Five Tips To Build A Successful Account Management Program
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Hinterhaus Productions 2016
Only 8% of sales leaders believe their account management programs are extremely successful, according to Gartner. About 53% say their plans are “moderately effective,” while for another 8%, their plans don’t work at all. These stats show me that the majority of account managers aren’t effectively leveraging their most strategic business-to-business customers to achieve their organizations’ revenue and growth objectives.
Here’s a look at some practical strategies my team has implemented that you can use to make your own approach to account management more efficient and successful:
1. Establish a dynamic team, and restructure as appropriate.
When your account management team feels burnt out, your most loyal clients might stop getting the attention and solutions they need to succeed. As a leader, you can protect your team in the following ways:
• Redefine job descriptions and implement strategic training to keep your team and methods relevant.
• Reinvent, build and test new solutions. This can also help fulfill your client’s expectations.
• Establish your company as a leading marquee brand.
• Define multiple success metrics beyond profit or revenue generated.
2. Provide strong leadership.
When selecting leadership, it’s vital that you pick the right person for the role. Your best-selling salesperson isn’t necessarily the best leader for your team.
Strong account management leaders should exhibit the following core qualities:
• They’re dedicated to the success of the entire team rather than individual goals.
• They provide ongoing mentorship and coaching to each team member at least once a month;
• They review each account, sales pipeline and deal to ensure optimal activity and that all opportunities are leveraged.
• They do everything in their power to get their team the necessary resources to sustain the accounts they’re managing.
• They make sure pricing is appropriate to gain and retain strategic client accounts.
3. Collaborate and communicate.
In my experience, most account managers who are facing slow or stagnant business growth often limit the account management relationships to only a small set of people on the client’s team. As a result, if there’s a misunderstanding involving just one person or unit on either side, a deal can quickly get stalled or completely fail.
Instead, high-performing account managers should ensure there are multiple engagement points and strategic authority is delegated to other qualified team members. This enables the work to continue at all times, as this team can engage wherever necessary on behalf of official key persons and bosses. Delegation of work creates a network of people who help the account managers easily understand the client’s needs and meet their expectations.
4. Develop and refine your execution plan.
Create and follow a detailed plan, and ensure all key stakeholders are aware of it. Always create customized plans for clients instead of using generic ones available on the web or other sources.
If your clients don’t know your plan, you might not get the cooperation you need to keep them happy and loyal. Clearly define the following in your road map:
• The relationship;
• Revenue strategy;
• Execution strategy.
5. Embrace diversity in your team.
Your account management plan should clearly define team roles. However, approach this with an open mind, considering that different people add value in different ways to your program. For example, the representative with the best sales experience might not always be the best for an account management team role.
Some reps are highly persuasive, while others close deals fast. You don’t have to choose between any of these qualities. Instead, make your account management team as diverse as possible by bringing on board professionals with different strengths and skillsets. Provided that each member pulls their own weight, they can complement others’ efforts to help accomplish overall team objectives.
The growth of major client accounts can often be revived or accelerated by restructuring key roles, providing proper leadership, and proactively engaging and prospecting strategic clients with fresh ideas and solutions.
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