Effective Strategic Account Management Drives More Revenue Than New Business
Doing an in-depth analysis of top accounts and creating a strategic account management plan to forge partnerships has always been a core principle of professional selling. Yet, most strategic account management plans are created once per year, tend to focus solely on known opportunities, and are structured to minimise customer participation.
As a result, strategic account development plans are created with no formalised process to engage with customers or get their input, resulting in an account management plan that wastes time and effort and ultimately ends up in a desk drawer.
This is a shocking practice when you consider a study by Bain & Co. that reveals it is six to seven times more costly to acquire a new customer than to retain an existing one.
Collaborative Account Development & Strategic Account Management Training
Richardson’s Collaborative Account Development™ (CAD) methodology goes beyond traditional strategic account management planning to enable sales professionals to create consistent, measurable value with their key customers. Through a powerful combination of process, strategy, and dialogue skills, salespeople learn to create value alongside customer stakeholders, resulting in a deeper understanding of their customer’s business and increased alignment between their own and their customer’s organisation.
Central to the CAD methodology is viewing all account opportunities through the lens of three distinct Selling Modes:
Sellers learn how to identify their current mix of opportunities for their strategic partners and work toward shaping more opportunities for favourable competitive positioning and creating opportunities that don’t currently exist.
In this video, Richardson CMO, Andrea Grodnitzky, shares how to expand and grow business within an existing account.
Business Outcomes of the Collaborative Account Development Training Programme
- Identify, generate, and win more opportunities by engaging customers in a collaborative and more strategic manner
- Elevate strategic customers’ perceptions of your organisation in order to reduce price pressure and maintain margin
- Greater execution of account management plans that provide real value to your salespeople and customers
Learning Objectives of the Collaborative Account Development Training Programme
- Increase salespeople’s credibility with strategic customers by solving their challenging issues in order to earn a “seat at the table” as their Trusted Adviser
- Reduce complexity and uncertainty by building a strategic account development plan that serves as a map for working with strategic accounts
- Enable salespeople to execute their account management plan effectively by entering the customer’s buying cycle earlier in order to shape and create more opportunities
- Share and effectively use winning practices for account development across your organisation
Collaborative Account Development™ is available as a two- or three-day instructor-led training programme. It is also available via asynchronous and synchronous virtual delivery.