A team of professionals is essential for every company. They can manage accounts, lead negotiations, provide feedback, and support customers. This tactic can help organizations increase revenue and strengthen customer loyalty.

Although they may not be the most prominent sales professionals, sales account managers are an important and highly valued position within sales organizations.

The sales account manager is responsible for maintaining strong client relationships and offering guidance to clients.

They act as liaisons between the sales and marketing teams, making sure that all aspects of the business run smoothly.

This post will explain what account management is and how it differs from sales. We also discuss why it is so important for any company’s success.

The process of managing sales accounts is about building and maintaining profitable client relationships.

This involves developing a strategy that works for each client and working with them to determine their goals and needs, then creating a plan to help them achieve them.

Account managers are crucial to any company’s success. They provide support and guidance to clients and also act as liaisons between marketing and sales departments.

Sales are the same regardless if you work with large or small companies. This means that sales managers must be flexible and able to think outside of the box when things don’t go as planned.

Management of sales accounts requires different skills. You must be able to quickly build relationships, influence others, and negotiate contracts.

Although sales account managers are important throughout the sales cycle and can make a significant contribution to the success of the sale, their most valuable contributions come during the final stages of the sales negotiation process.

They can provide valuable insight into all aspects of your business model, which can prove extremely helpful in sales negotiations.

Sales account managers are the driving force behind all deals, but they must ensure that sales teams have everything they require to close sales efficiently and quickly.

They assist in sales by managing client relationships with sales representatives throughout the sales cycle.

Account managers make sure that sales teams are well-informed about the business objectives and strategies of their clients. This makes them an invaluable resource to sales reps.

They provide sales support and share market trends with their team members to help them stay ahead of the competition. These six best account management and strategy practices transform valued clients into strategic partners.

6 BEST PRACTICES SALES ACCOUNT MANAGEMENT STRATEGIC

1. Know when to designate a client as a strategic account-

sales managers need to be able to distinguish between short-term and long-term sales.

Consider clients that bring in significant revenue for your company. Ask yourself: “How much would it cost to replace the revenue gap if this client was lost?” If you get “quite a lot”, the client is likely to be a key account.

Strategic accounts could be used to describe firms that are early adopters or those who prefer to try new ideas.

Your account management strategy should not be limited to big logos like Fortune 500 companies or a new startup.

Although it may seem like working with these corporations will increase your credibility and raise awareness, keep in mind that these corporations are often difficult to work with and expensive.

Although they can help you improve your marketing and profile, it might be challenging to make these accounts profitable enough to justify investing the time and money required to create a strategic reserve.

2. Choose Your Strategic Account Manager (SAM). Carefully

It is futile to try to convince a farmer to go hunting. Certain people are better suited for new business growth than others. The reverse is also true.

Account managers should not be aggressive or push for new ideas. A problem solver with sensitivity to client needs is the ideal SAM.

The client must be able to connect their needs with your company’s potential to help.

Customers are educated by SAMs about relevant insights to their business.

The strategic account manager must also be credible and able to mobilize internal resources as required.

Even though technical expertise is not necessary, account managers must be able to call the right people at just the right moment to maximize the chances of grabbing opportunities that could help their strategic account grow.

Strategic account managers who are effective can communicate with a variety of account members and reach a consensus. These habits are different from those of hunters, who often believe in “eating what is killed.”

3. The Strategic Account: Know Your Players

A strategic account is at greater risk if there is only one point responsible for all its relationships.

You can create an account strategy to help you identify all the people who are most likely to be interested in your product.

LinkedIn can be used to facilitate this activity. If you have a SAM linked to the account, you will be able to see these contacts and connect with them.

When they change jobs, people update their LinkedIn profiles. You and your SAM can both take proactive steps to address the matter if you are part of their network.

Tip: It is crucial to identify potential buyers and influencers early.

One way to achieve this is by establishing executive sponsorship programs in which your senior executives establish peer-to-peer relationships and support executives in your strategic accounts.

This muscle helps to strengthen the relationship, speed up decision-making and protect the relationship from changes in corporate strategy or executive leadership.

4. Build Dependency

You want to be a part of your strategic account’s organization’s fiber – that is, you want them to rely on you.

Channel partnerships can help to develop operational dependence; technological dependence can come from systems integration; business dependence can be achieved through specific terms, and financing; contractual dependence can also be created through multi-year contracts and automatic renewals.

Clients might not always be satisfied. Or they may hire new key account staff with different preferences and prejudices.

