Strategic account management involves developing and maintaining customer relationships to help achieve business goals. It includes competitor assessment, focusing on high-volume customers, and finding ways to add value to the relationship by helping clients make more money.
The best strategic account management tips involve finding ways to develop, maintain, and expand customer relationships in order to help a company or organization achieve certain goals. It’s about managing key customer relationships to help the customer make more money and doing what’s necessary to maintain those relationships. Organizational strategy and planning may be the most important piece of advice for strategic account management. Carrying out a thorough competitor assessment allows account managers to prevent any plans by competing companies to attract business. Finding out what new products and services a client can offer in the coming year is another important aspect of successful strategic account management.
An older model of retaining corporate customers involved having a sales staff call those customers. A new way involves creating a strategic plan to identify and select the customers responsible for the highest volume. Account managers then create a strategy to focus all efforts on those customers. Large clients typically require a continuous supply of new and fresh ideas to help a business succeed and make more money. Strategic account managers who deliver these new ideas bring in greater profits and provide added value to the business relationship. If an account manager can devise a strategy to help a client make more money, the account manager and their firm will also make more money.
Strategic account management involves finding out what your competition is up to and what they might have to offer a client. Account managers develop methods or processes designed to evaluate the strengths and weaknesses of any competitors who may want to take away a customer. Once you determine a competitor’s strengths and weaknesses, you can take proactive steps to strengthen the relationship and prevent any attempts to access a customer. For example, if a competitor offers a better price for a service to an existing customer, strategic account management finds a way to match that price or to add more value in order to maintain the current relationship.
Another tip for successful strategic account management is to find out what new products or services a customer will be offering in the coming months and years. Helping a client bring their new products or services to market and earn more profits can only help strengthen the relationship between the Strategic Account Manager and the client. An account manager can help a client find a more suitable manufacturer or introduce a new marketing agency to promote a new product or service. Strategic account management finds a way to become indispensable to its customers. These strategic account management tips can make a real difference to a client’s overall success.
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