![]() While all customers are valuable, not all customers can be elevated to a key account. Develop selection criteria for key accounts They need to build rapport with customers, think strategically about partnership opportunities and solutions, collaborate and communicate with high-level stakeholders and decision-makers, and lead a cross-functional team. Strategic account managers should be both analytical and personable. When filling these roles, keep in mind that sales and strategic management have different objectives and require a different skill set and approach to customer relationships. Instead, create a team (or teams) with dedicated accounts and team leads focused solely on strategic management. The best programs don’t have managers that must split their priorities or switch focus between making sales and developing strategic accounts. The first step to a successful program is to assign dedicated account managers who are separate from sales. Assign dedicated strategic account managers Whether you already have a process in place or plan to implement a new strategic account program, use these best practices to put your organization ahead of the curve. The most successful organizations rely on formal, measurable, repeatable processes to develop and maintain their most valuable customer relationships. ![]() Strategic account management best practicesĪn effective SAM program isn’t something you stumble upon. While the gains may not be immediate, strategic accounts are a vital part of an organization’s long-term success and profitability. Strategic management is about the future. Unlike a sales program, which focuses on short-term selling cycles and customer acquisition, strategic management goes a step further to develop deeper relationships with a small number of core customers over time. Drive innovative and scalable service solutions.Through in-depth research and assessment, strategic account managers find opportunities to drive value for their partners by identifying problems, offering creative solutions, and leveraging partnerships to move both organizations toward their strategic goals.Ī formal strategic account management program can: Strategic account management (SAM) or key account management focuses on building long-term mutually beneficial partnerships with key customers. The best way to avoid a costly breakup with your most valuable customers is to implement a strategic account management program. Customers big and small can churn for many reasons. The work isn’t done when the sale closes. Yet, too often, companies don’t have a dedicated process to nurture those key business relationships. It would make sense, then, to treat these valuable assets with greater care. For most organizations, the old business adage rings true: 80% of your sales come from 20% of your clients.
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