Account management involves building relationships with customers in order to build further like, know, trust, and support an increase in sales. Account managers are important to your business’ sales strategy because it’s much easier and more effective to sell to an existing client or account than trying to obtain a new client or customer.
Identify your key accounts. The easiest way to decide if one of your clients should be considered a key account is by asking yourself, “If we lost this account, would our business be greatly affected and how much would it cost us to replace this account?” If there are a few accounts that pop into your mind as you read that and you think, “It would cost a lot to replace that client!” or “Our business would suffer without that client!” Then, that’s one of your key accounts. These accounts should have a dedicated account manager to make sure that your client is satisfied with the work you’re doing and to plan how you’re going to continue to retain this account.
Choose a knowledgeable and personable account management team. When you’re choosing someone to help manage a client’s account, it’s important to find someone who not only has experience in account management but also works in a similar way to your client. You want the account manager to understand the type of business they will be managing. The right account manager will have the ability to call in others for help when needed and will excel in educating the customer about insights in their relevant industry.
Build dependable relationships and strategies. When you build and execute a successful strategic plan for your clients, they will learn to depend on you for their success. You can build dependable relationships through communication, statistics, and even through contractual dependence.
Create more value for your client’s business. By providing your clients with new opportunities, you’re supporting their business! Your clients’ success can and should be your success too. There are three main ways you can help your clients experience more opportunities. You can respond to an opportunity that they find, share an opportunity that you have found, or create a new opportunity.