If they depend on you for their business, it will be difficult for them to end the relationship without allowing you to make amends.

5. Provide insight to create value for the client’s business

You need to think outside the box to find new win-win opportunities for your client’s company.

Strategic accounts can be developed by the strategic account manager adopting a consultative selling approach. They will look for ways to add value to clients by helping them save money, make money, or manage risk.

SAMs can accomplish this in three simple ways:

Respond to the Request for Proposal: The request for proposals comes directly from the client. This type of opportunity requires that the strategic accounts management team be ready to quickly respond.

Create an Opportunity: This opportunity occurs when the solution is near the client’s radar but the executive leadership has not taken the time to make an effort.

Let’s say, for example, that a client company decides to enter a new market. It needs 100 salespeople from ten countries.

This could be a chance to work with the customer to offer them a range of options to aid them in their endeavors.

Create a Situation: Client firms love a partner who can help them think through their problems and find solutions to help them reach their goals.

Sellers who manage large accounts effectively create and shape opportunities in their accounts. This results in lower price sensitivity and less competition. It also allows for the creation of deeper and more valuable connections within the account.

Tip: Strategic Account Managers must have a solid understanding of business. These abilities can be learned but many require coaching and specialized training to make them authentic, confident, and effective in their role.

It is a crucial role that requires rigor, focus, and commitment. It’s like running a business within the business. Planning is crucial to identify the resources that you will need to achieve your growth goals.

It is also a collaborative process, which requires participation from the client. Account plans are often more a dream than a reality. Many firms do an annual account planning exercise, only to forget to implement the plan.

To achieve your goals as a sales manager, revenue from strategic clients is crucial. You’ll need to have valid account plans for your SAMs and hold people responsible for following through with their account strategy.

You can track your progress by identifying the objectives, goals, and key performance indicators. This is similar to what you do with your sales pipeline.

Your SAMs should have everything they need to reach their goals and be able to lead their strategic accounts teams to success.

Tip: Your client must approve of your strategic account strategy before it is finalized. You should include the customer in the development of the strategy to ensure that it is accurate and implementable.

It is easy to get distracted from the core of account management plan execution.

Many initiatives focus on people, processes, and technology to help you achieve your goals, but few have the same impact and impact as identifying and managing strategic clients.

Before you start brainstorming or implementing your next strategic project, think about how much potential you have in your strategic accounts.

Strategic account programs will ultimately deliver consistent, reliable revenue that will allow you to sustain your company’s long-term growth and success.

Sales account management best practices

Account managers and executives have many industry tips and techniques they can use. These tips and tricks can help account managers improve their efficiency and effectiveness.

Communication is a top priority.

Communication is the foundation of any relationship. Communication is key to any lasting relationship. This means being honest and open with clients when managing their accounts. Before making large financial investments or commitments, clients want to feel confident.

Managers and executives of accounts should be able and willing to have open and honest conversations with customers.

They must also be open to listening to customers and taking their ideas seriously. Clients who feel their opinions have been heard will be more inclined to trust an account manager’s judgment.

Get to Know the Business

A key part of being an account manager professional is being an authority on your firm.

This involves knowing the history of the company, understanding its protocols, and being able to answer any questions promptly and accurately.

Clients can trust account managers by showing their expertise and experience.

Executives and account managers should do extensive research on their companies to ensure they are ready for customer inquiries.

Stay up to date.

Executives and account managers who excel in their job are constantly learning new things. Each member of an account management team should be well-versed in industry trends and norms.

It is also beneficial to have a thorough understanding of your competitors and their business models.

Account management staff should be available to resolve clients’ questions or address concerns if there is any industry news.

An account manager or executive must check in regularly with clients to keep them informed of their activities and needs.

The account management staff should be notified if a client is unhappy with their service, or is looking to switch to another provider.

Focus on your goals.

Account managers must always work towards strategic goals. These goals include company goals, team goals, as well as personal goals. Experts in account management are often assessed both quantitatively and qualitatively.

It is important to know how many clients an account manager can contact in a week. But, it is more important to have these conversations with quality clients.

Account management staff must strive to improve both the quality and quantity of their services.

Protect the client’s best interests

Trusting the client is a key goal of account managers. This means that the account manager must always think about the best interests of the client throughout the partnership.

The account manager in an organization is the champion for the customer. They have a responsibility to ensure that the client’s needs are met by the rest of their company.

The account management staff should be able to act as mediators between clients and companies in the event of any disputes. It is important to maintain trust with clients.