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May 9, 2023 // By:aebi // No Comment
If you want to retain your best customers and grow your business, you need to have a solid strategic account management program in place. Strategic account management is all about building strong, long-term relationships with your key customers, understanding their needs, and delivering value that goes beyond just your product or service.
Here are five steps to effective strategic account management:
1. Identify and prioritize your key accounts
To start your strategic account management program, you need to identify your key accounts. These are the customers who represent the most revenue, the most growth potential, or the most strategic value to your business. Once you’ve identified your key accounts, you need to prioritize them based on their importance to your business and the level of investment you’re willing to make in each account.
2. Assign a dedicated account team
Each of your key accounts should have a dedicated account team that is responsible for managing the relationship and delivering value to the customer. This team should include a strategic account manager who is the primary point of contact for the customer, as well as other members of your organization who can provide the specific expertise or resources the customer needs.
3. Develop a deep understanding of your customer’s business
To deliver real value to your key accounts, you need to have a deep understanding of their business, their goals, and their challenges. This means going beyond just knowing what products or services they buy from you. It means understanding their industry, their competitors, their customers, and their strategic priorities. This information will help you tailor your offerings and your approach to meet the specific needs of each customer.
4. Create a customized account plan
Once you have a deep understanding of your customer’s business, you can create a customized account plan that outlines your strategy for delivering value to the customer over the long term. This plan should include specific goals, initiatives, and metrics for each account, as well as a clear timeline and a plan for measuring success. The plan should be developed in partnership with the customer and should be reviewed and updated regularly to ensure that you’re staying on track.
5. Measure and evaluate your performance
Finally, you need to measure and evaluate your performance in each key account to ensure that you’re delivering value and achieving your goals. This means tracking metrics such as customer satisfaction, revenue growth, and profitability, as well as monitoring your progress against your account plan. Use this information to continuously improve your strategic account management program and to identify new opportunities for growth and value creation.
In conclusion, strategic account management is critical to the success of any business that relies on a small number of key customers for the majority of its revenue. By following these five steps, you can build strong, long-term relationships with your key accounts and deliver value that goes beyond just your product or service. With a solid strategic account management program in place, you’ll be well positioned to retain your best customers and grow your business over the long term.