are looking to level up by overperforming in their career path.
Sometimes, all you need is the right tools. Reach out to us today—we’d be happy to help!