Those big and loyal accounts that just keep sending in the orders are great! But it is tempting to take them for granted. You need someone in charge of your big and strategic accounts that bring in steady revenue…someone who does not just take sales orders but knows how to develop and grow the strategic account in a way that aligns with your brand promise and sales strategy. You need someone expert at strategic account planning who can further “entangle” your company with your clients’ so there is less risk of losing one of your best customers.
Without entanglement and a balanced, mutually beneficial relationship, you risk losing that “easy” money. All it takes is for one key contact to leave. The business goes elsewhere and you are left on the sidelines. You cannot afford to look at major accounts only in the short-term. To retain them as loyal customers, you need a long-term plan to protect and grow the account.
The goal of your strategic account plan should be to link what you have to offer to your customer’s long-term business goals. You need to understand where their company is headed and make sure that you have value-added solutions that are in alignment with their strategy for the future. As you become more involved in their business issues, you become less vulnerable to any potential competition and you become more like “one of their own.” You are no longer an outsider but a true business partner whose advice is trusted and valued.
Along with your strategic account planning, you should institute leading and lagging success metrics to ensure you are still on track and that you are devoting the time and attention they need to stay loyal. These client-based measures will let you know how well you truly are aligned rather than wishful thinking or anecdotal evidence. In a nutshell, the characteristics of such strategic account metrics involve Verifiable Client-based Evidence.
These verifiable client-based outcomes show an increased level of observable client heart-share, mind-share and wallet-share. They allow a salesperson to objectively measure the status of their account. Examples include:
- Accepted or unaccepted meetings
- Returned or unreturned phone calls or emails
- New solicited or unsolicited introductions
- Sought out advice
- Timing of when you are asked to join the buying process – early or late stages
- Shared inside information
- Anything that expands and decreases scope
- Anything that accelerates or decelerates the buying process
The right strategic account plan metrics help to ensure that the relationship status is clear. This clarity allows you and your sales team to plan and invest accordingly. It allows you to identify potential accounts in jeopardy. If you are alerted early enough, you have an opportunity to correct any issue before it grows too big to handle. It allows you to identify high performers. This enables you to better manage your time. It allows you to make smarter bets on salespeople, sales territories and sales accounts.
Your major and strategic sales accounts deserve a clear, believable and implementable strategic plan to support their growth. They are too important to your overall business to neglect or let lie fallow. Assign your best salespeople to them to see that the connections between your two companies are strengthened for your mutual success.
Learn more at: http://www.lsaglobal.com/strategic-account-planning-training/
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