Strategic accounts can have, by definition, a significant impact on a company’s long-term success. They should be carefully chosen and managed effectively so they reap the benefits they promise.
The main criterion for selecting an account to elevate in status from “regular” to “strategic” is that both your organization and the client organization agree to work toward a common goal. You will be partners in a mutually beneficial arrangement that is completely supported by both executive teams, implemented by a cross functional team and regularly measured to ensure there are true gains for both in terms of revenue, margins and return on the investment in time and allocated resources.
To work, strategic accounts depend upon clear and frequent communication. There needs to be a transparency in the relationship. Trust is key. If at any time, one partner receives less perceived or actual value from the relationship than the other, open discussion and a systematic analysis should follow to determine the causes and make necessary adjustments.
Done right, strategic account planning can see your company through economic ups and downs to a more secure future.
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